2023
ANNUAL REPORT
& Financial Statements
INTERNATIONAL HOTEL INVESTMENTS P.L.C.
BRUSSELS
BUCHAREST
BUDAPEST DOHA LISBON LONDON MALDIVES MALTA NEW YORK PRAGUE RIYADH ROME
ST PETERSBURG TRIPOLI TUNIS
CORINTHIA GROUP
INTERNATIONAL HOTEL INVESTMENTS P.L.C.
IS A HOTEL AND REAL ESTATE DEVELOPER AND OPERATOR.
OUR FOCUS IS THE ESTABLISHMENT OF CORINTHIA HOTELS AS A GLOBAL LUXURY HOTEL BRAND.
To do this, we acquire, develop, own and operate Corinthia hotels. The Company also develops and manages hotels on behalf of partner owners and investors, and builds, owns and develops for sale - office, retail and residential property.
IHI has an issued capital of €615.6 million and an asset valuation of €1.77 billion. Listed on the Malta Stock Exchange, IHI was established in 2000 as the public arm of the founding Corinthia business - CPHCL (established in 1962).
Readers are reminded that the official statutory Annual Financial Report 2023, authorized for issue by the Board of Directors, is in European Single Electronic Format (ESEF) and is published on www.corinthiagroup.com. A copy of the Independent auditor's report issued on the official statutory Annual Financial Report 2023, is included within this printed document and comprises the auditor's report on compliance with the requirements of the European Single Electronic Format Regulatory Technical Standard (the ESEF RTS), by reference to Capital Markets Rule 5.55.6.
International Hotel Investments p.l.c. 22, Europa Centre Floriana FRN 1400, Malta. www.corinthiagroup.com
INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 1
CONTENTS
P.5
GROUP STRUCTURE
P.6
OUR PORTFOLIO
P.8
BOARD OF DIRECTORS
P.10
CHAIRMAN'S STATEMENT
CONTENTS
P.14
CHIEF EXECUTIVE OFFICER'S
REPORT
P.28
FINANCIAL STATEMENTS
Company registration number: C 26136
INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 3
VILLA CORINTHIA
THE ORIGINS OF THE GROUP LIE IN THE OPENING OF THIS PROPERTY AS A FINE DINING RESTAURANT IN 1962.
GROUP STRUCTURE
WE ARE OWNERS, INVESTORS, DEVELOPERS AND OPERATORS
OF LUXURY HOTELS & REAL ESTATE
WE ARE A PLC, WITH A STABLE SHAREHOLDING BASE, COMPRISING THE FOUNDING FAMILY ALONGSIDE FUNDS & PUBLIC INVESTORS
IHI IS THE HOLDING COMPANY AND TAKES AN ENGAGED
LEADERSHIP ROLE OF THE GROUP ON ASSET MANAGEMENT,
GROUP FUNDING, INTERNAL GOVERNANCE AND BUSINESS
DEVELOPMENT.
We own:
- 12 hotel properties in prime locations.
- Corinthia Hotels Limited - our operating and brand company, headquartered with 75 professionals in London and globally, having 25 active management agreements with owned hotels and others owned by blue chip partners.
- 2 commercial and retail centres.
- Land for development.
- QPM Limited - a professional services company offering project management, architectural, interior and structural design services, quantity surveying etc. having 100 professionals on its books. 80% of QPM's revenue is from third parties.
- CDI Limited - a specialist company with a team of entrepreneurial executives who originate and execute real estate projects.
INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 5
OUR PORTFOLIO
OUR PORTFOLIO
OUR VISION IS TO BUILD CORINTHIA WORLDWIDE, NOT ONLY WITHIN EUROPE AND THE MIDDLE EAST, BUT EQUALLY IN THE WORLD'S MAIN GATEWAY CITIES AND RESORTS.
