On 14 May International Hotel Investments plc published its Interim Directors’ Statement updating the investing public on the developments since the start of the current year.
The Directors explained that international economic conditions have continued to affect the recovery of the hospitality sector with mixed results in the markets in which IHI operates. In particular, Eastern Europe is emerging out of the recession at a slower rate than other parts of the world and Libya has had a relatively slow start to the year. Nonetheless, overall, there are indications of a gradual recovery in the second half of 2010 especially in the last quarter of 2010.
On the developments side, work on the Corinthia Hotel and Residences in London is on track and is expected to be completed on schedule by the end of 2010. Senior members of the management team are already in place together with the implementation of a recruitment plan leading to the opening of the hotel. Works are also at an advanced stage on the spa and the adjoining 12 luxury apartments in Whitehall place.
Moreover CHI Limited, the hotel management arm of the Group, has strengthened its structure with the appointment of a Chief Operations Officer and with a greater investment in global distribution. Recent media reports stated that CHI signed a 25-year hotel management agreement for the new Wyndham Cardiff 200-room hotel project.