International Hotel Investments plc – Interim Directors’ Report

Hotel revenues, excluding Corinthia Hotel London, increased to €83.8 million during the first nine months of the year from €78.7 million in the corresponding period in 2012, an increase of 6.6 per cent. Hotel GOP for the same period increased from €22.3 million to €24.7 million, an increase of 10.7 per cent. The Corinthia Hotel London, which is a 50 per cent owned associate, continued to increase its performance as it moves towards operational maturity. Revenue increased to €38.7 million from €34.9 million last year, an increase of 10.7 per cent whilst GOP increased from €7.0 million to €11.3 million, an increase of 60.4 per cent. 

The non-hotel properties, mainly the office and retail block in St Petersburg and the commercial centre in Tripoli registered a year-to-year growth of €1.5 million, from €6.6 million to €8.1 million, an increase of 22.7 per cent. 

Discussions are currently under way with potential buyers for the sale of 10 Whitehall Place, London which comprises 11 apartments and a penthouse. 

To view the official company announcement, click here.