International Hotel Investments plc
International Hotel Investments plc - Quote
|Closing Price (€)||0.649||Change (€)||+0.007|
|TWAP (€)||0.649||No. of Trades||1|
|Day's High (€)||0.649||Change (%)||+1.09%|
|Day's Low (€)||0.649||Turnover (shares)||700|
|E.P.S (€)||-0.007||Shares in issue (000)||597,751|
|P/E Ratio||0||Market Cap. (€000)||387,940|
|Gross Div. Yield (%)||0||Gross Dividend (€)||0.000|
|NAV per Share (€)||1.014||Indicative Div. Date||NIL|
|Price to NAV (times)||0.640||Dividend Cover (times)||0.000|
|2017 High (€)||0.679||2017 Low (€)||0.620|
International Hotel Investments plc - Profile
International Hotels Investments plc was incorporated on 29 March 2000 by Corinthia Palace Hotel Company Limited (CPHCL) with the objective of pursuing hotel acquisitions and investments in selected geographical areas including Central and Eastern Europe, the Mediterranean rim, and the Middle East.
IHI’s owned hotels are listed hereunder:
- Corinthia Grand Hotel Royal in Budapest, Hungary, which was acquired in April 2000 as a vacant site. It was subsequently demolished and entirely rebuilt as a landmark deluxe hotel which opened in April 2003. The hotel consists of 414 executive bedrooms, extensive conference facilities, 29 luxury apartments, a multi-story carpark and a 19th century Spa.
- Corinthia Nevskij Palace Hotel in St Petersburg, Russia which was acquired in January 2002 together with four vacant adjacent properties. IHI extended the hotel by an additional 105 executive rooms to 390 and developed the adjacent sites into a convention center as well as a commercial center with extensive retail and office space for lease to third parties.
- Corinthia Lisboa Hotel in Lisbon, Portugal, acquired in August 2001 and closed for refurbishment in February 2003. The Corinthia Lisboa Hotel was re-opened in May 2004 comprising 517 rooms with extensive conference facilities. Further refurbishment on 248 guestrooms was completed in September 2007.
- Corinthia San Gorg, St. Julians, Malta, acquired in April 2000. This 5-star hotel has 250 rooms, with a total area of 28,000 square meters.
- Marina Hotel Limited, St.Juilans, Malta. International Hotel Investments plc completed the acquisition of Marina San Gorg Limited which owns the 200-room Marina Hotel in St. George’s Bay, St. Julian’s on 13 February 2012 from its majority shareholder, Corinthia Palace Hotel Company Limited. The Marina Hotel Limited is adjacent to the Corinthia San Gorg.
- Corinthia Hotel, Prague, Czech Republic. This 551-room hotel (acquired on 1 June 2007) is primarily aimed at the conference, leisure and executive traveler markets. Its facilities include an entire floor dedicated to conference facilities, an executive business lounge, a casino, nightclub and various retail outlets.
- Corinthia Hotel, Tripoli, Libya. This 300-room deluxe hotel (acquired on 1 June 2007), includes extensive meeting and banqueting facilities together with large office space currently leased to blue chip oil companies.
- Metropole Building & 10 Whitehall Palace, located in London, United Kingdom. On 6 February 2008, the consortium, made up of IHI, Libyan Foreign Investment Company (LFICO) and Istithmar Hotels FZE (Istithmar) of Dubai, acquired these two properties from the Crown Estate for a total consideration of GBP130 million. The 130 year old Metropole Building was refurbished into a 5-star hotel comprising 294 rooms and luxury suites ranging from 80 to 500 square meters including seven turret suites on two floors with private lifts. The Corinthia Hotel London opened for business in April 2012. On the other hand, the property on Whitehall Palace was redeveloped into a luxury spa and 12 luxury apartments which are intended to be sold. The Corinthia Hotel London and the 12 apartments are currently equally owned by IHI and LFICO.
- Benghazi, Libya: On 22 February 2008 IHI announced that it had entered into a joint-venture agreement with Libyan Foreign Investment Company (LFICO) to develop a 360-room 5-star hotel on the waterfront in central Benghazi (Libya’s second largest city). Part of the 7,000 square metre site used to house the former, historic, Al Jazira Hotel. The development will also contain offices and retail outlets. Once finished, the hotel and other facilities will be under the management of CHI Limited.
