Minor Hotels Targets Aggressive Asian Expansion with Global Ambitions

 

Minor Hotels Group has unveiled an ambitious strategy to expand its portfolio throughout Asia, with plans to exceed 1,000 hotels worldwide within the next five years, company executives announced on Wednesday.

 

Minor owns eight hospitality brands, with operations spanning 60 countries.

 

The company currently operates 561 hotels worldwide, with another 114 signed projects in the pipeline. China and Southeast Asia account for 44 of the upcoming projects.

 

Minor said another 173 projects are under negotiation – 58 in China and Southeast Asia, 52 in Europe and Latin America, 41 in the Middle East and Africa, and 22 in Australia and New Zealand.

 

 

Puneet Dhawan, head of Asia, said the ambitious growth strategy aligns with Minor Group CEO Dillip Rajakarier's target of double-digit expansion from 2025 onwards.

 

Dhawan highlighted Minor’s "asset-right" policy to unlock capital by owning or leasing more hotels, with most properties being franchised and managed rather than directly owned.

 

However, he said the company remains receptive to other opportunities, including potential expansion into the holistic wellness sector.

 

 

Minor’s core priority is to solidify its presence in Asia, he said. 

 

“China and India will be key markets in Asia due to their large scale. Nevertheless, we are also focused on other countries, particularly Thailand, which remains our primary market in Southeast Asia due to its considerable tourism growth and supportive government measures, such as the free visa policy,” he stated.

 

 

The group is also interested in entering new markets such as Japan, while exploring expansion opportunities in Vietnam, Indonesia, Malaysia and the Philippines, he said, adding that its eight brands suit the characteristics of these destinations.

 

 

 

 

Minor also highlighted expansion of its NH Hotels brand, acquired in 2018.

 

 

The recent debut of NH Boulevard Hotel in Bangkok marked the sixth NH property in Asia. The brand has launched two hotels in Sri Lanka and two in the Maldives, with a Koh Samui branch scheduled to open next month.
 

The group said it is especially optimistic about growth in Thailand, with official projections of 35 million international visitors in 2024, bolstered by the popularity of HBO’s “White Lotus: Season 3”, filmed in Thailand.

 

 

Thailand continues to be a standout market. Low-season revenue per available room (RevPAR) grew 12% this year, with occupancy increasing two percentage points to 66%. The company anticipates 38 million international visitors in 2024, projecting tourism revenue of 1.77 trillion baht.

 

The group reported a core net profit of 3.1 billion baht for the first nine months of 2024, marking a 13% year-on-year increase. 

 

 

Year-to-date core revenues totalled 100.2 billion baht, up 11% from the previous year, driven by performance in Europe and Thailand.

 

The group plans to launch around 10 new hotels in Asia next year, and 100 hotels across the region by 2026.

 

 

Naowarat Arunkong, general manager of NH Bangkok Sukhumvit Boulevard, highlighted the strategic significance of the new property.

 

"Our Q3 opening aligns perfectly with peak accommodation demand, especially from long-haul markets.” 

 

Originally popular in Europe, NH aims to attract leisure travellers from both Europe and the Middle East. 

 

The Bangkok hotel offers 309 rooms and suites across nine categories, featuring contemporary design and newly renovated spaces with earthy tones.