International Hotel Investments p.l.c.

Annual Report & Financial Statements

31 December 2023







Group structure

Our portfolio

Board of directors

Chairman’s statement

CEO’s report

Directors’ report

Statement by the directors on the financial statements and other information

Statement by the directors on non-financial information

Statement by the directors on compliance with the Code of Principles of Good Corporate Governance

Other disclosures in terms of the Capital Market Rules

Remuneration statement

Consolidated financial statements:

Income statement

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Company financial statements:

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Independent auditors’ report


Company registration number: C 26136





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.







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We own:


v 12 hotel properties in prime locations.


v 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.


v 2 commercial and retail centres.










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v Land for development.


v 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.


v CDI Limited – a specialist company with a team of entrepreneurial executives who originate and execute real estate projects.

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Corinthia Hotel

(Opening 2024, former Grand Hotel Astoria)

126 Rooms / 50% Holding



Corinthia Palace Hotel – Attard

147 Rooms / 100% Holding



Corinthia Hotel

388 Rooms / 100% Holding


Corinthia Hotel

(former Grand Hotel Royal) 414 Rooms / 100% Holding


Corinthia Hotel – St George’s Bay

248 Rooms / 100% Holding



Corinthia Hotel

300 Rooms / 100% Holding


Corinthia Hotel

518 Rooms / 100% Holding

Radisson Blu Resort & Spa

– Golden Sands

329 Rooms / 100% Holding




Corinthia Hotel & Residences

283 Rooms / 50% Holding

Marina Hotel – St George’s Bay

200 Rooms / 100% Holding



*Partly owned


Radisson Blu Resort – St Julian’s

252 Rooms / 100% Holding 









Corinthia Hotel

(Opening 2024, former Grand Hotel Du Boulevard)

35 Suites



The Surrey, a Corinthia Hotel

(Opening 2024) 

100 Rooms &

14 Residences



Ramada Plaza

309 Rooms



Aquincum Hotel

310 Rooms



Panorama Hotel

441 Rooms



Verdi Hotel

106 Rooms



Corinthia Hotel, Residences, Golf & Yacht Club

(Opening 2025)

110 Rooms & 18 Villas



Corinthia Hotel

(Opening 2025)

60 Rooms





Corinthia Hotel Maldives

(Opening 2027)

85 Rooms & 10 Residential Villas



Corinthia Hotel and Residences

 (Opening 2027)

85 Rooms & 10 Residential Villas






Grand Hotel Towers, a former Corinthia branded hotel, now leased to third parties

539 Rooms / 100% Holding





Royal Residences



Corinthia Oasis

(Detailed design underway)


Nevskij Plaza Shopping & Office Centre






10, Whitehall Place Residences, Craven House,

Northumberland Avenue


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Corinthia Commercial Centre



Board of Directors



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.


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



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.



Joined the Board of IHI in 2022 as an independent director. He is also an Independent Director, Chairperson of the IHI Audit Committee and the IHI Remuneration and Nominations Committee. He has occupied senior positions within the Maltese government and the European Union. In particular, he was Malta’s Chief Negotiator for its EU accession negotiations, a long-serving Chief of Staff to the Maltese Prime Minister and Member of the EU’s Committee of Permanent Representatives.



Joined the Board of IHI in 2005, having previously been the General Manager of Bank of Valletta p.l.c., besides serving on the boards of several major financial, banking and insurance institutions.



Chief Operating Officer of the Investment Corporation of Dubai (ICD). Previously, he was with Xerox for over 25 years, holding a number of senior management, sales and marketing posts in Europe and North America. Was Board Chairman of several Xerox companies; his last appointment was Corporate Officer and President, Channel Partner Operations for Xerox in New York.



Joined the Board of IHI in 2022. Mr Shawsh holds the position of Chief Investment Officer at LAFICO. Prior to taking up this position in 2021, Mr Shawsh occupied several senior positions within subsidiaries of LAFICO and International Companies including BP Exploration, Libya. He is experienced in digital transformation, financial investments and risk management. Mr Shawsh holds a Bachelor’s degree in Accounting and Finance from the National Institute of Business Administration in Tripoli and a high diploma in accounting and finance, from the High Institute of Administrative and Financial Occupations, Tripoli.



