IHI p.l.c.’s revenues up 10% to €149.7 million in H1 2025

International Hotel Investments p.l.c.’s revenues increased by 10% in the first half of 2025, reaching €149.7 million compared to €135.6 million in the same period last year.

The Group published its interim financial statements for the first half of 2025, highlighting a number of factors that it said impacted the period under review.

A major factor was the launch of the Corinthia Grand Hotel Astoria in Brussels as the leading luxury hotel in Belgium. It is already breaking records, achieving the highest room rates in the country, and it is expected to gradually build up occupancy rates over its initial years of operation.

C-Rev, the Group’s property development arm, has successfully completed the acquisition of two midscale hotels and an adjoining office building in a prime location in Beverly Hills, California, in the United States. The Group retains a minority, preferred shareholding in the properties and their future development, alongside blue-chip investors who have come on board.

The Group’s hotel management arm, CHL Limited, has successfully launched the Surrey, a Corinthia Hotel, in New York, and the Corinthia Grand Hotel du Boulevard in Bucharest, Romania. Both hotels are operating at the top end of their respective markets in the luxury segment.

Temporary incidents in downtown Tripoli during the period under review negatively impacted what was gradually re-establishing itself as a profitable hotel operation. The Group however expects business to return to normal levels of demand for hotel services within a few months.

Corinthia London is experiencing challenges in the UK capital due to increased competition resulting from the opening of new competing hotels. However, although room rates in the luxury segment have dropped marginally, Corinthia London has managed to retain its room rates.

When excluding the contributions from the Brussels property, which partially opened in December 2024, and the Beverly Hills hotels, which were leased in March 2025, the comparable year-on-year revenue growth adjusts to 4%.

The Group reported an EBITDA of €20.7 million for the period or a 14% conversion rate. Adjusted EBITDA after removing Brussels and Beverly Hills hotel operations amounts to €25.4 million for 2025 – a conversion rate of 18% and an increase of €2.5 million compared to last year’s EBITDA of €22.9 million.

Depreciation and amortisation increased compared to last year. This increase was driven by the depreciation of the now completed Brussels hotel and was partially offset by the suspension of depreciation on the Lisbon hotel which is now classified as available for sale.

Interest income and expense increased marginally compared to last year. Interest cost increased by

€0.8 million from €21.7million in the corresponding period to €22.5 million on account of further bank loan drawdowns in Brussels to finance the completion of the hotel.

The Group said it remains focused on debt reduction, through a programme of targeted sales of mature assets, with important developments expected by the year’s end.

All the above results in a reported loss after tax of €10.0 million compared to a loss of €10.2 million in the same period last year

The net loss, net of tax, of €7.8 million in the Statement of Comprehensive Income principally reflects the currency translation difference on the Group’s non-Euro denominated investments in London and in St Petersburg. The Sterling weakened whereas the Rouble strengthened against the reporting currency of the Group which is the Euro.

Situation and outlook

In line with the Financial Analysis Summary published in June 2025, most hotels are performing better than last year, and the Group is expecting to close the year with increased revenues and EBITDA year on year. In all our hotels and businesses, management remains entirely focused on maintaining tight discipline on all operating costs whilst offering a quality service.

All CAPEX remains tightly controlled. As at the end of June 2025, the Group had €89.2 million in cash and bank balances at its disposal.

Through its operating entity Corinthia Hotels Limited, the Company remains focused on a growth strategy that is based on management agreements. Works are now well underway on projects on sites in Rome, Dubai, Doha, Riyadh and Maldives, where Group subsidiary companies are involved as development partners, technical services providers and hotel operators, with practically all the capital funding for these projects being provided by third parties.

The project in Rome, which IHI will lease on its completion, is progressing with a handover date expected at the end of 2025.