Asia-based hospitality and leisure conglomerate Minor International plans to invest THB 40 billion (about AUD 1.5 billion) over the next five years in a massive expansion of its hotel and fast-food businesses, a senior executive has told the Bangkok Post.
Minor International Plc (often known as MINT) is a hotel owner, operator and investor with a portfolio of over 18,000 rooms across more than 140 hotels, resorts and serviced suites under the Anantara, AVANI, PER AQUUM, Oaks, Tivoli, Elewana, Four Seasons, Marriott, St Regis, Radisson Blu and Minor International brands.
Today MINT operates its hotel and spa portfolio in 24 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and South America. In addition, its mixed-use business operates spas, shopping plazas and entertainment outlets, residential properties and a points-based holiday club.
MINT’s vice president for strategic planning, Chaiyapat Paitoon, told the paper more than half the total sum would go towards expanding existing operations. About THB 14-15 billion (AUD 530 millon to AUD 569 million) would be set aside for acquisitions. The company would use internal cash and debt financing to fund the investment, the MINT executive said.
The firm plans to lift the number of hotels it operates from the current 145 to 210 by 2020 and boost the number of its domestic and foreign fast-food outlets from the current level of 1851 to 3100 by 2020.
The company said its 2015 net profit leapt 60% from a year earlier to THB 7 billion (AUD 265 million), partly due to revaluation of investments related to acquisitions in Australia and Africa, helped by robust growth in the hospitality business.
Written by Peter Needham