International Hotel Investments plc - New Corinthia Hotel & Residences project in Moscow

On 4 February 2019, International Hotel Investments plc announced that it will be taking a minority stake in a company together with a consortium of investors which is acquiring a landmark property in Moscow, Russia. The property will be converted into a luxury Corinthia Hotel & Residences project.

The property has a listed façade and houses the famous 19^th century Filippov Bakery. Moreover, permits in hand allow up to 43,000 square metres of development behind the retained frontage. The consortium has plans to create a luxury Corinthia Hotel and branded serviced apartments for sale together with an element of high-end retail outlets.

Through this latest investment, IHI will be extending its presence in the Russian Federation after in 2002 it had acquired, and later redeveloped, five historic properties on the main boulevard in St Petersburg where IHI now owns the Corinthia Hotel St Petersburg, the Nevskij Plaza Retail and Commercial Centre as well as other commercial property.