On 11 May 2011, International Hotel Investments plc published its Interim Directors’ Statement covering the period from the start of the 2011 financial year on 1 January. The Interim Statement reveals that the reconstruction of the Corinthia Hotel London is nearing completion and following a soft opening in March, the hotel welcomed its first paying guests in April 2011. Moreover, the twelve luxury apartments on Whitehall Place are expected to be completed later this year.
The IHI Group explained that the overall improvement in operating results referred to in the last Interim Statement (published on 5 November 2010) has been maintained with the exception of the Corinthia Hotel in Tripoli. IHI stated that during the period under review the Corinthia Hotel Lisbon and Corinthia Hotel St Petersburg registered significant progress in their trading performance. The Directors also explained that the Corinthia Hotel Tripoli continued to trade during the current challenging environment, albeit with a reduced level of occupancy. The Directors therefore warned that the operating results from this property will be impacted during the year under review.
On the other hand the Group stated that in St Petersburg, there has been sustained interest in the leasing of the Company’s retail mall and offices with agreements signed with two major clients, one of whom has already relocated its premises to the Commercial Centre.
In conclusion the Directors explained that positive results are also being generated from the new global distribution system developed by CHI Limited (the Company’s hotel management arm). This is expected to enhance revenue streams, particularly for IHI’s hotel properties in the coming months.