Stephen Bajada is the Company Secretary of International Hotel Investments plc and its subsidiaries.


Since joining the Corinthia Group in 1998, he held several key positions and preformed duties in various aspects of the business including that of Company Secretary of Mediterranean Investments Holding Plc, a leading real estate developer in North Africa, Company Secretary of several Corinthia Group and International Hotel Investments Plc entities, and directorships of Corinthia subsidiaries.  His involvement also includes other facets of the business particularly insurance procurement for all group entities.


Mr Bajada holds a Bachelor’s degree in business management from the University of Malta and is a member of the Forum of Company Secretaries.


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Chairman’s Statement


Dear Shareholders,


I look forward to meeting you once again at the forthcoming Annual General Meeting. This will be the 24th AGM under my chairmanship since the inception of the company and whilst it has been challenging, it has also given me tremendous satisfaction.


I would like to inform that, with effect from January this year, I have handed over my IHI executive responsibilities to Simon Naudi who is now on the Board of Directors in the position of Managing Director. I will retain my position as Chairman as long as reasonably possible.


God willing, we will this year open several new Corinthia hotels, namely in New York, Bucharest and Brussels. Next year, we are scheduled to open Corinthia hotels in Rome and soon after in Doha and Riyadh, followed by a lovely resort in the Maldives. As a result of these openings, we have engaged a number of General Managers and other top executives, with the result that we are now incurring additional salaries and other pre-opening costs, whilst the income and benefit of managing these new properties, will only materialise once these hotels are in operation.


This preparatory approach is necessary to ensure that the new hotels are up to the standard of the Corinthia Brand, thereby achieving worldwide recognition whilst attracting more third-party hotel owners to seek out our management services. This is no less similar to the interest that had been generated with the opening of our London Hotel and others, creating a snowball effect of attracting more attention to the Corinthia Brand. Our target is to operate many more hotels belonging to third-party owners, as offering management services should be a faster road to fly the Corinthia flag in many more destinations without IHI, the holding company, having to invest in these new properties. This is no different to what all the other international hotel management brands have done to achieve growth. It is our plan to manage one hundred hotels on behalf of third-party owners by 2030.


With great personal pride I can say that Corinthia is Malta’s international hotel brand. The development of our first hotel took place in 1968 with the opening of the Corinthia Palace Hotel in Attard. We could have then chosen the easier road of appointing established international hotel management companies to manage this hotel and other wholly owned properties that followed, rather than creating the brand, Corinthia. Instead, we chose the more difficult road to manage our first and subsequent hotels, thereby creating and building the Corinthia Brand.


Our hotel management company, CHL has focused on providing hotel management services to hotels owned by IHI as also to third party owners. Presently, with all the hotels under our portfolio and, taking into account the opening of the seven hotels referred to above, all owned by third-party owners, will make it possible for Corinthia Hotels Limited (CHL) to contribute €25 million in EBITDA by 2026 as a stand-alone activity and owned by the holding company IHI. The development of our own Corinthia brand has created substantial additional value to our Group and this is additional to the value of the properties we own. The strategic decision to set up our own management company, CHL, is now delivering the desired results. 


Likewise, we have been growing QP, from what was originally a division within the group to a wholly owned subsidiary of IHI. QP has today become a global design, engineering, and management office of professionals servicing clients in different continents. Over the past few years, QP has secured contracts in Romania, Belgium, Rome, Tripoli, Doha and United Kingdom with plans to be also present in Dubai, the United States, Oman, Saudi Arabia and Ethiopia. QP’s target is to achieve €5 million in EBITDA by 2026 and €10 million by 2030.


Likewise, we are also looking forward to seeing our real estate development company, CDI, providing its own contribution of EBITDA.


These three subsidiaries, that is CHL, QPM and CDI, which are wholly owned by IHI, will likely facilitate a possible flow of about €35 million in EBITDA to IHI as the holding company in addition to what IHI will generate from the ownership of its own hotels.


Therefore, we have not only survived the two and a half years of Covid and the subsequent increase in bank interest and other rising costs, but we are now also looking at a future where we will see regular financial support from IHI’s three service companies, bringing us that much closer to issue regular dividends.


