IHI bond offer over-subscribed

The €30m 6.25% bond issue by International Hotels Investments (IHI) was oversubscribed and closed yesterday, on the first day of of issue. IHI also exercised the over-allotment option of €5 million, to accommodate up to €35 million worth of applications.

This was the fourth bond issue by IHI to finance new acquisitions and developments.

"This success gives us great satisfaction as it provides another testament to the strong reputation enjoyed by International Hotels Investments,". managing director Joseph Fenech said.

International Hotel Investments was launched as a publicly-traded company in 2000 by Corinthia Palace Hotel Company Limited.

To date, IHI has acquired and developed landmark hotel projects in Malta, Tripoli, Prague, Lisbon, Budapest, St Petersburg,. It also currently developing another two projects - one in London (set to open in 2010) and another in Benghazi.