SECURITIES NOTE

FINANCIAL ANALYSIS SUMMARY

28 OCTOBER 2021

FAS 1

The Directors

International Hotel Investments p.l.c. 22, Europa Centre

Floriana FRN 1400 Malta

28 October 2021

Dear Sirs

Financial Analysis Summary

In accordance with your instructions, and in line with the requirements of the MFSA Listing Policies, we have compiled the Financial Analysis Summary (the "Analysis") set out in the following pages and which is being forwarded to you together with this letter.

The purpose of the financial analysis is that of summarising key financial data appertaining to International Hotel Investments p.l.c. (the "Issuer","Company" or "Group"). The data is derived from various sources or is based on our own computations as follows:

  1. Historical financial data for the three years ended 31 December 2018 to 31 December 2020 has been extracted from audited financial statements of the Issuer for the three years in question.
  2. The projected data for the years ending 31 December 2021 and 31 December 2022 has been provided by management.
  3. Our commentary on the results of the Issuer and its financial position is based on the explanations provided to us by management.
  4. The ratios quoted in the Analysis have been computed by us applying the definitions set out in Part 5 of the Analysis.
  5. Relevant financial data in respect of the companies included in Part 4 has been extracted from public sources such as websites of the companies concerned, financial statements filed with the Registrar of Companies or websites providing financial data.

The

Analysis is meant to assist investors in the Issuer's securities and potential investors by summarising the more important financial data of the Group.

The

Analysis does not contain all data that is relevant to investors or potential investors. The Analysis does not constitute an endorsement by our firm of any

securities of the Issuer and should not be interpreted as a recommendation to invest in any of the Issuer's securities. We shall not accept any liability for any loss or damage arising out of the use of the Analysis. As with all investments, potential investors are encouraged to seek independent professional financial advice before investing in the Issuer's securities

Yours faithfully,

Evan Mohnani

Senior Financial Advisor

MZ Investment Services Ltd

63, St Rita Street,

Rabat RBT 1523,

Malta

Tel: 2145 3739

FAS 2

TABLE OF CONTENTS

PART 1 - INFORMATION ABOUT THE ISSUER

4

1.

Key Activities

4

2.

Directors and Key Employees

6

3.

Principal Assets and Organisational Structure

7

PART 2 - OPERATIONAL DEVELOPMENT

9

4.

Hotel Properties

9

4.1

Room Inventory

9

4.2

Corinthia Hotel Budapest

10

4.3

Corinthia Hotel St Petersburg

12

4.4

Corinthia Hotel Lisbon

14

4.5

Corinthia Hotel Prague

15

4.6

Corinthia Hotel Tripoli

17

4.7

Corinthia Hotel & Residences London

18

4.8

Corinthia Hotel St George's Bay

20

4.9

Marina Hotel

21

4.10

Corinthia Palace Hotel & Spa Malta

22

4.11

Radisson Blu Resort & Spa Golden Sands

23

4.12

Radisson Blu Resort St Julian's

24

4.13

IHI's Aggregate Hotel Revenue and Operating Profit

25

4.14

Corinthia Hotels Limited

26

4.15

Costa Coffee

28

4.16

Other Assets

28

5.

Business Outlook and Development Strategy

29

PART 3 - PERFORMANCE REVIEW

31

PART 4 - COMPARABLES

39

PART 5 - EXPLANATORY DEFINITIONS

41

FAS 3

PART 1 - INFORMATION ABOUT THE ISSUER

1. KEY ACTIVITIES

International Hotel Investments p.l.c. (the "Issuer", "Company" or "Group") is listed on the Malta Stock Exchange and carries on the business of an investment company in connection with the ownership, development and operation of hotels, residential and commercial real estate. The Company owns a number of investments in subsidiary and associate companies through which it furthers the business of the Group.

IMPORTANT EVENTS

Described hereunder are important events in the development of the Group's business since FY2017.

Corinthia Grand Astoria Hotel Brussels (opening 2023)

NLI Holdings Ltd, the owner of the Corinthia Hotel and Residential Development in London, acquired the Grand Hotel Astoria in Brussels in 2016 for £11 million and a deferred interest free payment of €500,000 payable two years from opening of the reconstructed and refurbished hotel, through the acquisition of the entire issued share capital of the Belgian hotel-owning company, Hotel Astoria S.A. The acquisition, which also included the purchase of an empty land plot adjoining the listed hotel building and four vacant town houses at the rear of the original hotel, was originated and executed by CDI Limited ("CDI"), IHI's development company. QPM Limited ("QP"), another IHI subsidiary, is engaged as project manager to coordinate and supervise the reconstruction process. Once complete, the hotel will be operated by Corinthia Hotels Limited ("CHL"), another IHI subsidiary.

A planning permit was issued in December 2017 for the restoration of the historic ground floor and façade of the original hotel, as well as the reconstruction of all upper floors, adjoining land and town houses. The permit is a major gain in additional volumes and floors, for a total built up area of 16,000m2. The new hotel will have 126 luxury bedrooms and suites. It will offer unrivalled amenities for the city of Brussels including a fully restored grand ballroom, an 850m2 spa, various dining venues, boutique meetings' facilities and high-end retail shops.

