Minor Hotels Plans Nearly 1,000 Hotels in 5 Years
Skift Take
Thai hospitality firm Minor International has set its sights on reaching nearly 1,000 hotels in the next five years – almost double its existing portfolio.
"In the next two, three years, or five years, we want to get close to 1,000 hotels," said Minor International Group CEO Dillip Rajakarier at the Skift Global Forum East in Dubai on Wednesday.
To get there, Minor will use a real estate investment trust, known as a 'REIT', into which it will transfer ownership of certain assets. It will then sell shares in the REIT to investors.
"The reason [for the REIT] is that the company has evolved a lot, and creating a REIT, will help us with two things," said Rajakarier. "One is our debt. We’ve had debt because we acquired NH Hotels in 2018 [for $2.9 billion] and we went through Covid. The other [reason] is growth. The f
