International Hotel Investments plc – Interim Directors’ Statement

The group announced that both owned and managed hotels recorded an improvement in performance in the first three quarters of 2016 over the corresponding period last year. The 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 referendum and its immediate aftermath, but 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.

The forecast performance for IHI hotels for the full year likewise reflects the continued improved performance recorded in the first nine months of 2016.

During the period under review IHI acquired the remaining 80 per cent shareholding in QPM Limited, which has now become a wholly-owned.

To view the full announcement, click here.