Concurrently with achieving these EBITDAs and in anticipation that bank interest will be reduced, we will endeavour to sell one or more non-core assets.  From these sales we will be able to repay circa €50 million in bank loans thus leaving an amount that would give us enough latitude to decide on a possible dividend distribution with the rest being reinvested for further growth.


IHI, the holding company, has seen a further increase in its EBITDA from €51.7 million in 2022 to €60.3 million in 2023.  The ultimate result would have been more positive had we not incurred the necessary preparatory costs for the opening of the new hotels. Extra to these costs, one must also keep in mind the increase in bank interest charges of recent years.


Additionally, we are also suffering the loss of trade from our hotel in St Petersburg, whilst the hotel in Tripoli is still facing low occupancy due to the political uncertainty in that country. However, I believe that, as these uncertainties would hopefully wane, all our properties will eventually make a fair contribution to our Group’s financial results.


Notwithstanding all these difficulties, the net asset value as determined by the IFRSs as at the 31st December 2023, when adopting a very conservative approach, still reads €1 per share on our books. Therefore, it is so unfortunate that, due to the lack of liquidity on the local exchange, the shares of IHI are being traded at half their par value.


My assessment of the Company is that we have a very solid management structure as well as the ownership of valuable properties in a number of countries. The operations of our own hotels will keep improving and, therefore, we should be able to achieve an EBITDA of between €90 to €100 million in the very near future. Extra to this is the anticipated additional income from our subsidiary companies, adding a further contribution to EBITDA within the next three years. We believe that these projections should be met, and we would then be able to proceed with a second listing by 2030, at the latest.


In conclusion, since 2020 we have battled against many adverse situations in the hospitality sector, with the toughest being Covid and the subsequent effects of rising costs. Now that we are seeing an improved environment and outlook, I am convinced that all the hard work of the past years will provide the desired benefits for the Company and its stakeholders.


Thank you.


Alfred Pisani



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Indirizz taċ-Chairman għas-sena li għalqet nhar il-31 ta’ Diċembru 2023


Għeżież Azzjonisti,


Għandi pjaċir li nerġa niltaqa’ magħkom fil-Laqgħa Ġenerali Annwali li jmiss. Din se tkun l-24 waħda taħt it-tmexxija tiegħi bħala Chairman minn meta bdiet il-Kumpanija. Waqt li dan kien xogħol ta’ sfida, kien wkoll ta’ sodisfazzjoni kbir.


Nixtieq ninfurmakom li b effett minn Jannar ta’ din is-sena, jien għaddejt ir-responsabiltajiet tiegħi eżekuttivi f’IHI lil Simon Naudi li issa qiegħed fuq il-Bord tad-Diretturi bħala Managing Director. Jien se nibqa’ fil-kariga ta’ Chairman sakemm ikun raġonevolment possibbli.


Jekk Alla jrid, din is-sena Corinthia se tiftaħ diversi lukandi ġodda f New York, Bukarest u Brussell. Il-pjan hu li fis-sena li ġejja niftħu f Ruma, u ftit wara f’Doha u Riyadh, u warajhom b resort mill-isbaħ fil-Maldives. Bħala riżultat ta’ dan, daħħalna numru ta’ General Managers u uffiċjali eżekuttivi għolja, bir-riżultat li qegħdin inħallsu salarji addizzjonali u spejjeż oħra waqt li d-dħul u benefiċji ta’ tmexxija ta’ dawn il-propjetajiet ġodda se jimmaterjalizzaw biss meta dawn il-lukandi jibdew joperaw.


Din il-ħidma hija meħtieġa sabiex niżguraw li l-lukandi ġodda jkunu ta’ livell tal-marka Corinthia. B hekk niksbu għarfien dinji u nkunu nistgħu nattiraw aktar sidien ta’ lukandi biex jitolbu servizzi ta’ management minn għandna. Dan bħalma ġara mill-interess li kien ġenerat mal-ftuħ tal-lukanda tagħna f Londra u bnadi oħra, li kattar sew l-attenzjoni lejn il-marka Corinthia. Il-mira tagħna hi li noperaw ħafna aktar lukandi ta’ terzi li jwassluna aktar malajr li ntajjru l-bandiera ta’ Corinthia f ħafna aktar postijiet. Dan jista jseħħ mingħajr il-bżonn li IHI jkollha tinvesti f’dawn il-propjetajiet ġodda. Dan hu eżattament kif għamlu l-marki ta’ tmexxija ta’ lukandi internazzjonali oħra biex jiksbu tkabbir. Il-pjan tagħna hu li qabel l-2030 immexxu mitt lukanda ta’ terzi.


