Malta flag flies in Lisbon's financial centre

The new Corinthia Alfa Hotel and Congress Centre in Lisbon, which has become the city's largest conference hotel, was officially inaugurated by President Eddie Fenech Adami.

The beautifully refurbished 517-room, five-star property has been in operation since May, opening in time for Euro 2004. It is the culmination of a five-year strategy by owners International Hotel Investments plc to acquire and develop four major hotels in Europe.

In a lavish affair in keeping with Corinthia's reputation for luxury, the Lisbon Metropolitan Orchestra gave a concert of string sonatas conducted by Brian Schembri, followed by a sumptuous dinner in the vast Floriana dining room of the hotel.

The dinner was attended by 250 guests who included dignitaries such as Foreign Minister Michael Frendo, Portugal's Minister for Tourism Telmo Correia and Malta's ambassador to Portugal Salvino Busuttil.

IHI chartered an Air Malta plane to fly the President and Mrs Fenech Adami, Dr Frendo, Corinthia Group chairman Alfred Pisani, the chairmen of Bank of Valletta, HSBC Malta, Air Malta and other key personalities, as well as a small press party.

IHI, which has 3,500 shareholders in Malta, is a subsidiary of the Corinthia Group. The group has stamped its name on more than 20 four- and five-star hotels in Europe, the Mediterranean, Africa and Russia which it either owns or manages. So it was fitting that President Fenech Adami, in his dinner speech on Tuesday, should reserve high praise for the chairman, calling him an "entrepreneur with vision".

Mr Pisani explained the genesis and development of the Alfa Hotel project. The hotel, which lies in the city's financial centre, was built in the 1980s as a four-star property by German developers. IHI acquired it in 2001 and in February last year shut it down to make way for a refurbishment project.

"Within a few weeks of shut-down, the hotel was stripped of all its interiors and brought back to its original concrete shell, following which a total refit was taken in hand," Mr Pisani said.

The top four floors, which had never been completed by the former owners, were also included in the redevelopment, bringing the total number of bedrooms up from 430 to 517.

New facilities have also been added, including a spectacular executive lounge on the uppermost floor, as well as 2,000m2 of new construction where the hotel is planning to open a health and fitness spa.

"I sincerely believe that we have, in the new Corinthia Alfa, provided a truly modern and functional hotel, that can take pride of place among the city's leading establishments," Mr Pisani continued.

He was optimistic about the prospects: "Fortunately for all of us, the world's economic climate is improving in several areas and business and leisure travel in all major destinations is on the increase, in some countries in significant numbers. Indeed, latest statistics place Lisbon among those destinations in Europe showing the highest increases in visitors over 2003, together with cities such as Prague, Budapest and Moscow."

The Corinthia Group, which also has Libyan investment, has received another boost with the lifting of US sanctions on Libya, which has made it possible to do business with American clients again.

IHI began its acquisitions in Malta with the purchase of the five-star San Gorg Hotel. It then acquired the Nevskij Palace Hotel in St Petersburg, Russia, as well as the landmark Grand Hotel Royal, in Budapest, both five-star.

The Budapest hotel is a historic 19th century building which the company demolished and fully rebuilt, recently winning it a prestigious European award for hotel architecture.