HOTELS OWNED & MANAGED
BRUSSELS* | Corinthia Hotel, opening 2024, Former Grand Hotel Astoria, 126 Rooms ∙ 50% Holding |
BUDAPEST | Corinthia Hotel, Former Grand Hotel Royal, 414 Rooms ∙ 100% Holding |
LISBON | Corinthia Hotel, 518 Rooms ∙ 100% Holding |
LONDON* | Corinthia Hotel & Residences, 283 Rooms ∙ 50% Holding |
MALTA | Corinthia Palace Hotel - Attard, 147 Rooms ∙ 100% Holding |
Corinthia Hotel - St George's Bay, 248 Rooms ∙ 100% Holding | |
Radisson Blu Resort & Spa - Golden Sands, 329 Rooms ∙ 100% Holding | |
Marina Hotel - St George's Bay, 200 Rooms ∙ 100% Holding | |
ST PETERSBURG | Radisson Blu Resort - St Julian's, 252 Rooms ∙ 100% Holding |
Corinthia Hotel, 388 Rooms ∙ 100% Holding | |
TRIPOLI | Corinthia Hotel, 300 Rooms ∙ 100% Holding |
HOTELS MANAGED | |
BUCHAREST | Corinthia Hotel, opening 2024, Former Grand Hotel Du Boulevard, 35 Suites |
BUDAPEST | Aquincum Hotel, 310 Rooms |
DOHA | Corinthia Hotel, Residences, Golf & Yacht Club, opening 2025, 110 Rooms and 18 villas |
NEW YORK | The Surrey, A Corinthia Hotel, opening 2024, 100 Rooms, 14 Residences |
PRAGUE | Panorama Hotel, 441 Rooms |
ROME | Corinthia Hotel, opening 2025, 60 Rooms |
TUNIS | Ramada Plaza, 309 Rooms |
MALTA | Verdi Hotel, 106 Rooms |
RIYADH | Corinthia Hotel and Residences, opening 2027, 85 Rooms and 10 Residential Villas |
MALDIVES | Corinthia Hotel Maldives, opening 2027, 77 Rooms |
HOTELS OWNED & LEASED | |
PRAGUE | Grand Hotel Towers, a former Corinthia branded hotel, now leased to third parties, |
539 Rooms ∙ 100% Holding | |
LAND & COMMERCIAL PROPERTIES | |
BUDAPEST | Royal Residences |
LONDON | 10, Whitehall Place Residences, |
MALTA | Craven House, Northumberland Avenue |
Corinthia Oasis, (Detailed Design Underway) | |
ST PETERSBURG | Nevskij Plaza Shopping & Office Centre |
TRIPOLI | Corinthia Commercial Centre |
*Partly owned
6 • INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023
OUR PORTFOLIO
BRUSSELS | NEW YORK |
BUCHAREST | PRAGUE |
BUDAPEST | RIYADH |
DOHA | ROME |
LISBON | ST PETERSBURG |
LONDON | TRIPOLI |
MALDIVES | TUNIS |
MALTA |
INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 7
BOARD OF DIRECTORS
BOARD OF DIRECTORS
ALFRED PISANI | SIMON NAUDI |
CHAIRMAN
developments across Europe, the Gulf, North Africa and the USA. This included the acquisition, development and launch of
the flagship Corinthia Hotel & Residences in London, as well as other luxury hotels and real estate under development in Brussels, Rome, Bucharest, New York, Riyadh, the Maldives and Doha. Up until 2023, he was also CEO of Corinthia Hotels Limited, the operating arm of the Group.
Chairman of IHI. He founded the Corinthia Group in 1962 and has guided the Group and IHI ever since, spearheading investment and growth across three continents over five decades.
Simon Naudi is the Managing Director and Group CEO of International Hotel Investments plc.
He joined Corinthia in 1997 and was primarily responsible for asset management, acquisitions and
MOUSSA ATIQ ALI | HAMAD BUAMIM | JOSEPH PISANI | ||
Mr Atiq Ali is the General Manager of Libyan Foreign Investment Company (LAFICO) since 13 June 2021. He has previously occupied the post of Manager Director of Libya Africa Investment Portfolio (LAIP). He also occupied the position of Legal Consultant at the Libyan Investment Authority (LIA).
President and CEO of the Dubai Chamber of Commerce and Industry and serves as the Deputy Chairman of the World Chambers Federation - ICC - in Paris. He is a member of the Board of Directors of the UAE Central Bank, Chairman of National General Insurance and Board Member of Union Properties.
Founder director and member of the main board of CPHCL Company Limited (CPHCL) as from 1962 and has served on a number of boards of subsidiary companies. From 2000 to 2014 he has served as Chairman of the Monitoring Committee of IHI.
8 • INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023
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International Hotel Investments plc published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 13:58:02 UTC.