Sept. 01–Despite domestic and international economic problems, SET-listed Minor International Plc (MINT) will continue to expand its hotel business locally and abroad, spending billions of baht annually over the next five years.

“We see opportunity amid crisis. It’s a good time to invest when the economy is down, because we can get products at low prices,” said Dillip Rajakarier, chief executive of subsidiary Minor Hotel Group.

The company has set the annual budget for the hotel business at 6-8 billion baht over the next five years.

By 2018, the company will add 26 hotels with 4,200 rooms under its own investment. These include the Avani Bangkok Riverside in Bangkok, Anantara Jabal Al Akhdar in Oman and Anantara Tangalle Peace Haven Resort in Sri Lanka.

It also secured deals to manage 26 hotels with 3,897 rooms, which are gradually due to open from next year, bringing its total hotels to 186 with 25,172 rooms by the end of 2018.

Currently, Minor operates 134 hotels with 17,075 rooms in 22 countries worldwide, covering Asia, Europe, and Africa.

Under its five-year plan, Minor expects its hotel revenue structure will change.

In 2019, hotel management fees will contribute 10% of the total, 45% from its own hotels and the rest from Oaks Hotels & Resorts and real estate projects.

This compares with 5% from management fees, 52% from its own hotels and 43% from Oaks and real estate in the first half of this year.

Mr Rajakarier said Minor had expanded its hotel business into important destinations globally.

Oaks supervises operations in Australia, Tivoli Hotels & Resorts in Portugal and the Elewana Collection in Africa.

The company is looking to expand in Laos, Malaysia, Myanmar and Bali and is eyeing opportunities to expand further in Europe through Tivoli. In addition, it has already introduced its luxury hotel brand Anantara and operates three hotels in Europe.

Minor is interested in penetrating the Indian market by forming a joint venture and investing on its own to operate some hotels in that country.

“India will be the next rising star of outbound and domestic tourism,” Mr Rajakarier said.

He said each country required a different strategy and investment timing. Some are suitable for just managing hotels for others, while some are good for their own investment.

MINT shares closed yesterday on the SET at 26.50 baht, up 1.25 baht, in trade worth 230 million baht.