The next 4 years promise to be busy for Minor International’s hospitably brand, Minor Hotel Group, as the company has an investment budget of THB 3.4 billion to develop 6 new hotels. In addition to this, Minor has plans for residential projects in Bangkok, Phuket and Chiang Mai and will launch these in the coming years.
“When our investment is completed in 2020, our portfolio will increase from 154 hotels and resorts in 24 countries in the 1st quarter of this year to 250 hotels and resorts in 32 countries in the year 2021. Our total revenue from the hotel business will grow 100 per cent in 2021 from this year,” says Minor Chief Executive Officer Dillip Rajakarier to The Nation.
Avani Khao Lak in Thailand, Oaks Bodhgaya in India, Anantara Quy Nhon in Vietnam, Anantara Desaru in Malaysia, Anantara Ubud in Indonesia, and Elewana Warangi in Tanzania are the new hotels in Minor’s pipeline. The company has already spent THB 9 billion to develop a pair of new residential projects in Phuket.
The new hotels will see Minor add 625 rooms to its portfolio. The company is expected to sign contracts to manage another 25 hotels across the world. The new international business dealings could see Minor earn up to 68 per cent of total revenue in 2021 from outside of Thailand.
Minor is also studying the markets of Myanmar and Laos to see if there is potential for hotels those countries. While Thailand is the hub in the Asean region, there could be investment opportunities in neighbouring countries, but the company needs more information to assess the markets. Minor is also willing to consider joint ventures and management agreements.
“For Myanmar, we are waiting for land prices to stabilise. Land prices in Myanmar, especially in Yangon, are still high, so we have to wait and see,” says Rajakarier.
Image via chiang-mai.anantara.com
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