International Hotel Investments (IHI) said in an interim directors' statement today that revenues for the first quarter of 2008 amounted to €24.72 million for its six properties while the corresponding figure for 2007 on four properties was €10.99 million. Gross operating profit went up to €7.28 million from €1.29 million in 2007.
IHI last year added the Corinthia Bab Africa Hotel in Tripoli and Corinthia Hotel Prague to its hotels portfolio.
The directors reported that the development agreement on the Metropole Hotel and 10 Whitehall Place in London, was signed by IHI and its partners, LFICO and Nakheel with The
Crown Estate on 15th April 2008. The principal consultants on the refurbishment project have been appointed and discussions are currently under way with the Westminster Council planning authorities in order to obtain planning consent.
During the period under review work proceeded to the final phase of the Spa and Health Centre at the Corinthia Hotel Lisbon, while work is on schedule on the refurbishment project at the Corinthia Nevskij Palace Hotel, and the development of the two adjoining sites in St Petersburg.