Minor Hotels plans to double its hotel portfolio to 1,000 within five years, expanding Europe-based NH Hotels in Asia and entering new markets such as Japan and the Philippines.
Puneet Dhawan, head of Asia at Minor Hotels, said the company upgraded its new hotel target from 200 by 2026 to 500 by 2029, banking on the robust global tourism sector.
The company operates 560 hotels in more than 60 countries, including 60 hotels with 8,800 rooms across 11 countries in Asia.
Hotels in Asia contribute roughly 13% of revenue for Minor and this portion should grow over the next five years based on aggressive expansion in the region, said Mr Dhawan.
The company wants to enter untapped destinations Japan and the Philippines, which have attractive tourism markets, he said.
Other destination targets include India, Indonesia, Malaysia and Singapore, according to Minor Hotels.
In 2025, the company expects to open at least 10 more hotels in Asia, mostly under management contracts, including in Thailand, China, the Maldives and Japan.
Under its "Asset Right" strategy, aimed at maintaining a balance between owned investment and management projects, the next investment in Asia will be the new Avani Hotel in Singapore in 2026.
Mr Dhawan said during the next few years, global tourism will continue to grow steadily, driven by rising populations and incomes, while social media can encourage people to take vacations.
Many employees are taking longer holidays and working remotely, blending leisure and business trips, he said.
After acquiring Spain's NH Hotel Group in 2018, which has a strong presence in Europe, the company aims to expand the brand's footprint in Asia from six hotels.
The newest property in the region is the first NH Hotel in Bangkok, NH Bangkok Sukhumvit Boulevard, offering 309 rooms and suites.
Naowarat Arunkong, the hotel's general manager, said after rebranding the independent hotel, the property can diversify to the US, UK and European markets from the previously dominant Middle East market.
The hotel is also targeting more Asian guests this high season, from Japan, South Korea and Hong Kong, she said.
NH Bangkok increased its daily room rate by 20-30% and gained more revenue after rebranding, said Ms Naowarat.
Despite intense competition in Sukhumvit, she said the area continues to have strong demand from foreign tourists.
Minor Hotels has an advantage with its established revenue management system and global hotel network, including more than 250 NH Hotels worldwide, said Ms Naowarat.
Mr Dhawan said Thailand's tourism industry remains robust, with hotels expecting double-digit growth in revenue per available room (RevPar) next year.
Despite the low season, Minor Hotels posted 12% RevPar growth in the third quarter, and this trend should continue in the fourth quarter, he said.