International Hotel Investments plc - Interim Directors’ Statement

On 4 November, International Hotel Investments plc published its Interim Directors’ Statement to update the market on its performance since the half-year end on 30 June. IHI noted that following the end of the hostilities in the Libyan capital, the Corinthia Hotel Tripoli is now gradually returning to normal operations.

The announcement also focused on the Corinthia Hotel in London which partially opened its doors in April. After a development programme lasting for 30 months, works are now nearing completion and IHI is expected to commercially launch the additional seven penthouse suites this month. On the other hand, the luxury apartments in Whitehall Place are expected to be completed by the end of the year. Operationally, the room inventory was handed to operations gradually over the months therefore the operating results for the period under review will reflect this reduced room stock. In fact, the Directors pointed out that 2012 will be the first full-year of operations for the London property.

The Directors also explained that the other IHI-owned hotels have registered an improvement in their operating performance over 2010, particularly the properties located in Lisbon and Prague despite the challenging economic environment.