Jiena kburi ngħid li Corinthia hija rikonoxxuta internazzjonalment. L-ewwel lukanda tagħna, il-Corinthia Palace Hotel, infetħet f Ħ Attard fl-1968.  Dak iż-żmien stajna nagħżlu alternattivi eħfef u nqabbdu kumpaniji ta immaniġġjar ta’ lukandi internazzjonali biex imexxu dik il-lukanda u oħrajn li ġew wara u li kienu totalment tagħna, minflok ma noħolqu l-marka Corinthia. Imma minflok, għażilna t-triq aktar iebsa li mmexxu aħna l-ewwel lukanda tagħna u dawk li ġew wara. B hekk ħloqna u kattarna il-marka Corinthia. 


Il-kumpanija tagħna tat-tmexxija tal-lukandi, CHL, iffukat li tipprovdi servizzi ta’ tmexxija ta’ lukandi kemm jekk propjeta` ta’ IHI kif ukoll ta’ terzi. Preżentement, bil-lukandi kollha fil-portafoll tagħna u, jekk wieħed ukoll jieħu in konsiderazzjoni l-ftuħ tas-seba’ lukandi li huma propjeta` ta’ terzi, se jkun possibbli għal Corinthia Hotels Limited (CHL) li hi propjeta` tal-IHI tikkontribwixxi €25 miljun EBITDA sal-2026. L-iżvilupp tal-marka tagħna Corinthia żied b mod sostanzjali l-valur tal-Grupp tagħna. U ma’ dan irridu nsemmu l-valur tal-propjetajiet tagħna. L-istrateġija li nwaqqfu kumpanija ta’ ġestjoni tagħna, CHL, issa qed trendi r-riżultati mixtieqa.


Bl-istess mod, kabbarna QP minn sempliċi taqsima nterna tal-Grupp għal sussidjarja ta’ IHI. Illum, QP żviluppat f kumpanija li toffri servizzi globali ta’ disinn, inġinerija u tmexxija minn professjonisti għal klijenti f pajjiżi differenti. Tul dawn l-aħħar snin, QP kisbet kuntratti fir-Rumanija, Belġju, Ruma, Tripli, Doha u Renju Unit. Hemm pjanijiet li tkabbar f Dubai, Stati Uniti tal-Amerika, Oman, Arabja Sawdija u Etjopja. Il-mira ta’ QP hi li tilħaq il-€5 miljun EBITDA sal-2026 u €10 miljuni sal-2030.


Bl-istess mod, qed inħarsu ’l quddiem li l-kumpanija CDI, kumpanjia tagħna għall-iżvilupp ta’ propjeta` immobbli, tikkontribwixxi wkoll għall-EBITDA.


Dawn it-tliet sussidjarji, CHL, QPM u CDI, li huma kollha propjeta` ta IHI, x’aktarx se jiffaċilitaw dħul ta’ madwar €35 miljun f’EBITDA lil IHI, u li jingħaddu ma’ dak li IHI se tiġġenera mill-lukandi li huma propjeta` tagħha.


Għalhekk, mhux biss għelibna sentejn u nofs ta’ Covid u sussegwentement żieda kemm fl-imgħax bankarju kif ukoll spejjeż ohra, imma issa qed inħarsu lejn futur fejn se naraw sapport finanzjarju regolari minn tlett kumpaniji ta’ servizz ta’ IHI, li jressquna aktar viċin għall-ħruġ ta’ dividend regolari.


Flimkien mal-kisba tal-EBITDA li diġa semmejt u bit-tama li l-imgħax bankarju jonqos, aħna għandna pjanijiet biex inbiegħu  xi propjetajiet li huma non-core u minn dan il-bejgħ se nkunu nistgħu nħallsu s-self bankarju ta’ madwar €50 miljun u nħallu ammont li jtina marġini biżżejjed li niddeċiedu fuq possibilita’ ta’ tqassim ta’ dividend.  Il-bilanċ li jibqa’, jerġa’ jiġi investit għal aktar tkabbir.


