International Hotel Investments plc (IHI), the publicly traded company owning the Corinthia Brand and real estate assets, has expanded on a strategy aimed at realising value from its extensive owned hotel portfolio while accelerating the growth of its management, development and project services businesses.
Addressing shareholders at the company’s Annual General Meeting, Chairman Alfred Pisani said the Board’s priority is to maximise valuations for its owned properties, and in some cases realise such valuations through asset sales, while simultaneously expanding IHI’s three service companies on a global scale.
The strategy positions IHI for its next phase of growth while supporting sustainable shareholder returns.
IHI owns or part owns 14 hotel assets, including six in Malta, but is involved in 32 hotel and residential properties worldwide as an operator or developer via its service companies Corinthia Hotels and Corinthia real Estate Ventures. A third service company, named QP, offers architectural and interior design services to developers worldwide.
“Our foremost and major objective is that, as CHL, CREV and QP expand and deliver stronger profits, we will in turn progressively dispose some of our mature real estate holdings, which will allow us to realise the substantial, often understated, value gain generated over the many years,” Mr Pisani said.
IHI recently completed the sale of a 72% stake in the Corinthia Hotel Lisbon while retaining a 28% ownership interest and continuing to manage the property under the Corinthia brand. Much of the proceeds were used to reduce debt and strengthen the Group’s cash position.
The AGM was also informed that shareholders recently received an interim dividend of €0.03 per share, representing a total distribution of approximately €18.5 million.
Mr Pisani noted that IHI currently owns 14 hotels and other assets including its service companies with a combined net asset value of approximately €1 billion after debt. The Group’s 2025 accounts reported a net asset value of €1.52 per share, which he described as conservative given the prudent valuations applied across the portfolio.
Pointing to the Lisbon transaction as an example, the Chairman noted that the hotel had been carried in the Group’s books at €118 million but was ultimately sold for €150 million, illustrating the underlying value within the portfolio, and still operates under the Corinthia brand.
He said the Board expects a similar outcome when it proceeds with the planned sale of the Prague hotel, which is currently being prepared for market and could be sold by late this year or early next year.
IHI Group CEO and Managing Director Simon Naudi explained how IHI is focusing on business plans for each of its owned assets through asset sales or redevelopments. Moreover, the group’s service businesses are expected to become increasingly important drivers of future profitability.
The Group’s operating model is built around four pillars: owned hotels and real estate, hotel management through Corinthia Hotels Limited (CHL), real estate development through C-Rev, and design and project management services through QP.
Mr Naudi highlighted the continued growth of CHL, which now has 32 hotels under contract worldwide across owned, leased, co-invested and managed properties spanning Europe, the Middle East, Asia and the Americas.
He said CHL is on a transformational growth trajectory, with revenues projected to rise from €26 million in 2026 to €62 million by 2031 and EBITDA expected to reach €39 million as a growing pipeline of third-party managed hotels comes on stream.
New developments in destinations including Dubai, Riyadh, the Maldives, Lake Como, Tuscany, Puglia and Turks & Caicos are expected to contribute significantly to this expansion.
The presentation also highlighted the expansion of QP, which operates from Malta, London and Dubai, serving both Group and third-party projects, while C-Rev continues to advance developments in Beverly Hills, Turks & Caicos and Mexico.
Mr Naudi noted that, following a significant investment phase during which the Group expanded its international footprint and strengthened its management platforms, the focus is now shifting towards scaling profitability and cash generation. Revenue is forecast to increase significantly from €335 million in 2025 as a pipeline of new hotels, both part owned and others managed for third parties, come on stream.
The AGM was also informed shareholders that IHI recently secured final development approval for its Hal-Ferħ project in Malta, comprising a 162-room luxury hotel and 25 villas. Describing the approval as a landmark achievement following several years of planning and negotiations, Mr Pisani noted that the wholly owned site has now increased substantially in value.
The Chairman reiterated the Board’s commitment to growing the Group’s operating businesses, realising value from mature assets, reducing debt and strengthening shareholder returns.
“We are driving operational efficiency and growth across our businesses while realising value from mature assets. Together, these initiatives will strengthen the Group, support sustainable dividends and position us for the next phase of growth,” he said.
