‘We’re Not Going to Be Like Marriott’
Most hotel groups have spent the past decade trying to own as few hotels as possible. Minor Hotels is following that path — but not as far and not as fast.
Right now, Minor owns, leases, or has joint ventures for 65% of its hotels. The company is moving toward an asset-light model, but stopping short of where the major groups have gone in order to go to what CEO Dillip Rajakarier calls “asset right.”
“We’re not going to be like Marriott — 100% asset-light,” he told Skift, pointing to owned assets including three Four Seasons properties, a JW Marriott, and a St. Regis.
The vehicle for the shift is a real estate investment trust (REIT), targeting a mid-2026 listing in Singapore. Rajakarier is clear that it is not a one-time deleveraging exercise. Minor plans to keep adding assets, building an expanding investor base as the portfolio grows.
The island nation was chosen for its “mature” REIT market and its yields: “In the U.S.
