Minor Plans to Float a REIT in 2025

Minor International Pcl plans to halve its more than $7 billion in liabilities by floating a real estate investment trust next year while betting on a strong recovery in tourism to drive a double-digit growth in profit. Bloomberg said Minor plans to float “a very strong REIT” by re-deploying some of the properties in its portfolio to cut its liabilities. Minor currently has over 560 hotel properties in 57 countries. They also run more than 2,600 restaurant outlets in 24 countries, with the majority located in Thailand. Expansion plans could include a foray into Japan early next year, and they plan to open a hotel in Singapore in 2026.

Minor Hotels announced, in partnership with a private equity fund managed by Ares Management, the upcoming rebrand of Reethi Beach Resort as NH Collection Maldives Reethi Resort, set to re-open in Q4 2025 after an extensive renovation. The 129-key property is set on a lush island in Hanifaru Bay with the Baa Atoll, a 35-minute seaplane flight from Velana International Airport in Male. Reethi Beach Resort will remain open until April 25th, after which it will close for six months to undergo its transformation into NH Collection. The renovation will include upgrades to the villas, dining outlets, and leisure facilities while preserving the island’s natural beauty. NH Collection Maldives Reethi Resort will offer a mix of on-land and overwater villas and will include 10 food and beverage outlets, a spa, pools, tennis/badminton and squash courts, and a fully equipped fitness center. The reimagined NH Collection Maldives Reethi Resort is set to be unveiled in late 2025.

Indian Hotels Co Ltd will invest 50 billion rupees over five years as it aims to double its hotel count and consolidated revenue. IHCL is aiming to more than double its revenue to 150 billion rupees by fiscal 2030 and boost its hotel count to 700-plus by 2030 from 350 hotels in fiscal 2024. 80% to 90% of the projects will be centered around the Indian subcontinent, with the projects funded through internal accruals. IHCL already surpassed its three-year goal, unveiled in 2022, to target a portfolio of 300-plus hotels, but management refrained from giving any new guidance on margins.

Hilton announced the signing of a strategic licensing agreement with Olive by Embassy to open 150 Spark by Hilton hotels across India, marking the brand’s debut in Asia Pacific. The agreement comes as a result of Hilton’s long-standing partnership with Embassy, owners of Hilton Bengaluru, Embassy Manyata Business Park, and Hilton Garden Inn Bengaluru Embassy Manyata Business Park. The first Spark by Hilton hotels will open in Southern India with a focus on Maharashtra, Andhra Pradesh, Telangana, Goa, Karnataka, and Tamil Nadu. Spark by Hilton was launched in 2023, and with 100 hotels at various stages of development so far, it is the fastest launch-to-brand in Hilton’s history.

Tanah Gajah, a Resort by Hadiprana, a boutique resort in Bali, is set to unveil a notable upgrade this January. The resort will introduce four brand-new Premier One Bedroom Club Pool Villas, a significant expansion to its current selection of just 20 villas and suites. The 250-square-meter villas will include 14-meter plunge pools and will bring fresh features that distinguish them from existing accommodations. A standout addition is the outdoor dining pavilion. The resort spans six hectares and offers 24 villas and suites.

BWH Hotels has expanded its portfolio in Vietnam with the signing of a new BW Premier Collection resort on the beach in Phan Thiet. The Costamigo Phan Thiet, BW Premier Collection will join BWH Hotels’ expanding portfolio in Vietnam, which currently includes four Best Western Premier branded properties in Phu Quoc, Nha Trang, and Ha Long, with more hotels and resorts in the pipeline. The new beachside resort is located in Vietnam’s Binh Thuan province, just a 2.5-hour drive from Ho Chi Minh City, offering a selection of villas and rooms, as well as facilities such as a restaurant, beach bar, cabanas, swimming pool, and a stage for beachfront events.

Frasers Property’s apartment hotel Fraser Place Robertson Walk and its adjoining commercial area in Singapore, Robertson Walk, will be redeveloped into a mixed-use project with 348 luxury residential units for sale. Frasers Property announced it formed a 51:49 joint venture with Japanese construction company Sekisui House for the redevelopment, slated to be launched in 2025 and completed by the end of 2028. The 999-year leasehold site will yield a gross floor area of 30,664 square meters and is envisioned to feature a luxury 348-unit residential enclave with a mix of dining and entertainment options. The group will continue to manage Robertson Walk and Fraser Place Robertson Walk until operations cease on May 31, 2025.

Marina Bay Sands is pursuing a landmark S$12 billion loan to finance the expansion of its Marina Bay Sands integrated resort in Singapore. If completed, this will mark the largest syndicated loan in the country’s history and is being coordinated by DBS Bank, Malayan Banking, OCBC Bank, and UOB. Proceeds will be used to refinance MBS’ existing S$4 billion loan from 2019 and fund the expansion, which now carries a projected cost of S$8 billion.

A short ride away, the Resorts World Sentosa received a bit of a shock as Singapore’s Gambling Regulatory Authority decided to only renew their casino license for two years due to ‘unsatisfactory’ performance in meeting market demand and industry standards as a ‘compelling tourist destination.’ The GRA said that after evaluating the group’s tourism performance between January 1, 2021, and December 31, 2023, they found a number of areas that require rectification and substantial improvement. The next evaluation will be in 2026. This put Genting Singapore in a bit of a spot considering they just began a S$6.8 billion waterfront expansion of Resorts World Sentosa that is set to open in 2030.

OYO founder and CEO Ritesh Agarwal is planning to buy another Rs 550 crore worth of OYO shares to increase his stake in the Indian hotel and technology company. The company is seeking shareholder consent to issue over 12.9 crore shares at Rs 42.60 each to Redsprig Innovation Partners or any of the founder’s affiliate entities on a private placement basis. Agarwal will be paying a 45% premium compared to what he paid when he last purchased shares in the company. His stake in the company will rise to 32% from 30% held earlier.