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MINT eyes Australia for expansion
Executives of Thailand’s Minor International (MINT) have been meeting in Australia to flesh out expansion plans for the hotel and hospitality group.
CEO and chairman William Heinecke and his fellow executives flew to Brisbane on the chairman’s private jet to discuss a strategy to overcome the group’s dependency on the Thai economy.
The target is to double the group’s hospitality, food and retail business within the next five years in a region stretching from Africa to Australia.
MINT’s focus currently is Australia, as it contributes between 20% and 25% of overall revenue, reports The Nation newspaper.
MINT aims to spread its presence in Australia with Oaks Hotels and Resorts and the Coffee Club.
MINT Hotel Group CEO Dillip Rajakarier said Oaks was a great example of how MINT wanted to enter a market.
With a good structure already in place and at a good price – given that Oaks was in financial difficulty at the time MINT acquired the business – MINT is confident it can now expand its Anantara chain in Australia, he said.
MINT has not been left unscathed by the Thai political crisis. The shutting down of the Ratchaprasong area in Bangkok led to cancelled bookings for the St Regis and the Four Seasons in what would normally be a high winter season.
Corporate guests cancelled their reservations, bringing what was going to be an 80% occupancy rate down to just 30%.
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