On 8 May, International Hotel Investments plc (“IHI”) issued an Interim Directors’ Statement in which it explained that all of its owned and managed hotels registered an increase in revenue and gross operating profit (“GOP”) in the first quarter of 2017 when compared to both budgeted figures as well as the corresponding period last year.
IHI also confirmed that these results also include the fee income from The Meydan Hotel and Bab El Shams Hotel in Dubai, both of which are being operated by CHI Limited – the hotel management arm of IHI. CHI has also very recently entered into preliminary agreements to provide technical and management services in relation to the development of an iconic hotel and residential tower under construction in Doha, Qatar. Meanwhile, discussions are proceeding with the planning authorities in Brussels regarding the Corinthia Grand Hotel Astoria. The necessary funding for the redevelopment of this hotel is in the final stages and refurbishment works are expected to commence towards the end of this year.
Looking ahead, IHI is expecting that its full-year performance in 2017 will be better than that of 2016 and also ahead of budgets.