On 5 November International Hotel Investments plc issued its Interim Directors’ Statement explaining that the positive trend in the Company’s performance continued during the third quarter of the year as IHI’s portfolio of hotels confirmed a general marginal upward swing in Revenue per Available Room (RevPar).
The Directors however warned that despite the expected improved performance in the second half of 2010, the Group expects that due to the difficult trading conditions experienced during the first six months of the year, operating results for full-year 2010 will be below the level registered in 2009. Conversely, with indications showing a recovery in a number of key markets, forecasts for the first quarter of 2011 suggest an improved performance over the corresponding quarter of 2010. The Directors explained that this improvement is also evidenced in St Petersburg, where leasing of IHI’s retail mall and offices has gathered momentum. The first contract in the office development adjoining the Corinthia Hotel St Petersburg has been signed with a major international company which will occupy one of the five office floors as from early 2011.
The Directors concluded by stating that work on the refurbishment project of the Corinthia London Hotel has progressed significantly. Additional opportunities have been identified to expand the range of facilities and to further enhance the specifications of the luxury hotel in order to position the property at the top end of the luxury hotel market segment.