On 18 November 2010, International Hotel Investments plc announced that it has become a 25% shareholder in Medina Tower Joint Stock Company in Tripoli, Libya. Medina Tower Joint Stock Company was set-up to construct a mixed-use development in Libya comprising residential, office space and retail outlets covering 200,000 square meters over 40 floors. The Medina Tower will also comprise four levels of underground parking.
- CHI Limited (70%): IHI acquired a 20% shareholding of CHI in April 2000 and a further 50% in August 2006 bringing IHI’s shareholding to 70%. Wyndham Hotel Group International of the United States acquired a 30% shareholding in August 2006 but this was sold back to IHI in 2012. CHI is the hotel management arm of the Corinthia Group operating four and five star hotels in Europe, Africa and the Mediterranean region.
- CHI currently operates 10 hotels owned by the Corinthia Group and manages a further 5 hotels owned by third party investors.
- Quality Project Management Limited (20%): In April 2000, IHI acquired a 20% shareholding in the construction project management Company of the Corinthia Group.
IHI was floated on the Malta Stock Exchange in April 2000 following an issue of 10,000,000 ordinary shares of €2.33 each at par. Prior to the share issue, IHI had an issued share capital of €57,791,754 made up of 24,810,000 ordinary shares of €2.33 each.
In October 2000, CPHCL were allotted a further 5,190,000 shares at €2.33 each, bringing the issued share capital of IHI to 40,000,000 shares of €2.33 each.
In December 2001, IHI announced a Rights Issue to shareholders, in which a further 8,000,000 shares of €2.33 each were issued. The Issue was fully subscribed bringing the issued capital of the Company to 48,000,000 shares.
In December 2003, an Extraordinary General Meeting was held to approve a set of resolutions including the re-denomination of the share capital into euro. As a result, the issued capital of the Company changed to 110,053,489 shares of €1.00 each. In January 2005, CPHCL completed an equity injection into IHI bringing the issued capital to 139,053,489 shares of €1.00 each.
During 2006 IHI allotted new shares to other institutional investors as detailed hereunder:
- On 18 July 2006, IHI issued 1,972,995 shares at a price of €1.00 each to Bayan Investments Co. of Kuwait. Bayan was formed in 1997 by a group of prominent Kuwaiti businessmen, and a group of banks and financial institutions. The company focuses on investment and consultancy services for individuals and institutions, offers specialist advisory and research services and manages investment portfolios on behalf of clients. Bayan Investments is listed on the Kuwait Stock Exchange.
- On 7 August 2006, IHI issued 2,000,000 shares to National Projects Holding Company Limited (NPHC) also at a price of €1.00 each. NPHC is a subsidiary of National Real Estate Company (NREC) of Kuwait, a leading real estate company with multinational investments in large developments. It was set up in 1973 and is also listed on the Kuwait and Dubai Stock Exchange.
- On 13 September 2006, IHI allotted 2,500,000 shares at a price of €1.00 each to HSBC No-Loads Funds SICAV plc.
- On 5 December 2006 IHI signed a Subscription Agreement with Nakheel Hotels (previously Istithmar Hotels FZE), a global hotel investment firm based in Dubai. Further to the agreement, Nakheel were allotted 178,000,000 new shares in IHI at €1.00 each on 5 September 2007. The capital injection was required to fund further hotel acquisitions. Nakheel is the investment arm of the Dubai Government and is equally owned by the Corporate Office of Dubai and Dubai World. The two key areas of focus are private equity and real estate.
Following the allotment of the new shares to Nakheel Hotels and the other institutional investors, IHI’s issued share capital amounted to 537,099,977 ordinary shares of a nominal value of €1.00 each.
On 4 June 2007, IHI allotted 4,961,223 new shares following a 1 for 5 bonus issue to those General Public shareholders who held the 29,765,114 shares in issue as at 30 June 2006. IHI also offered a 6-week buy-back programme enabling all shareholders wishing to encash their bonus shares to do so at a price of €1.00 each.
On 15 May, 2008 the AGM approved a 3 for 100 bonus share issue to shareholders. This bonus issue increased IHI’s share capital by 16,112,854 shares to 553,212,831 ordinary shares.
On 23 July 2010, at the AGM shareholders of IHI empowered the Board of Directors to issue up to 200 million new shares with a nominal value of €1.00 within a 15-month period. During the same meeting a 4% bonus share issue was declared to all shareholders with the exception of CPHCL and Istithmar Hotels FZE. The bonus share distribution was paid out of capital reserves. The total number of IHI shares in issue increased to 554,989,911.