Development of the Corinthia hotel in Brussels has been delayed due to intensive re-design and negotiations with various contractors with the objective to achieve a project budget in line with the Group's targets. The contract for phase one of the hotel, which covers the demolition, foundations and construction to watertight finish has been signed and works on site have commenced. Project costs are being financed out of an equity injection of €20 million, a bank loan facility of €45 million granted by ARES Bank of Spain and €10 million from each of LAFICO and the Issuer, the ultimate shareholders of NLI Group (which shall be on-lent by NLI to its fully-owned subsidiary and the hotel-owning company, Hotel Astoria S.A.). The Issuer's contribution of €10 million was raised from a Bond Issue pursuant to a prospectus dated 4 March 2019.

Corinthia Meydan Beach Hotel

In May 2016, CHL signed a technical services and pre-opening services agreement with Meydan Group of Dubai for the development of a hotel. The owner and CHL have earlier on this year sold their interests in the hotel. As a result, CHL received a payment of USD5,000,000 on such sale.

Corinthia Hotel Bucharest (opening 2022)

In March 2018, CHL entered into a management agreement with the owners of the property, once re-developed, of the former Grand Hotel du Boulevard as the Corinthia Hotel Bucharest. Subsequent to the above signing, QP has also been engaged by the property owners to manage the development in all technical aspects. Design development of the regeneration of this listed property has commenced and works are expected to be completed in 2022. The reconstructed hotel will feature 33 suites as well as the fully restored Grand Ballroom and various dining and leisure venues.

Corinthia Palace Hotel Attard

In April 2018, IHI acquired the Corinthia Palace Hotel in Attard through a new formed subsidiary from its ultimate parent, CPHCL. The operating results and assets and liabilities of the acquired business have been consolidated with the Group as from 1 April 2018. Since its acquisition, IHI embarked on a very significant improvement to the hotel's amenities and food and beverage facilities.

FAS 4

Shareholding in GHA Holdings Limited

In 2019, CHL acquired a 10% shareholding in GHA Holdings Limited ("GHA"). The other shareholders of GHA comprise Kempinski, Omni, Oracle, Pan Pacific and Minor Hotels. Since the said acquisition, it increased its shareholding in GHA to 13.1%.

GHA launched the DISCOVERY programme in 2010 as its in-house loyalty programme for independent hotel brands. DISCOVERY members enrol through discoveryloyalty.com or via a member brand, to which they then remain associated for all future stays. Within GHA, CHL operates "Corinthia Discovery", a loyalty programme built around the global infrastructure created by GHA and Ultra Travel Collection, allowing members to benefit from loyalty to Corinthia but equally Corinthia benefits from the loyalty of members of other member hotel companies, thus allowing brands to retain their own loyal customers, as well as attract new business from members enrolled by other brands within the GHA.

Corinthia Hotel & Residences Moscow (opening 2023)

In February 2019, IHI acquired a 10% minority share for US$5.5 million in a company formed with a consortium of investors to acquire a landmark property at 10, Tverskaya Street, Moscow (the "Moscow Project"). The acquisition has been made with a view to developing the site, having a development gross area of 43,000m2, into a mixed-use real estate project including a luxury boutique 42-room Corinthia hotel, 109 upmarket residential serviced apartments for re-sale,high-end retail and commercial outlets and underground parking. The asset is located on a prestigious boulevard in Moscow close to Red Square in a highly popular shopping, cultural and business location, as well as a luxury hotspot with other competing luxury brands, all in close proximity of each other. Development works are presently underway.

Corinthia Hotel Rome (opening 2023)

CHL, through a lease agreement, will be operating a redeveloped hotel property in Rome which was acquired and is being funded through its extensive reconstruction and refurbishment, by a third part investor. The property is the former seat of the Central Bank of Italy in Parliament Square. Plans are in hand for the conversion of the 7,500m2 building into a luxury destination, featuring a number of suites and top of the range bedrooms. The luxurious public areas include 2 restaurants, bars and lounges, all wrapped around a central garden. The hotel also has a spa and other amenities. CDI is contracted to support in the delivery of the project, whilst CHL is the operator and lessee.

Corinthia Hotel Residences Doha (opening 2022/23)

CHL has signed an agreement with United Development Company (UDC), the Qatari master developer of The Pearl in Doha, to manage and operate a luxury Corinthia hotel to be built in UDC's newest flagship real estate development, Gewan Island. The Corinthia Hotel Doha will be built on a site having an area of 13,000m2 and will feature 110 guestrooms, a 1,000-person banquet hall, several restaurants and a luxurious spa facility.The development will also include luxury branded villas, a golf course, and a beach and yacht club, all of which will be also managed by CHL. The beach and yacht club is scheduled to open in 2022 whilst the hotel and luxury branded villas will follow in 2023.

Hal Ferh Site (planning stage)

The Group has completed the re-zoning of the Hal Ferh site at Golden Bay to permit 25 low-rise luxury villas alongside a 162-room resort property. Architectural designs for this site measuring circa 85,000m2 are largely completed in keeping with the Group's aim to create a luxury resort that is sensitive to Malta's materials and rural landscape. An application to Planning Authority has been submitted recently.

Event Catering

During 2019, the Issuer acquired the entire issued share capital and the businesses of Corinthia Caterers Limited and Catermax Limited from Corinthia Palace Hotel Company Limited.

Golden Sands Resort Limited

On 26 February 2021, the Issuer acquired the remaining 50% of the issued share capital of Golden Sands Resort Limited. The total consideration payable for the acquisition of the shares and other shareholder's receivables amounted to €13 million.

FAS 5

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International Hotel Investments plc published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 17:06:01 UTC.