International Hotel Investments plc issued its Interim Directors’ Statement on 21 November explaining that the operational performance of the IHI Group for 2007 remains on the forecasted targets which are an improvement over the results registered in 2006.
The Directors explained that following the injection of new equity, IHI is now actively seeking the acquisition of other hotel properties which fit its strategy.
In the meantime, the refurbishment project at Corinthia Lisboa Hotel, covering 248 guestrooms has been completed on time, in September. Works on this hotel’s new Spa are on schedule and are expected to be completed by 31 December 2007.
Moreover, the main construction contract for the Corinthia Nevskij Palace Hotel project in St Petersburg has been signed and it is expected that the first phase of the project covering the refurbishment and upgrade of the existing hotel entrance and public areas should be completed by 30 April 2008, while the construction of the adjacent buildings should be completed by December 2008.