IHI, bħala holding company, rat tkabbir fl-EBITDA tagħha minn €51.7 miljun fl-2022 għal €60.3 miljun fl-2023. Ir-riżultat finali kien ikun aktar pożittiv kieku ma kienux għal spejjeż preparatorji neċessarji biex niftħu lukandi ġodda. Barra minn dawn l-ispejjeż, wieħed ma għandux jinsa ż-żieda fl-imgħax bankarju tul dawn l-aħħar snin.


Barra minn hekk, qed inħossu t-tnaqqis fil-kummerċ fil-lukanda tagħna f San Petroburgu, waqt li l-lukanda fi Tripli għadha tbati b’okkupazzjoni baxxa minħabba l-inċertezzi politiċi f dan il-pajjiż. Madankollu, nemmen li dawn l-inċertezzi jistgħu imajnaw u għalhekk il-propjetajiet tagħna kollha eventwalment jagħtu kontribuzzjoni xierqa għar-riżultati finanzjarji tal-Grupp.


Minkejja dawn id-diffikultajiet kollha, il-valur nett tal-assi kif determinat fil-31 ta’ Diċembru 2023 mill-International Financial Reporting Standards bl-adozzjoni ta’ approċċ konservattiv, għadu ta’ €1 għal kull sehem fil-kotba tagħna. Għalhekk hi tassew ħasra li, minħabba nuqqas ta’ likwidita` fil-Borża, l-ishma ta’ IHI qed jiġu negozjati bil-valur ta’ nofs il-valur attwali (par value) tagħhom.


Jien nemmen li l-Kumpanija għandha struttura ta’ tmexxija solida ħafna u propjetajiet ta’ valur għoli f diversi pajjiżi. L-operat tal-lukandi tagħna jibqa’ jitjieb u għalhekk inkunu nistgħu nilħqu EBITDA ta’ bejn €90 u €100 miljun fil-ġejjieni qrib. Barra minnhekk, hemm mistenni dħul addizjonali mill-kumpaniji sussidjarji tagħna fi żmien it-tliet snin li ġejjin. Nemmnu li dawn il-proġezzjonijiet għandhom jintlaħqu u nkunu nistgħu nkomplu bis-second listing sa mhux aktar tard mill-2030.


Biex nagħlaq, ilna sa mill-2020 nissieltu kontra ħafna sitwazzjonijiet negattivi fis-settur tal-ospitalita` - l-agħar kienu l-Covid u l-effetti taż-żieda fl-ispejjeż sussegwenti. Jiena konvint li x-xogħol iebes tas-snin li għaddew se jwassalna għall-benefiċċji mixtieqa kemm għall-Kumpanija kif ukoll għall-partijiet interessati tagħha.


Iffirmat minn Alfred Pisani (Chairman) fit-30 ta’ April 2024.


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CEO’s Report




Dear Shareholders,


The year under review was characterized by a welcome return to normality in the global travel markets following the havoc wreaked by the prior years’ pandemic.


On the other hand, as revenues return, and even outpace pre-pandemic levels in certain countries, the Company continues to exercise a tight handle on operating costs in an environment of adverse geopolitical developments, significant inflationary pressures and rising interest rates.


This report will demonstrate that our business is progressing in revenue growth and resulting contributions to our EBITDA and cashflows. Our total revenue increased by 21% to €288 million in 2023, year on year, and likewise our EBITDA by an equal margin, recorded at €60.3 million in 2023 notwithstanding well documented cost pressures and operational investments we will describe in further detail.


The principal highlights reported in these financial statements are as follows:





€ million

€ million

Wholly owned hotels



[hotels in Malta, Prague, Budapest, St Petersburg, Lisbon and Tripoli]

NLI Limited



[owner of the Corinthia Hotels in London and in Brussels under development]

Corinthia Hotels Limited



[operator of owned & 3 rd party hotels, in return for management fees]

QP Limited



[design and project management services]

Rent income from commercial centres



[rents in Euro at our office and retail centres in Tripoli & St Petersburg]

Non-hotel catering activities



[Corinthia Caterers and Costa Coffee in Malta]

Intra Group Deductions



Total Revenue



21% increase




before new hotels’ pre-opening costs



20% increase

[pre-opening costs incurred as of 2023 in Rome and Brussels hotel projects]


after new hotels’ pre-opening costs







The major part of our business is of course hotel ownership and operations and here, we can report significant improvements in operating profits in our hotels’ performance year on year.


