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Corinthia Hotels’ parent company delivers record profit performance

Exterior Corinthia Hotel London

The parent company of Corinthia Hotels, International Hotel Investment (IHI), has announced its best financial results in its 18-year history, recording a new profit of close to €15m (approximately £13m).

The company, which has a portfolio comprising 21 hotels including the five-star Corinthia Hotel London, highlighted results which saw EBHDA reach €61.3m (£53.7m).

This was up from €53m in 2016 and is a stark contrast from the group’s figure in 2013, which stood at €33.3m.

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On the back of this strength, IHI announced a net dividend of two cents per share to its shareholders.

The move further demonstrates the company’s growth plans to establish Corinthia Hotels as a global luxury hotel brand.

Out of the 21 hotels in the IHI portfolio, 13 are owned or partially owned.

There are currently nine hotels operating under the Corinthia Hotels umbrella around the world, with a further two scheduled to open in Dubai and Brussels at the end of 2019.

At IHI’s AGM last week, joint CEO Simon Naudi said: “The hotels and other businesses we run and operate delivered once again on the ambitious targets we set, and we have taken significant steps forward in the growth of our luxury hotel portfolio, with new hotels being signed up, and others well underway in their design and construction.”

2017 performance shows further evidence of a continuing growth trajectory over the past years.

Reflecting on the latest chapter in IHI’s story of growth, joint CEO Joseph Fenech added: “Four fifths of our revenue is derived from our portfolio of owned or partially owned hotels, and it is heartening to see, in all instances, as with hotels we manage for third parties, an improved performance year on year. It is testament to the dedication and skills of our people – to all those who operate and support our properties.”

Corinthia Hotels Limited is the hotel arm of IHI (International Hotel Investment), and continues to establish itself as a dynamic added-value operator of luxury hotels.

IHI was launched as a publicly traded company in April 2000 by Corinthia Palace Hotel Company Limited, its founder shareholder, which contributed its Corinthia brand and a five-star hotel asset to the company.

Tags : Corinthia Hotels
Zoe Monk

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