International Hotel Investments plc - Postponement of Major Refurbishment Project

On 25 September, Island Hotels Group Holdings plc announced that its plans for a major refurbishment project at the Radisson Blu in St. Julian’s, as described in the bond Prospectus dated 6 May 2014 and including the construction of further two floors and a complete upgrade of the property, have been postponed until the Company obtains further information on other projects taking place in St. George’s Bay and surrounding area. The Directors explained that several major developments are planned in the vicinity including projects in the hotel sector as well as other real-estate which would have a material impact on the area especially during construction.

In the meantime, the Radisson Blu St. Julian’s will still be closed in November for necessary maintenance and other minor works in anticipation of re-opening in the near future.