International Hotel Investments p l c : Financial Statement for the year ended 2023

2023

ANNUAL REPORT

& Financial Statements

INTERNATIONAL HOTEL INVESTMENTS P.L.C.

BRUSSELS

BUCHAREST

BUDAPEST DOHA LISBON LONDON MALDIVES MALTA NEW YORK PRAGUE RIYADH ROME

ST PETERSBURG TRIPOLI TUNIS

CORINTHIA GROUP

INTERNATIONAL HOTEL INVESTMENTS P.L.C.

IS A HOTEL AND REAL ESTATE DEVELOPER AND OPERATOR.

OUR FOCUS IS THE ESTABLISHMENT OF CORINTHIA HOTELS AS A GLOBAL LUXURY HOTEL BRAND.

To do this, we acquire, develop, own and operate Corinthia hotels. The Company also develops and manages hotels on behalf of partner owners and investors, and builds, owns and develops for sale - office, retail and residential property.

IHI has an issued capital of €615.6 million and an asset valuation of €1.77 billion. Listed on the Malta Stock Exchange, IHI was established in 2000 as the public arm of the founding Corinthia business - CPHCL (established in 1962).

Readers are reminded that the official statutory Annual Financial Report 2023, authorized for issue by the Board of Directors, is in European Single Electronic Format (ESEF) and is published on www.corinthiagroup.com. A copy of the Independent auditor's report issued on the official statutory Annual Financial Report 2023, is included within this printed document and comprises the auditor's report on compliance with the requirements of the European Single Electronic Format Regulatory Technical Standard (the ESEF RTS), by reference to Capital Markets Rule 5.55.6.

International Hotel Investments p.l.c. 22, Europa Centre Floriana FRN 1400, Malta. www.corinthiagroup.com

INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 1

CONTENTS

P.5

GROUP STRUCTURE

P.6

OUR PORTFOLIO

P.8

BOARD OF DIRECTORS

P.10

CHAIRMAN'S STATEMENT

CONTENTS

P.14

CHIEF EXECUTIVE OFFICER'S

REPORT

P.28

FINANCIAL STATEMENTS

Company registration number: C 26136

INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 3

VILLA CORINTHIA

THE ORIGINS OF THE GROUP LIE IN THE OPENING OF THIS PROPERTY AS A FINE DINING RESTAURANT IN 1962.

GROUP STRUCTURE

WE ARE OWNERS, INVESTORS, DEVELOPERS AND OPERATORS

OF LUXURY HOTELS & REAL ESTATE

WE ARE A PLC, WITH A STABLE SHAREHOLDING BASE, COMPRISING THE FOUNDING FAMILY ALONGSIDE FUNDS & PUBLIC INVESTORS

IHI IS THE HOLDING COMPANY AND TAKES AN ENGAGED

LEADERSHIP ROLE OF THE GROUP ON ASSET MANAGEMENT,

GROUP FUNDING, INTERNAL GOVERNANCE AND BUSINESS

DEVELOPMENT.

We own:

• 12 hotel properties in prime locations.
• Corinthia Hotels Limited - our operating and brand company, headquartered with 75 professionals in London and globally, having 25 active management agreements with owned hotels and others owned by blue chip partners.
• 2 commercial and retail centres.
• Land for development.
• QPM Limited - a professional services company offering project management, architectural, interior and structural design services, quantity surveying etc. having 100 professionals on its books. 80% of QPM's revenue is from third parties.
• CDI Limited - a specialist company with a team of entrepreneurial executives who originate and execute real estate projects.

INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 5

OUR PORTFOLIO

OUR PORTFOLIO

OUR VISION IS TO BUILD CORINTHIA WORLDWIDE, NOT ONLY WITHIN EUROPE AND THE MIDDLE EAST, BUT EQUALLY IN THE WORLD'S MAIN GATEWAY CITIES AND RESORTS.

