(Aug 13): Minor International PCL, Thailand’s biggest hotel and restaurant operator, postponed plans for its first real estate investment trust (REIT), valued at about US$1 billion (RM4.09 billion), as market conditions soured.

The company is concerned investors may demand a higher-than-expected yield on the REIT amid the Middle East conflict, Namida Artispong, head of investor relations, said at an online investor meeting on Thursday. 

The delay isn’t expected to derail the company’s broader plans, she said, adding that the plan to list its restaurant business, Minor Food PCL, is still in progress.

Minor had planned to sell 14 hotels in Europe and Thailand into the REIT and list it in Singapore in the second half of this year. The group, whose Thai resorts featured in the hit series The White Lotus, has been reducing debt after its 2018 takeover of NH Hotel Group SA sharply increased its liabilities.

Minor is targeting annual profit growth of 15% to 20% through 2028. The group also aims to grow its hotel portfolio to 850 properties by the end of 2028 from 636 last year, and expand its restaurant network to 4,150 outlets from 2,746, Namida said.

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