International Hotel Investments plc - Interim Directors’ Statement

On 6 May, International Hotel Investments plc published its Interim Directors’ Statement covering its performance during the first quarter of 2013. During the period under review, the IHI Group’s properties performed in line with the economic situation of the market in which the respective properties are located.  Most notably, IHI reported improved performances in Budapest and London with the latter registering a €2 million improvement over the same period in 2012. Meanwhile, the performance of the hotels in Malta and Portugal were unchanged over Q1 2012. On the other hand, the Tripoli hotel is still being impacted by costs incurred to bring operations in line with pre-crisis levels in anticipation of a full recovery of the Libyan economy.

The announcement also noted that the performance at the commercial centre in St. Petersburg also improved with a 70% increase in rental income over the same period in 2012.

Moreover, the Directors confirmed that the Group continues to focus on the conclusion of the sale of the twelve luxury apartments in London.