Gate News message, April 22 — Thailand’s largest hospitality group, Minor International, is seeking to list a real estate investment trust (Reit) on the Singapore Exchange (SGX) before the end of 2026 to fund the development of branded residences. The Reit will be seeded with 14 hotels—12 in Europe and 2 in Thailand—valued at approximately $1 billion in the initial public offering.
Minor International, a Thai-listed company with a market capitalization of 126.5 billion baht ($5.01 billion), operates a portfolio of over 600 hotels worldwide, including its flagship Anantara Hotels & Resorts, as well as a network of 2,700 restaurants. The company is also developing its first Singapore hotel, the 200-key Avani Singapore in Tanjong Pagar, expected to open in early 2027. The group targets yields of at least 6 to 8 percent for the Reit to ensure investor interest.
According to Micah Tamthai, chief operating officer of Minor Lifestyle & Real Estate, the company views branded residences—private homes like apartments, villas, or condos linked to hotel brands and managed to hotel standards—as a higher-growth and more profitable segment than traditional hotels. Minor has completed over 30 branded residence projects and has 21 more in the pipeline across Thailand, Indonesia, Europe, and the Middle East. Projects include the Kiara Reserve in Phuket (46 condos and villas) and Residences at Four Seasons Resort Chiang Mai (24 three-and-four-bedroom condos). Earlier units have sold for between $10 million and $30 million, while newer projects targeting a broader market are priced between $1.5 million and $3 million.
Minor International currently owns and operates approximately 60 percent of its roughly 600 hotels but aims to gradually reduce this through asset recycling and Reit structures. The company also plans to list its food division separately in Hong Kong. Tamthai noted that SGX was chosen due to greater market liquidity compared to Thailand’s flat market, describing Singapore as “the main place to go” for Reit listings.
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