Owned Hotels GOP


2023 GOP %



London £




London €




St Petersburg RUB




St Petersburg €




Lisbon €




Malta (x5) €




Budapest €




Prague €




Tripoli €









The above table excludes revenues from other sources reported in the first table above.


This financial snapshot on Revenues, GOP and EBITDA shows a 21% conversion of revenues to EBITDA. This implies the continued safeguarding of hard-earned operational efficiencies forced upon us during the pandemic, as well as a mitigation of other exceptional circumstances in 2023:


Payroll and energy costs in 2023 continue to be significantly impacted by inflation across all jurisdictions in which we operate.









EFTE [full-time equivalents as at August]



Payroll [including outsourced employees]

€106.9 million

€85.7 million

Energy Costs

€11.3 million

€11.9 million


The continuing exceptional situation surrounding Russia in 2023, where 4% of our revenues erstwhile originated, as well as the Rouble devaluation throughout 2023, means the Euro reporting of our hotel and rental income in St Petersburg has been relatively impacted.

Corinthia Hotels Limited [CHL], an operator of 25 hotels including eight under various stages of development, and owner of the Corinthia brand, is itself in its crunch growth years. We have made significant investments in human resources at senior levels throughout 2023 and acquired a dedicated corporate office in London in 2022, in anticipation of the company’s expansion phase with openings in prime locations such as New York, Rome, Brussels, Bucharest, Doha, Riyadh, the Maldives and the Oasis project in Malta. Whilst CHL’s business was traditionally to manage our owned hotels, we are increasingly focusing the company in licensing our Corinthia Brand and providing management services to third parties in return for industry standard management and branding fees. Six of the eight new Corinthia hotels under development are in fact owned entirely by partner investors. This company used to generate circa €8 million annually in EBITDA prior to the pandemic, a situation which is now at break even given the significant human resources, operational, marketing and technology investments we are making in anticipation of the new hotels’ opening. We have also made significant investments in our business development team tasked with further growth of new hotels, as well as building the platform and distribution and marketing foundations for a new brand, Verdi, to be used in the upscale four-star category, both for some of our owned hotels as well as others being developed by investors around the world. On the other hand, as new Corinthia hotels come on stream, and as the Corinthia brand gains further global recognition, we expect CHL and its Corinthia brand to become the single most important contributor to our overall profitability and international growth, far out-stripping its pre-Covid EBITDA contributions we had become accustomed to.


IHI is also incurring standard pre-opening payroll and marketing costs related to our owned hotel project in Brussels, where we own 50% via the company NLI Limited, which also owns the Corinthia Hotel in London. These pre-opening operating costs are expensed fully in our Profit & Loss as one-time costs, in anticipation of the hotel’s launch later in 2024.


Similarly, in Rome, where CHL is the lessee of a luxury Corinthia Hotel under development, we are incurring all pre-opening costs in payroll and marketing as we ramp up to launch the hotel in the coming months.


Our non-hotel catering activities in Malta recovered well in terms of revenues, but not in terms of profitability given sharp rises in operating costs and supplies. A plan of action is underway to re-assess our involvement in this business and maximize returns.  2023 was a breakeven year on a consolidated basis for our non-hotel catering business, but we plan to regain profitability over the next year or so as strategic changes and business practices are updated and improved.


Finally, our company QPM, which provides design and project management services to our owned projects but more so to 3rd party projects, is growing from strength to strength, and operates profitably with a contribution of €1.5 million in EBITDA. Significant efforts and costs are being incurred to expand the company’s international footprint, in particular in the Gulf Region.





