Corinthia Group's hotels are registering better performance throughout 2024 than they did the previous year, with EBITDA conversion also better, “notwithstanding continued inflationary pressures on payroll and other costs.”
The figures emerge from the half yearly report of Corinthia Palace Hotel Company Limited (CPHCL Finance plc), a special purpose vehicle set up for financing transactions of the Corinthia Group.
The company reported that significant pre-opening costs are being incurred in advance of the opening of “several new Corinthia hotels.”
Last year, Corinthia Group shared that it had seven hotels in the pipeline through to 2026. These are spread across Europe (Brussels, Bucharest, and Rome in 2024), the US (New York in 2024), the Middle East (Doha in 2025 and Diriyah in 2026), and South Asia (Maldives in 2026).
The company added that it remains committed to maintaining discipline in controlling operating costs, while continuing to offer high-quality service.
Most of the hotels within the Corinthia Group have shown better performance compared to 2023, also stated the half yearly report.
The company said that it remains focused on a growth strategy but is also actively assessing opportunities to sell non-core or fully mature assets. The net proceeds will then be deployed towards reducing the overall debt of the group, as well as “a combination of dividends and further investment opportunities.”
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Nicole Zammit
When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.
