Recently, International Hotel Investments p.l.c. (IHI) announced an Issue of €35,000,000 5.30% Unsecured Bonds 2035 at par. https://corinthiagroup.com/wp-content/uploads/2025/02/2025-IHI_Company-Announcement-approval-admissibility-to-listing-21-Feb-2025.pdf
In relation thereto, a Financial Analysis was compiled by MZ Investments, which can also be consulted on IHI Financial Analysis Summary.
This analysis offers a short but very lucid study of IHI and the Group and for this purpose I have distilled from it some interesting points to share with the readers of Insider Plus. This article is not an advice of investment but merely a guide to understand the set-up and main duties and projects of IHI and the Group.
What are the key activities of International Hotel Investments p.l.c. (IHI)?
IHI carries on the business of an investment company in connection with the ownership, development and operation of hotels, residential and commercial real estate.
What does IHI own and what are its primary source of revenue?
IHI owns a number of investments in subsidiary and associate companies through which it furthers the business of the Group.
It generates revenue primarily from the operation of own hotels. Other income is derived from the following sources:
- Corinthia Hotels Limited (“CHL”), a fully owned subsidiary of IHI, manages and operates a number of hotel properties owned by IHI, related parties and other third parties.
- Project management, engineering, and related architectural services are provided by QPM Limited (“QP”), a wholly owned subsidiary of IHI.
- Corinthia Developments International Limited (“CDI”), a fully owned subsidiary of IHI, specialises in the origination, financing and development of real estate projects.
- The Group generates rental income mainly from the lease of commercial centres in Tripoli and St Petersburg, and the Grand Hotel Prague Towers, formerly operated as the Corinthia Hotel Prague. The property was leased to third parties on 1 April 2024 and has since been rebranded.
- Catering services are provided by the Group through the operation of Corinthia Caterers Limited, Catermax Limited, and Costa Coffee Malta.
What is the Group’s business strategy?
The Group’s business strategy is based on three main pillars, namely:
- the optimisation of revenue and earnings from its hotel operations and other enterprises;
- the sale of non-core properties, as well as those that have reached a mature stage in potential gains and those that do not align with Corinthia’s brand standards; and
- positioning the Corinthia brand on high-end, third-party owned properties.
What significant group strategy has been initiated in the past few years?
In recent years, the Group has ventured into the upper 4-star and lower 5-star market by launching the Verdi Hotels brand.
At present, the Group manages the following Verdi Hotels: (i) Verdi St George’s Bay Marina; (ii) Verdi Budapest Aquincum; (iii) Verdi Hotel Tunis; (iv) Verdi Gzira Promenade; and (v) Vivaldi Malta, powered by Verdi Hotels. The Group took over the management of the latter hotel in November 2024 on a white label basis.
Which are the principal assets and properties of the Group?
Owned hotels:
- Corinthia Hotel London UK [ Although IHI owns 50% of this entity, it is managed by the Group. Consequently, this property in is completely consolidated in IHI’s financial statements.]
(2) Corinthia Hotel Lisbon Portugal
(3) Corinthia Hotel Budapest Hungary [The property includes an additional 26 apartments which are not included in the room count referred to later.]
(4) Corinthia Grand Hotel Astoria Brussels Belgium [Although IHI owns 50% of this entity, it is managed by the Group. Consequently, this property is completely consolidated in IHI’s financial statements.]
(5) Radisson Blu Resort & Spa Golden Sands Malta
(6) Corinthia Hotel Tripoli Libya
(7) Corinthia Hotel St George’s Bay Malta
(8) Corinthia Hotel St Petersburg Russia
(9) Radisson Blu Resort St Julian’s Malta
(10) Verdi St George’s Bay Marina Malta
(11) Corinthia Palace Hotel & Spa Malta
Owned hotel ‒ leased to third parties:
* Grand Hotel Prague Towers Czech Republic
Managed hotels:
*Panorama Hotel Prague Czech Republic
*Verdi Budapest Aquincum Hungary
*Verdi Hotel Tunis Tunisia
*Vivaldi Malta, powered by Verdi Hotels Malta
*Verdi Gzira Promenade Malta
*The Surrey Corinthia Hotel New York USA [The property includes an additional 14 residences which are not included in the room count. These residences will be serviced by the hotel. In terms of the hotel management agreement, such sales will generate income for CHL in the form of a branding and service fees.]
*Corinthia Hotel & Residences Doha (2025) Qatar [The property will include an additional 18 villas which are not included in the room count. CHL has contractual arrangements with United Development Company (“UDC”) – the Qatari master developer of The Pearl in Doha – to manage and operate a luxury Corinthia resort being built on UDC’s newest flagship real estate development – Gewan Island. The latter covers an area of circa 400,000 sqm and is situated next to The Pearl. The island will accommodate 3,500 residents and will have 641 apartments, 20 standalone villas located along a placid beach in a quiet and gated seaside community, as well as 21 beachfront villas with private beach, 26 waterfront villas equipped with private pontoons for private boats, 6 island villas, and 11,000 sqm of retail spaces and several multi-use buildings. In addition, Gewan Island will feature an air conditioned ‘Crystal Walkway’ outdoor promenade, parks, and green areas which will play a major role in attracting various new brands to Doha. The island will also be home to a number of entertainment facilities, a sports club, and a mosque.]
*Corinthia Hotel Rome (2025) Italy [The 7,000 sqm building is the former seat of the Bank of Italy in Parliament Square and is owned by a third-party investor. CHL will be leasing and operating the hotel once redevelopment works are completed. CDI is the developer supporting the delivery of the project.]
*Corinthia Grand Hotel Du Boulevard Bucharest (2025) Romania [Formerly known as the Grand Hotel du Boulevard, this new Corinthia hotel features 30 luxury suites as well as a fully restored Grand Ballroom and various dining and leisure venues.]
*Corinthia Hotel & Residences Riyadh (2027) Saudi Arabia [The property will include an additional 10 villas which are not included in the room count.]
*Corinthia Hotel Maldives (2027) Maldives
*Corinthia Hotel & Residences Dubai (2028) [The property will include an additional 240 branded residences which are not included in the room count.]
End of part one. (To be continued)