€ million

€ million




Below the line highlights

Depreciation and amortisation



Other losses on property, plant & equipment



Other operational exchange losses



Net changes in fair values



Net Finance costs



Exchange Gains








Loss before tax



Tax (expense)/ credit





Net Loss after Tax



Minority Interest





Net loss after Tax and Non-controlling Interest




This table describes salient below the line items reported in our financial statements. Our company is heavily invested in real estate financed in part by bank borrowings and bonds. We are therefore subject to annual re-assessments on the “value in use” of our properties, as well as susceptible to interest rate and exchange rate fluctuations, besides charging depreciation.


The table shows:


Depreciation has decreased as some assets are now fully depreciated.


Fair value movements in 2023 mainly relate to an uplift in the assessed valuation of our investment property, namely the commercial centre in Tripoli amounting to € 7.9 million on account of stable cashflows against an impairment of € 1.7 million on the St Petersburg commercial centre.


Interest costs reflect increased base rates in 2023 and, marginally, new loan drawdowns relating to investments.


The comparative 2022 income statement was positively influenced by an exchange gain of €15.4 million stemming from Russia where a loan was fully settled in 2022 thus reducing the overall potential exchange rate volatility of the Group.


Tax was impacted by the situation in Russia, where a potential benefit of tax losses was not recognised.






€ million

€ million

Net loss after Tax



Gross surplus on revaluations



Deferred tax on revaluations



Currency translation differences



Deferred tax on currency translations






Net Total Comprehensive Income




Separately, the Statement of Comprehensive Income detailed in this report shows:


€62.5 million in net revaluation uplifts were recognised in other comprehensive income. The uplifts were recognised on account of the improving performance of the hotels in question :- €17.3 million relates to London, €37.5 million to our Malta assets and €12.2 million to our hotel in Lisbon. The property in Budapest was impaired by €4.5 million.


The fluctuation in exchange rate for the Sterling and Rouble further impacted the Statement of Financial Position by €20.8 million. 


The overall result for 2023 was of €18.5 million in Total Comprehensive Income against a loss of €20.3 million in 2022.






€ million

€ million

Total Assets



Total Liabilities




The Statement of Financial Position reported in our financial statements reports the following:


Total assets in 2023 increased to €1.76 billion from €1.66 billion in 2022. This is mainly driven by the uplifts in value of our properties as reported above and continuing works on our Brussels project.


Shareholders’ equity increased to €613.3 million from €606.9 million last year, translating into an NAV per share of €0.996 from €0.985.





Our Founding Chairman has well explained the key strategies for the IHI Group in his statement.


Firstly, as explained, we are positively investing in our management company CHL. This company operates 25 hotels around the world, of which eight are luxury Corinthia Hotels under development and expected to come on stream over the next couple of years. This investment is in the form of recruitment of added senior level human resources, based mostly out of a new corporate office we have acquired in London, as well as significant global marketing and technology investments to underpin the Corinthia brand, now being exclusively focused on the luxury segment worldwide. Our target is to grow this Brand by providing services to 3rd party hotel owners and developers worldwide.


Upcoming Openings

The Surrey, a Corinthia Hotel in New York

100 keys + 14 residences


Corinthia Grand Hotel Astoria Brussels

126 keys


Corinthia Grand Hotel Boulevard Bucharest

35 suites


Corinthia Rome

60 keys


Corinthia Doha & Residences

100 keys + 18 villas


Corinthia Maldives

77 keys


Corinthia Riyadh

85 keys + 10 villas


Corinthia Oasis Malta

162 keys + 25 villas


All owned by 3rd party investors, except for the Corinthia in Brussels in which we own 50%, and the land in Malta where we are seeking permits for the Oasis project, which we own 100%



Secondly, and partly as a consequence to the decision to focus our Corinthia brand solely on luxury operations, we are reassessing our owned property portfolio, and in consequence our overall Statement of Financial Position.


IHI owns 12 hotels and related commercial real estate globally, of which eight are branded as Corinthia Hotels, the rest operated by CHL under different brands or under different marketing strategies.


