Minor International Eyes Singapore REIT Listing and Hong Kong IPO as It Pushes Global Expansion

 

 

Thailand's hospitality giant targets a US$1bn REIT on the SGX and a possible Minor Food float in Hong Kong as it races towards 850 hotels and 4,150 restaurants by 2028.

 

 

Minor International (MINT) is preparing two landmark capital market moves that could redefine the shape of one of Asia's largest hospitality and restaurant conglomerates.

 

The Bangkok-listed group is advancing plans to launch a real estate investment trust (REIT) on the Singapore Exchange (SGX) valued at approximately US$1 billion, while simultaneously exploring a separate listing of its restaurant arm, Minor Food, on the Hong Kong Stock Exchange — a dual initiative that signals both the company's ambitions and its determination to shed debt whilst unlocking latent asset value.

 

Speaking at the company's annual press day on Friday, Group Chief Executive Dilip Rajakarier confirmed that the REIT — which would comprise around 14 hotels, predominantly 12 properties in Europe and two in Thailand — is targeting a launch in the second half of 2025.

 

Minor will retain a significant stake in the vehicle, though below the 50% threshold, allowing it to maintain control whilst keeping the REIT off its consolidated balance sheet.

 

"The objectives are to unlock the value and deleverage," Rajakarier said, adding that the structure is designed to grow earnings per share post-IPO. "We will maintain a meaningful stake."
 

 

 

 

 

 

The REIT forms a centrepiece of MINT's broader deleveraging strategy. As of end-2025, the group's net debt-to-equity ratio stood at 0.86 times, with net debt-to-EBITDA at 4.6 times.

 

The company is targeting a reduction to a net debt-to-equity range of 0.75 to 0.85, and net debt-to-EBITDA below four times — metrics that would meaningfully improve the group's credit profile and funding costs.
 

 

 

 

 

 

Minor Food: A Hong Kong Float on the Horizon

Separately, MINT is exploring a Hong Kong listing for Minor Food, which is already listed on the Stock Exchange of Thailand.

 

Rajakarier explained that Hong Kong's investor base and higher earnings multiples make it a more attractive venue than either Bangkok or Singapore for a company of Minor Food's growth profile.

 

"We believe that Minor Food, with the growth and expansion plan we have, will be quite an attractive stock to IPO — maybe in Hong Kong, because Hong Kong enjoys a higher multiple on earnings and has a much larger and wider investor base compared to Thailand," he said.
 

 

A timeline remains fluid. Rajakarier indicated the company hoped to provide an update within the next quarter, with a potential listing by end of 2025 under consideration, subject to securing a valuation it deems sufficiently strong.

 

 

 

 

Racing Towards 850 Hotels and 4,150 Restaurants

Beyond the capital markets agenda, MINT is pursuing one of the most aggressive expansion programmes in its history.

 

Rajakarier revealed that the company aims to sign approximately 90 hotel management contracts and franchise agreements in 2026 — more than double the 40 signed in 2025, which was itself a record — whilst opening close to 50 hotels, up from 23 last year.

 

By 2028, MINT targets a combined portfolio of 850 open and pipeline hotels (from a current 636) and 4,150 restaurants (from 2,746 today). Financial ambitions are equally bold: compounded earnings growth of 15 to 20% per annum, high single-digit revenue growth, and a return on invested capital of approximately 12%.
 

 

 

 

 

The expansion is being driven largely through an asset-light model — management contracts and franchises rather than owned properties — a strategic pivot designed to protect the balance sheet whilst maximising fee-based income. 

 

In 2026, virtually all new hotel openings are under managed or franchised structures, including an Anantara tented camp in Zambia, Tivoli properties in Oman and Bahrain, Avani hotels in Kota Kinabalu and Vientiane, and the group's first full-service Avani franchise in Australia.

 

India and China have been identified as two of the most critical growth markets.

 

MINT plans to expand its Indian hotel footprint to 25 to 50 properties over the next five to seven years, building on the success of its Jaipur opening and three recently signed management contracts.

 

In Japan, a joint venture with Royal Holdings targets around 20 hotels over the next decade — a goal Rajakarier said he hopes to achieve significantly ahead of schedule.

 

 

 

 

 

Branded Residences: A Rising Revenue Stream

One increasingly significant — and capital-light — income stream is branded residences. Around 20% of the hotel pipeline now incorporates a residential component, with MINT collecting branding and management fees from third-party developers.

 

Projects currently in motion include an Anantara in Miami, Oaks in Riyadh, Tivoli and Avani residences in Bahrain, and an Anantara in Zanzibar, Tanzania.

 

On the owned side, MINT has launched a 3 billion baht Anantara Kiara Reserve residential project in Phuket, with sales already exceeding 50% and full delivery expected in 2026.

 

Further villa sales are planned in Bali and Koh Samui.

 

Rajakarier described the residential pipeline as "a very strong revenue stream" that will become increasingly prominent over the next two to three years.
 

 

 

 

 

A Strong 2025 and a Confident Start to 2026

MINT's capital market ambitions are underpinned by a robust financial performance. The group reported a 16% rise in core net profit to 9.7 billion baht for the full year 2025, with a 21% increase in the fourth quarter alone to 3.47 billion baht.

 

Minor Hotels — the group's dominant earnings engine — posted a 32% jump in core profit for the year, driven by strong RevPAR growth in Thailand (+15% year-on-year in Q4), Europe (+6%) and the Maldives (+13%). Minor Food grew core earnings by 5% for the year, aided by improvement in Australia and China.

 

The group's core EBITDA margin expanded by 33 basis points year-on-year, reflecting cost discipline and a growing contribution from its own booking channels.

 

Rajakarier noted that RevPAR performance at Minor Hotels outpaced global peers including Marriott, Hyatt, and Hilton on a comparable basis in 2025.

 

The group is allocating around 15 billion baht in capital expenditure in 2026 — up from 10 billion baht in 2025 — with the bulk directed towards renovation and upgrade of flagship properties, including Anantara Siam, the St. Regis Bangkok, and JW Marriott Phuket.

 

Rajakarier said prior renovation investments generated average daily rate growth of 20 to 40%, justifying the near-term spending before CapEx normalises as the asset-light model scales.
 

 

 

 

Message to Thailand's New Government

Rajakarier used the press conference to deliver a measured but pointed set of recommendations to Thailand's new government, pointing to the return of political stability as already having a discernible positive effect on foreign fund flows and tourism sentiment.

 

"I think for the country it is really important to bring stability, which is really important today," he said.

 

Beyond stability, he called on the government to strengthen corporate governance and transparency to attract foreign investment, increase infrastructure and logistics spending to sustain Thailand's appeal as a tourism destination, and revive manufacturing and agriculture competitiveness.

 

He also raised a recurring concern among Thai business leaders: the strength of the baht.

 

"We need to do something to correct the strong Thai baht, which will also help for tourism, it will help for exports, and will make Thailand competitive again," Rajakarier said.

 

He rounded off his remarks with a call to invest in developing and exporting Thai human talent — particularly in hospitality — arguing that Thailand's service culture is a globally competitive advantage that remains underexploited.

 

"We have amazing Thailand-like hospitality and we need to bring that hospitality outside Thailand," he said. "We need to capitalise on that and ensure that we have transparency and corporate governance so that foreign investors will see Thailand as an attractive destination to come back and invest."