International Hotel Investments reports record net profit of €14.9 million for 2017

International Hotel Investments has announced a “record” net profit of €14.9 million for the year ending 2017.

The company said this was a record performance in the company’s 18-year history.

All the operating hotels reported improved performance with adjusted EBITDA across the IHI Group increasing to €61.2 million from €53.0 million last year.

This represents a year-on-year increase of 16 per cent, when consolidating all the Group’s businesses including the company’s share of associated and joint venture companies’ profits.

IHI is also expanding its operations. In March 2018, IHI’s management company Corinthia Hotels Limited signed an agreement to operate the scheduled Grand Hotel du Boulevard in Bucharest.

QP Management Limited, also a subsidiary of IHI, has meanwhile entered into an agreement with the owners of the hotel to coordinate and supervise the design and refurbishment of the property.

In April 2018, through its wholly-owned subsidiary IHI Malta Hotel Limited, the company acquired the Corinthia Palace Hotel. The hotel is currently undergoing a major refurbishment and upgrading to mark its 50th anniversary.

IHI has also issued a call for tenders for the main contract for the redevelopment of the Corinthia Hotel Brussels following the issue of development permits. Finally, work is well underway and on schedule on the luxury 55-storey Corinthia Hotel in Dubai which will be managed by Corinthia Hotels Limited.