Minor International Plans $1.5 Billion Singapore REIT Listing to Fuel Global Hotel Expansion

Major REIT Listing Planned for 2026

Minor International, the Bangkok-listed hospitality giant controlled by billionaire William Heinecke, reportedly aims to raise approximately $1.5 billion through listing a hotel real estate investment trust in Singapore during the first quarter of 2026, according to sources familiar with the matter. The planned IPO would represent one of the region’s significant hospitality sector transactions and is designed to help reduce the company‘s debt burden while funding aggressive expansion plans.

Major REIT Listing Planned for 2026
Strategic Shift to Asset-Light Model
Global Expansion Accelerates
Financial Performance and Debt Reduction
Market Analysts Positive on REIT Strategy

Strategic Shift to Asset-Light Model

The REIT listing forms a crucial component of Minor International’s strategic pivot toward an asset-light business model, analysts suggest. Company chairman William Heinecke indicated in recent interviews that Minor plans to transfer several hotel properties into the REIT while maintaining a significant ownership stake. “We’re transferring some of our heavy assets into a REIT and we’ll still be a major shareholder of that REIT,” Heinecke was quoted as stating during the Forbes Global CEO Conference in Jakarta.

This strategic shift marks a notable evolution in the company’s approach to property ownership. Reports indicate that Minor previously owned approximately 75% of the hotels in its portfolio, but this percentage has been steadily decreasing. Once assets are transferred to the planned REIT, ownership levels are expected to fall below 60%, according to company statements.

Global Expansion Accelerates

Minor International’s growth strategy appears to be gaining significant momentum, with the company targeting substantial increases in its hotel portfolio. Sources indicate the company aims to expand its involvement to 850 hotels by 2027 and more than 1,000 properties by 2030, up from its current portfolio of approximately 600 hotels with over 90,000 rooms worldwide.

The expansion strategy includes several key initiatives:, according to market trends

Asian Market Development: The company recently broke ground on its first Singapore project, the 200-room Avani Hotel, scheduled to open in early 2027
Japanese Joint Venture: Minor entered a partnership with Tokyo-listed Royal Holdings Co. to develop 21 hotels across Japan within the next decade
Indian Expansion: The company plans to develop and manage approximately 50 properties in India within the coming years

Financial Performance and Debt Reduction

Minor International’s financial recovery following the pandemic appears robust, according to recent reports. The company reportedly reduced its debt by 9.7% to 93 billion baht in 2024 compared to the previous year. In July, the company redeemed €400 million in senior secured notes that were originally due in 2026, demonstrating improved financial flexibility.

Earnings have shown strong improvement since the pandemic’s peak in 2020, when the company recorded a net loss of 21.4 billion baht. Recent financial results indicate net profit rose 44% to 7.8 billion baht in 2024, driven by increased revenue and reduced finance charges despite flat occupancy levels, according to company statements.

Market Analysts Positive on REIT Strategy

Financial analysts have responded favorably to Minor’s REIT plans, with UBS analysts noting in an October 9 research note that “a potential REIT could further accelerate deleveraging and enhance return on invested capital, providing a near-term re-rating catalyst.” The brokerage reportedly maintains a buy rating on Minor’s shares with a 12-month price target of 34 baht. The stock closed at 22.9 baht in Bangkok trading last Friday.

The planned REIT listing represents a significant step for Minor International as it seeks to optimize its capital structure while positioning itself for continued global expansion in the rapidly recovering hospitality sector.