International Hotel Investments plc issued its Interim Directors’ Statement on 13 May. The Company reported that during the first quarter of 2008 total revenues increased to €24.72 million from €10.99 million in the first three months of 2007. The increase was mainly as a result of the inclusion of the Corinthia Bab Africa Hotel in Tripoli and the Corinthia Hotel Prague in 2008 subsequent to their acquisition in May 2007. IHI reported that its gross operating profit surged to €7.28 million from €1.29 million in 2007. The Directors noted that all the Group’s six hotels and its management company CHI Limited continued to register progress during the first quarter of the year.
IHI announced that on 15 April 2008, together with its partners and principal shareholders LFICO and Nakheel, it signed the development agreement for the Metropole Hotel and 10 Whitehall Place in London with The Crown Estate. Moreover IHI reported that the principal consultants on the refurbishment project were appointed and discussions are currently ongoing with the Westminster Council planning authorities in order to obtain planning consent.
Meanwhile works on the final phase of the Spa and Health Centre at the Corinthia Hotel Lisbon proceeded, while the refurbishment project at the Corinthia Nevskij Palace Hotel and the development of the two adjoining sites in St Petersburg is continuing on schedule.