On 13 November International Hotel Investment plc published its Interim Directors’ Statement revealing that the current global recession continued to negatively impact the hospitality industry resulting in lower returns from the Group’s properties (to different degrees) than those achieved in 2008. Moreover the Directors indicated that the operating performance for the second half of 2009 appears to follow the same pattern established in the first six months. Although a slow recovery is expected to start in the hospitality industry in 2010, the Group is retaining its constant control on its hotels’ operating costs.
Meanwhile the Interim Statement also made reference to the development of the Corinthia Hotel and Residences in London which is going according to plans ahead of the anticipated opening towards the end of 2010. Moreover in Lisbon, the Spa and Health Centre was completed in September and is now also being operated by one of the leading spa operators in the country.