International Hotel Investments said today they anticipated a year of overall growth ahead with new development and management agreements expected to be entered into with third party investors in cities and resorts across Europe and the Gulf.

In its interim statement, the company said announcements would be made at the opportune time.

The directors reported a smooth integration of the business of Island Hotel Group (IHG) into IHI’s structures, with substantial savings being made as a result of a stronger combined purchasing position in Malta.

In parallel, with the acquisition of IHG in July, IHI acquired the remaining 50 per cent ownership in Buttigieg Holdings Limited, a catering company owning, among others, the Costa franchise in Malta and the Eastern coast of Spain.

This meant that the local Costa Coffee franchise operation was now wholly owned by IHG, which was likewise wholly owned by IHI. Similarly, IHG was in the process of acquiring the other 50 per cent in the Heavenly Collection Limited, which owns Hal Ferh, a large tract of land for development.

This meant that this 85,000 square metre property would totally belong to IHG and ultimately, IHI.

It was the company’s intention to amalgamate the industrial catering of IHI and that of Island Caterers into one activity, while still operating under two brands.
IHG/IHI also owned 50 per cent of the Radisson Blu Resort & Spa in Golden Sands.

IHI said said discussions were ongoing with the Maltese authorities on the luxury mixed-use development at St George’s Bay.

The company said it was targeting a combined 2015 EBITDA across the group of €47 million.

This included IHI’s 50 per cent share in the London hotel and the consolidation of the100 per cent ownership of the IHG but only as from July this year.

Excluding the six months’ results of IHG, the EBITDA results for IHI properties on a like with like basis, showed a 16 per cent increase over last year.
Similarly, CHI Ltd, the management company, was expected to register record profits in 2015.

IHI said current forecasts indicated record profit performance in all of IHI’s hotels, these being the Corinthia Hotels in Budapest, Prague, Lisbon, Malta - the St George’s and Marina Hotels, London - where IHI owns a 50 per cent share, and St Petersburg, when measured in roubles.

The Corinthia Hotel in Tripoli had a major upgrade and was now partially reopened with the spa, commercial centre, function hall and restaurant services fully operational.

The hotel enjoyed very limited guests, however, the property was ready for business once there was a return to normality on the political front.