On 31 October, International Hotel Investments plc issued an announcement updating the market on its performance since 30 June 2016.
The Company stated that its owned and managed hotels recorded an improvement in performance in the first three quarters of 2016 over the corresponding period last year. In particular, the 50%-owned Corinthia Hotel London improved its operational results in sterling terms over 2016 despite a period of uncertainty experienced by luxury hotels in its competitive set during the build-up to the UK’s referendum on EU membership and its immediate aftermath. However, the results reported in euro have more recently been impacted by the drop in the value of sterling. On the other hand, the Corinthia Hotel St Petersburg registered a marked improvement in performance due both to operational results and a stabilised rouble exchange rate in relation to last year.
IHI is forecasting that its full-year results will reflect the continued improved performance of its hotels recorded in the first nine months of 2016.