IHI reports improved revenues
International Hotel Investment said yesterday that its hotels generated improved revenues from an increase in room occupancy combined with an improved room rate in the first four months of this year. The gross operating profit till the end of April...
International Hotel Investment said yesterday that its hotels generated improved revenues from an increase in room occupancy combined with an improved room rate in the first four months of this year. The gross operating profit till the end of April also increased as a result of improved operational performance.
In a statement to the Malta Stock Exchange ahead of the annual general meeting, due next Tuesday, the company said that since the start of the year it had focused on achieving the objectives outlined in its 2006 annual report and financial statements.
The process for the acquisition of the Corinthia Bab Africa Hotel in Tripoli and the Corinthia Towers Hotel in Prague from Corinthia Palace Hotel was well underway. The hotels will be acquired for a total of €312 million, made up of €192 million ordinary shares in IHI at nominal value, a cash payment of €15 milion and the assumption by IHI of €105 million of existing debt on the books of the two hotels.
Once these transactions are finalised, the conditions for the capital injection of €178 million by Istithmar to be used for the acquisition of new hotel properties would be fulfilled, paving the way for the allotment of five million bonus shares as approved in a company EGM on January 31, 2007.
IHI said the refurbishment of the Corinthia San Gorg Hotel and the Corinthia Lisboa Hotel had continued as planned and progress was underway on the development of the Corinthia Nevskji Palace Hotel in St Petersburg.
In a statement to the Malta Stock Exchange ahead of the annual general meeting, due next Tuesday, the company said that since the start of the year it had focused on achieving the objectives outlined in its 2006 annual report and financial statements.
The process for the acquisition of the Corinthia Bab Africa Hotel in Tripoli and the Corinthia Towers Hotel in Prague from Corinthia Palace Hotel was well underway. The hotels will be acquired for a total of €312 million, made up of €192 million ordinary shares in IHI at nominal value, a cash payment of €15 milion and the assumption by IHI of €105 million of existing debt on the books of the two hotels.
Once these transactions are finalised, the conditions for the capital injection of €178 million by Istithmar to be used for the acquisition of new hotel properties would be fulfilled, paving the way for the allotment of five million bonus shares as approved in a company EGM on January 31, 2007.
IHI said the refurbishment of the Corinthia San Gorg Hotel and the Corinthia Lisboa Hotel had continued as planned and progress was underway on the development of the Corinthia Nevskji Palace Hotel in St Petersburg.