International Hotel Investments plc (IHI) registered a large increase of €28.6 million in revenue in 2025 when compared to the previous year, reaching €335.3 million.

The company’s chairman, Alfred Pisani attributes the increase primarily to improved hotel operations.

IHI is a real estate investor, developer and operator, focusing primarily on luxury hotels and its proprietary Corinthia brand. It owns 13 hotel properties. Corinthia Hotels Ltd is its operating and brand company involved in 32 operations, of which 17 are third party owned. It also owns 2 commercial and retail centres, and land for development.

The Chairman said that the company’s strategy is to unlock value from its real estate portfolio through selective asset sales, using proceeds to reward shareholders, reduce debt, and reinvest in growth.

In this regard, the Chairman said that an international investor has acquired a 72 per cent shareholding in it Lisbon hotel operation based on a total valuation of the asset and its business at €150 million, with IHI plc retaining the remaining 28 per cent. He said that Corinthia Hotel Ltd will continue to operate the hotel.

Managing Director and Group CEO Simon Naudi said that net proceeds from the sale of this shareholding are being applied to reduce the Group’s overall debt relative to its cash flow generation, as well as towards dividends and investments in new projects. He said that besides a €45 million loan secured by this specific hotel, IHI is now planning to repay the entirety of additional bridging debt it had taken on to weather the challenges of COVID and, subsequently, the crisis in Ukraine, “which had forced our hand in then settling outright, with little notice, a €45 million loan secured by our assets in St Petersburg in 2022.”

Mr Pisani said that the company is also considering the divestment of its property investments in Prague. “Our objective is to maximise value and conclude the relevant transactions by early 2027. These disposals will once again benefit our shareholders, while also enabling IHI to further reduce liabilities, thereby balancing further our debt-to-EBITDA ratio, and release capital for growth-enhancing initiatives,” he said.

Mr Pisani added that at the same time, efforts continued to attract institutional investors to support new investments. He said that the company’s new investment pipeline includes the OASIS mixed-use project at Golden Bay in Malta, which secured its development permit from the Planning Authority, and other projects.

IHI also concluded negotiations with Kuwait’s National Investment Holding Ltd for the acquisition of half of its 50 per cent shareholding in Mediterranean Investments Holding plc (MIH plc) for €37 million, exclusive of tax and other charges. The other half has been acquired by IHI's parent company CPHCL Company Limited. “MIH plc will now be owned as to 75 per cent by CPHCL and 25 per cent by IHI plc. MIH plc has been and is a consistently profitable company, and while IHI’s acquisition is being financed through bank lending, we anticipate that debt servicing will be largely covered by dividends from MIH plc,” Mr Pisani said.

Among other things, in 2025 IHI also signed new leases and management contracts for luxury properties in Lake Como, Puglia and Tuscany in Italy, and China.

Certain costs for the group rose in 2025. The cost of providing services totalled €177.7 million, up from €158.1 million in 2024. €14.7 million was listed as marketing costs, up from the €12.0 million a year earlier, €62.0 million was listed as administrative expenses, up from the €56.6 million in 2024, and €18.9 million was listed as other operating expenses, slightly up from the €17.7 million in 2024.

IHI’s EBITDA reached €61.9 million. Net profit after tax attributable to the shareholders increased to €20.8 million. IHI’s total assets exceeded €1.9 billion, an increase of €30 million or 1.5 per cent.

Managing Director and Group CEO Simon Naudi said that EBITDA at €62 million remained in line with the prior year, “a reflection of increased profits in our stabilised hotels offset by year one losses in our newer hotels as well as pre-opening expenses attributable to such new hotels, a transition which should result in consolidated EBITDA increases in 2026.”