On 10 August 2015, the Company listed 2,687,960 new shares representing the consideration in kind that the shareholders of Island Hotels Group Holding (IHG) – with the exception of the majority shareholders – were entitled to in terms of an offer by IHI for the acquisition of all the shares in IHG. The total number of IHI shares in issue increased to 556,926,533. A further 6,507,168 shares will be issued in favour of the majority shareholders on 10 August 2016.
On 24 September, 2015 the Board of Directors declared a 1 for 33.33 bonus share issue to shareholders as at close of trading on 13 October, 2015. On 26 October, 2015 a total of 16,709,596 shares were admitted to the Official List, thereby increasing IHI’s share capital to 573,636,129 ordinary shares.
On 28 April, 2016 the Board of Directors declared a 1 for 33.33 bonus share issue to all shareholders as at close of trading on 27 June 2016. On 11 July, 2016 a total of 17,211,023 shares were admitted to the Official List, thereby increasing IHI’s share capital to 590,847,152 ordinary shares.
On 10 August 2016, the Company listed 6,903,494 new shares representing the deferred consideration in kind that the major shareholders of Island Hotels Group Holding (IHG) [as defined in the Offer Document dated 1 July 2015] were entitled to in terms of the offer made by IHI for the acquisition of all the shares in IHG back in July 2015. The total number of IHI shares in issue increased to 597,750,646 ordinary shares.
IHI raised funds from the public through six bond issues:
1) In April 2000, IHI raised €11.6 million through a 5% convertible bond issue at par maturing in 2010.
2) In February 2003, IHI issued bonds denominated in both Malta Lira and euro for an aggregate value of €22,500,000 due for redemption in March 2013. The Malta Lira Bond was issued at 6.3%, whilst the euro Bond was issued at 6.2% for the first 7 years, and 6.8% for years 8 to 10. These funds were used to part finance the re-development and refurbishment of the Corinthia Lisboa Hotel.
3) In March 2006, IHI issued €12,500,000 6.5% Bonds 2012-2014. The bonds were used to fund part of the project costs of the extension of the Corinthia Nevskij Palace Hotel in St Petersburg and the development of two sites adjoining the hotel.
4) In June 2009, IHI issued €35,000,000 6.25% Bonds 2015-2019. The net proceeds of this bond issue were utilised for the general corporate funding purposes and principally to finance, together with funds remaining available from its equity capital, the Issuer’s expansion and acquisition policy in line with its investment objectives and strategy.
5) In March 2010, IHI issued €25,000,000 6.25% Bonds 2020. The bond proceeds were partly earmarked to fund the redemption of the €11.6 million 5% convertible bonds issued in 2000. The remaining bond issue proceeds were used to fully repay an outstanding loan amounting to €12 million with an international bank whilst the balance was used for the general corporate funding purposes of IHI and its subsidiaries.
International Hotel Investments plc - Financials
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News for International Hotel Investments plc
Appointment of Numis Securities
Bond Issue Oversubscribed
Details of New Bond Issue
Issue & Early Redemption of Bonds
Interim Directors’ Statement
Acquisition of QPM Limited
International Hotel Investments plc - Downloads
- International Hotel Investments plc - Investor Fact Sheet - December 2016 (136.0 KiB, 175 hits)
- International Hotel Investments plc - 2015 Annual Report (9.1 MiB, 580 hits)
- International Hotel Investments plc - Investor Fact Sheet - December 2015 (215.2 KiB, 759 hits)
- International Hotel Investments plc - Voluntary Takeover Offer Document dated 1 July 2015 (908.3 KiB, 879 hits)
- International Hotel Investments plc - 2014 Annual Report (3.4 MiB, 1,524 hits)
- International Hotel Investments plc - Investor Fact Sheet - June 2014 (201.1 KiB, 1,031 hits)
- International Hotel Investments plc - 2013 Annual Report (6.0 MiB, 838 hits)
- International Hotel Investments plc - Investor Fact Sheet - December 2013 (202.5 KiB, 1,042 hits)
- International Hotel Investments plc - 2012 Annual Report (1.2 MiB, 846 hits)
- International Hotel Investments plc - Investor Fact Sheet - December 2012 (183.7 KiB, 1,281 hits)
|Sector:||Hotel, Real Estate & Property Development|
|Shares in Issue:||597,750,646|