For over a year, Minor Group has been considering placing its owned hotel assets—many originating from the merger with NH Hotels—into a dedicated real estate vehicle (REIT). Its CEO now confirms that the launch is imminent, with the objective of accelerating deleveraging. A parallel spin-off of the Restaurants division is also on the agenda.
Speaking at Minor International’s annual press conference, Chief Executive Officer Dilip Rajakarier announced the near-term creation of a hotel Real Estate Investment Trust (REIT) to be listed in Singapore, with underlying assets valued at approximately US$1 billion.
The initial Minor REIT portfolio would comprise 14 hotels, including 12 properties in Europe drawn largely from the NH Hotels portfolio, alongside two assets in Thailand. The group does not intend to retain a majority stake, opting instead for a blocking minority in order to maximise capital raised on financial markets and reduce debt.
Minor Food IPO planned in Hong Kong
The second pillar of the capital markets strategy involves carving out the Minor Food restaurant division and pursuing a listing on the Hong Kong Stock Exchange, which is viewed as offering stronger valuation potential for foodservice assets.
In a recent interview with Hospitality ON, Gonzalo Aguilar, CEO of Minor Hotels Europe & Americas, had already highlighted the ongoing process, positioning it as a lever to enhance strategic flexibility under an increasingly asset-light development model. The transaction would also enable the group to crystallise value from largely historic assets and unlock financial gains.
Development ambitions remain robust. The group has set a target of signing 90 management and franchise agreements in 2026—more than double the 40 contracts secured in 2025—while planning close to 50 hotel openings, compared with 23 last year.
Minor International
Investor / Finance
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Thailand
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