Operating results for 2010 will be below those of 2009 as a result of difficult trading conditions in the first half of the year, International Hotel Investments plc said in its interim directors’ statement on Friday.

The positive trend in the company’s performance continued through the year with third quarter results in IHI-owned hotels confirming a general marginal upward swing in revenue per available room.

With indications of recovery in a number of key markets, forecasts for the first quarter of next year suggest improved performance over the corresponding quarter the year before, the company said.

Leasing of the retail mall and offices adjoining the Corinthia St Petersburg has gathered momentum. The first contract in the office development has been signed with a major international company which will occupy one of the five office floors. Internal fit-out has begun and the company will relocate early next year.

Work on the refurbishment project on the Corinthia London has progressed significantly. Additional opportunities have been identified to expand the range of facilities, and to further enhance the specifications to position the property at the top end of the luxury hotel market segment.