HOTELS OWNED & MANAGED

BRUSSELS*	Corinthia Hotel, opening 2024, Former Grand Hotel Astoria, 126 Rooms ∙ 50% Holding
BUDAPEST	Corinthia Hotel, Former Grand Hotel Royal, 414 Rooms ∙ 100% Holding
LISBON	Corinthia Hotel, 518 Rooms ∙ 100% Holding
LONDON*	Corinthia Hotel & Residences, 283 Rooms ∙ 50% Holding
MALTA	Corinthia Palace Hotel - Attard, 147 Rooms ∙ 100% Holding
	Corinthia Hotel - St George's Bay, 248 Rooms ∙ 100% Holding
	Radisson Blu Resort & Spa - Golden Sands, 329 Rooms ∙ 100% Holding
	Marina Hotel - St George's Bay, 200 Rooms ∙ 100% Holding
ST PETERSBURG	Radisson Blu Resort - St Julian's, 252 Rooms ∙ 100% Holding
Corinthia Hotel, 388 Rooms ∙ 100% Holding
TRIPOLI	Corinthia Hotel, 300 Rooms ∙ 100% Holding
HOTELS MANAGED
BUCHAREST	Corinthia Hotel, opening 2024, Former Grand Hotel Du Boulevard, 35 Suites
BUDAPEST	Aquincum Hotel, 310 Rooms
DOHA	Corinthia Hotel, Residences, Golf & Yacht Club, opening 2025, 110 Rooms and 18 villas
NEW YORK	The Surrey, A Corinthia Hotel, opening 2024, 100 Rooms, 14 Residences
PRAGUE	Panorama Hotel, 441 Rooms
ROME	Corinthia Hotel, opening 2025, 60 Rooms
TUNIS	Ramada Plaza, 309 Rooms
MALTA	Verdi Hotel, 106 Rooms
RIYADH	Corinthia Hotel and Residences, opening 2027, 85 Rooms and 10 Residential Villas
MALDIVES	Corinthia Hotel Maldives, opening 2027, 77 Rooms
HOTELS OWNED & LEASED
PRAGUE	Grand Hotel Towers, a former Corinthia branded hotel, now leased to third parties,
	539 Rooms ∙ 100% Holding
LAND & COMMERCIAL PROPERTIES
BUDAPEST	Royal Residences
LONDON	10, Whitehall Place Residences,
MALTA	Craven House, Northumberland Avenue
Corinthia Oasis, (Detailed Design Underway)
ST PETERSBURG	Nevskij Plaza Shopping & Office Centre
TRIPOLI	Corinthia Commercial Centre

*Partly owned

6 • INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023

OUR PORTFOLIO

BRUSSELS	NEW YORK
BUCHAREST	PRAGUE
BUDAPEST	RIYADH
DOHA	ROME
LISBON	ST PETERSBURG
LONDON	TRIPOLI
MALDIVES	TUNIS
MALTA

INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023 • 7

BOARD OF DIRECTORS

BOARD OF DIRECTORS

ALFRED PISANI

SIMON NAUDI

CHAIRMAN

developments across Europe, the Gulf, North Africa and the USA. This included the acquisition, development and launch of

the flagship Corinthia Hotel & Residences in London, as well as other luxury hotels and real estate under development in Brussels, Rome, Bucharest, New York, Riyadh, the Maldives and Doha. Up until 2023, he was also CEO of Corinthia Hotels Limited, the operating arm of the Group.

Chairman of IHI. He founded the Corinthia Group in 1962 and has guided the Group and IHI ever since, spearheading investment and growth across three continents over five decades.

Simon Naudi is the Managing Director and Group CEO of International Hotel Investments plc.

He joined Corinthia in 1997 and was primarily responsible for asset management, acquisitions and

MOUSSA ATIQ ALI		HAMAD BUAMIM		JOSEPH PISANI

Mr Atiq Ali is the General Manager of Libyan Foreign Investment Company (LAFICO) since 13 June 2021. He has previously occupied the post of Manager Director of Libya Africa Investment Portfolio (LAIP). He also occupied the position of Legal Consultant at the Libyan Investment Authority (LIA).

President and CEO of the Dubai Chamber of Commerce and Industry and serves as the Deputy Chairman of the World Chambers Federation - ICC - in Paris. He is a member of the Board of Directors of the UAE Central Bank, Chairman of National General Insurance and Board Member of Union Properties.

Founder director and member of the main board of CPHCL Company Limited (CPHCL) as from 1962 and has served on a number of boards of subsidiary companies. From 2000 to 2014 he has served as Chairman of the Monitoring Committee of IHI.

8 • INTERNATIONAL HOTEL INVESTMENTS P.L.C. ANNUAL REPORT & FINANCIAL STATEMENTS 2023