Maltese brand Corinthia will open new hotels in Bucharest, Rome, Doha, New York and Brussels next year and in 2024, but parent company International Hotel Investments (IHI) faces uncertainty over its operations in Russia and Libya.
Details were given in a company statement released to the stock exchange by IHI covering the period up to December 2021, i.e. before Russia invaded Ukraine.
IHI has had a hotel in St. Petersburg, Russia with an attached shopping center for 20 years. The group also holds a 10% stake in a hotel and residence project in central Moscow. The combined stake in St. Petersburg and Moscow represented approximately 8% of the group’s total revenue and assets in 2021.
The Corinthia Hotel St Petersburg remains operational, but the group said the sanctions imposed on Russia and the counter-sanctions that Russia itself has introduced are being carefully monitored and fully complied with on the advice of its specialist legal advisers.
IHI said its hotel operating subsidiary CHL has been contracted to operate and manage a Corinthia hotel in New York City once it opens after a full renovation in early 2023.
The hotel was acquired by private investment firm Reuben Brothers in 2020 and is on New York’s luxurious Upper East Side. It will have 97 rooms including 33 suites, five signature suites and 12 luxury residences.
Redevelopment works are also advanced at the former Grand Hotel du Boulevard in Bucharest, which will become the Corinthia Hotel Bucharest when the project is completed in July 2023.
The rebuilt hotel will include 33 luxury suites as well as a fully restored Grand Ballroom and various dining and entertainment venues.
The Corinthia Hotel Rome, housed in the former headquarters of the Bank of Italy in Parliament Square, will also open next year.
The property is currently undergoing major renovations.
It will have 60 rooms including several suites, two restaurants, bars and lounges wrapped around a central garden. It will also have a spa and other facilities.
IHI said Corinthia Hotel Brussels is scheduled to open in 2024. The owner of this investment is NLI Holdings Ltd, in which IHI has a 50% stake.
NLI acquired the former Grand Hotel Astoria in Brussels in 2016 for £11million. When completed, the hotel will be operated by Corinthia Hotels Limited.
The new hotel will have 126 luxury rooms and suites.
2024 will also see the opening of a Corinthia hotel in Doha, Qatar. IHI said CHL has signed an agreement with United Development Company (UDC), the Qatari master developer of The Pearl in Doha, to manage and operate a Corinthia luxury hotel being built on UDC’s newest flagship property development. , named Gewan Island.
The Corinthia Hotel Doha will have 110 rooms, a banquet hall that can accommodate 1,000 people, several restaurants, a luxurious spa as well as 18 luxury villas for sale or to rent nearby, a golf course and a beach club, all of which will also be operated by CHL under the Corinthia brand. Regarding its investments in Malta, IHI said that a renovation plan was being prepared for the Corinthia Hotel in Attard.
IHI said that while it continues to operate its hotel in Tripoli, plans for a new Corinthia hotel in Benghazi have been stalled for years.
IHI added that with its Corinthia brand now firmly established as a luxury operator on four continents and an operating infrastructure capable of further globalizing the brand, it has decided to expand into the 4-star sector.
The group’s objective is to launch its new brand by next year.
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