International Hotel Investments plc - Bond Issue Oversubscribed & Performance Update
On 30 November 2021, International Hotel Investments plc announced that the €80 million bond issue has been oversubscribed and that the allocation policy will be disclosed on 7 December 2021.
IHI also provided an update on its performance since the start of the year. In this respect, the company noted that as the global travel industry is showing signs of recovery, it has witnessed an increase in demand, revenue generation and profitability in H2 2021 which is better than previously anticipated. In fact, IHI is now expecting to generate a consolidated EBITDA of over €24 million for the current financial year, largely reflecting the superior performance of its leisure hotels when compared to the properties which are dependent on meetings and conference business. Although the new EBITDA target of over €24 million is substantially higher than the earlier forecasts of €11 million (June 2021) and €15 million (October 2021), it is still 65% lower than the record EBITDA of close to €70 million generated in the 2019 financial year.