International Hotel Investments plc - Interim Directors’ Statement

Friday, November 8th, 2013

On 8 November, International Hotel Investments plc published its Interim Directors’ Statement covering the first nine months of the year.

During the period under review, hotel revenues (excluding Corinthia Hotel London) increased by 6.5% to €83.8 million. Similarly, the hotel’s gross operating profit (GOP) increased by 10.8% to €24.7 million.

Improvements were also registered in the operations of Corinthia Hotel London, which is a 50% owned associate, as it approaches operational maturity. Its revenue increased by 10.9% to €38.7 million whilst GOP jumped by 61.4% to €11.3 million.

Similarly, the non-hotel properties (namely the commercial centres in St. Petersburg and Tripoli) registered a €1.5 million growth in income to €8.1 million.

In conclusion, the Directors reiterated that discussions are currently underway with potential buyers for the sale of the twelve luxury apartments in London.

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