U.S.-Thai Billionaire Expands Hotel Empire to Tap Chinese Boom
The number of Chinese outbound tourists climbed 6 percent to 135 million in 2016, and they spent $261 billion, or a fifth of the world market, according to the United Nations World Tourism Organization. That's set to continue surging, with the number of Chinese with a passport expected to double in the next two years to 240 million.
Through acquisitions it has added the Elewana Collection in Africa, Oaks Hotels & Resorts across Asia-Pacific and the Middle East, and four-to-five star Tivoli hotels and resorts in Portugal. The mid-market NH Hotel Group will give Minor 385 more hotels.