23 JANUARY 2002

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IHI concludes St Petersburg acquisition

International Hotel Investments plc has finalised the take-over of the five-star Nevskij Palace Hotel on the main boulevard of St Petersburg, Russia. The take over is also comprised of four large adjoining properties on either side of the building.

The Nevskij Palace Hotel is one of the few leading five-star hotels in St Petersburg, Russia's second most important city, and an important centre for international tourism and business visitors into Russia. The Hotel was built in the early nineties and currently comprises 285 bedrooms, three restaurants, a health club and a business centre. Adjoining properties covering almost 6,000 square metres on Nevskij Prospekt, the city's main business thoroughfare, were also included in the acquisition.

IHI Chairman and CEO, Alfred Pisani, hosted a distinguished gathering of guests at the hotel in the presence of the Governor of the City of St Petersburg, Mr Vladimir Yakovlev and the Maltese Minister of Finance Mr John Dalli. Mr Yakovlev, in his address, underscored the importance to the City of St Petersburg of the acquisition of the Nevskij Palace Hotel by IHI and promised his full support to IHI's plans for the continued upgrading and development of the hotel and its adjoining properties.

Earlier in the day, at a meeting at the St Petersburg City Hall, Mr Pisani had outlined IHI's plans for the development of the hotel's adjoining properties to include additional bedrooms bringing the hotel's capacity close to 500, as well as a large convention centre, shopping malls, a health centre and other hotel-related amenities.

IHI has appointed CHI Limited, the hotel-operating arm of the Corinthia Group to take over the management of the Corinthia Nevskij Palace Hotel.

This acquisition brings to four the number of hotels owned by IHI: Corinthia San Gorg Hotel, Corinthia Grand Hotel Royal in Budapest, which is currently under reconstruction, Corinthia Alfa Hotel in Lisbon, which was acquired last August, and Corinthia Nevskij Palace Hotel.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt