Thailand's Minor International said last week that it plans to generate half of its sales abroad by 2020, up from 44 percent in 2015 and 18 percent in 2008.
In February, Minor acquired Portugal's Tivoli Hotels and Resorts for an estimated $322 million. According to Nikkei Asian Review, the company is looking to expand the Tivoli brand into other markets in which it already has a presence, such as Asia, Africa or the Middle East.
Including the Tivoli deal, Minor has spent $550 million over the past two years on hotel projects in Africa, Asia, Australia, South America and Europe to diversify away from what was a Thailand-centered portfolio. Nikkei estimates that 66 percent of the group's hotel revenue is from outside Thailand, against only 6 percent in 2008.
Hotels and residential properties, covering both business and tourist markets, account for 50 percent of Minor's revenue. Most of the remaining half comes from restaurant operations, an area in which the company has also aggressively expanded overseas.