On 18 May, International Hotel Investments plc issued its Interim Directors’ Statement giving updates on its three major ongoing projects. However the Directors failed to give any details on the Group’s performance during the first months of this year.
The Directors stated that the recently renovated Corinthia Hotel St Petersburg will be inaugurated on 25 May 2009. The hotel was extended to the adjoining buildings on either side, effectively increasing the inventory by 104 bedrooms bringing the total number of rooms to 400 whilst adding various meeting and conference facilities, making this hotel the largest five-star conference hotel in St Petersburg. The redevelopment also includes 3,500 square metres of office space and 7,500 square metres of retail space.
Meanwhile, in Lisbon, the Spa and Health Centre project is nearing its final stages and it is expected to be in full operation by mid next month.
In respect of the London project, following the signing of the syndicated bank loan agreement, the development registered a significant milestone with the awarding of a turnkey contract to Ardmore Construction, a major construction company in the United Kingdom. The London project, which will be managed by CHI Limited (IHI’s management company) involves the development of the Metropole Building and the adjoining 10 Whitehall Place into a 300-bedroom deluxe five-star hotel and a suite of luxury apartments including a 2,500 square metre Spa. The Corinthia Hotel London is planned to be completed by the end of 2010.
In conclusion the Directors stated that to counteract the effects of the international recession, IHI has taken appropriate measures to seek new markets, streamline its operations and reduce costs, without however impinging on the standards and quality of service provided by its properties.