Owned Properties

Corinthia Hotel Lisbon

518 keys

Corinthia Hotel Brussels (50% owned)

126 keys, former Grand Hotel Astoria

Corinthia Hotel London (50% owned)

283 keys

Corinthia Budapest

438 keys

Corinthia Palace Malta

147 keys

Corinthia St George’s Bay Malta

248 keys

Corinthia St Petersburg and Commercial Centre

388 keys + 16,186m 2 of commercial areas

Corinthia Tripoli and Commercial Centre

299 keys + 7,555m 2 of commercial areas

Former Corinthia Prague*

539 keys

Marina Hotel Malta

200 keys

Radisson Bay Point Malta

252 keys

Radisson Golden Sands Malta

338 keys

Land for development in Malta

85,000m 2 of land for development [Oasis project]



IHI also owns a residential apartment development in Lisbon which is now complete. Sales of individual apartments are underway.

* The Corinthia Prague Hotel was leased to third parties on 1 April 2024 and has since been de-branded.


On a strategic level, your Board has tasked management to re-assess our strategy for all our assets, ensuring that our core, owned Corinthia branded assets, are well-invested and maintained to a level that matches the brand’s aspirations and luxury segment positioning. Where property age and design style has passed its peak, we will be supporting further with industry standard capital improvements, or re-assigning such property to a new brand more appropriate to its positioning.


In reviewing our asset strategies, we are also actively assessing opportunities to sell non-core assets. This is a clear direction from your Board, but one which has to take into account the international investment climate, which currently is penalising hotel valuations on account of higher borrowing costs.


Where a sale is thus not possible in the immediate term, we will assess interim solutions for the management of such non-core hotels, as we did in Prague where we have deferred a potential sale until a lowering of interest rates translates into healthy valuations that would be far in excess of our book values. In the meantime, we have leased the property, which was operated as a Corinthia up until Q1 2024, to a third party local specialist operator and securing an appropriate return on this investment.


All of the above implies a concentrated focus at IHI on our role as asset managers, with a brief to maximise returns in the immediate term for our shareholders.


We would wish to emphasize here that net proceeds from sales of assets will be deployed exclusively towards paying down debt we took on during the pandemic, as well as a combination of dividends and further investments into new real estate projects.


This recycling of our capital, through the ownership cycle of acquisition, development and disposal at a gain, will increasingly become a hallmark of IHI’s central strategy in years ahead. Furthermore, as EBITDA grow in years ahead on account of an improved economic climate and the opening of our new hotels, and as debt is itself paid down, we will no doubt achieve our goal to balance our net debt versus EBITDA to a multiple of a maximum 6 times.


We are also in parallel open to, and actively seeking to add new capital to the Group, either in our parent public company, or equally, on specific projects we are pursuing. Such added funds will be exclusively utilised for growth and investment.


Specifically, we have created a division inside our development company, named C-REV, which is tasked to originate real estate projects, and carry these forward by piecing acquisitions and 3rd party funding, and then acting on behalf of investors in executing such projects in return for fees and profit share arrangements. Preliminary agreements for mixed use real estate developments, which will feature a luxury Corinthia Hotel component, have already been executed in prominent locations around the world awaiting 3rd party funding. We will continue to work on this developer model elsewhere across the globe.






IHI owns 50% of this hotel under development. Besides, our own subsidiary companies are project managing design and construction, acting as owners’ representatives on corporate matters, and finally, will operate the hotel through CHL.


This has been a delicate and complex job in the making. The property we acquired was the famed Grand Hotel Astoria, built as Belgium’s flagship hotel in 1909. By the time of our acquisition, the hotel had been shut and fallen into disrepair. Following extensive negotiations with the local authorities, including the Royal Commission responsible for heritage properties, we agreed a plan to demolish all of the upper floors, whilst retaining and restoring the historic ground floor and façade. We were also granted permission to excavate beneath the ground floor, meaning the property at one point consisted solely of the historic ground floor literally suspended in mid-air while excavations and demolitions were proceeding above and below, and all behind the original façade which was retained and propped up. We are now in the final stages of construction. The building is up and watertight, and extended by two additional floors and other volumes we added on neighbouring land we had acquired along with the original hotel. Fit out and finishing works are proceeding and a pre-launch marketing campaign is underway, led by a fully-fledged management team who are already in place. Partnerships with some of Belgium’s best known culinary leaders, chefs, spa brands and art curators are in place to provide the depth and substance expected of what will become one of Europe’s leading luxury hotels. Opening is slated for Q4 2024.


Our all-in total investment in the project, including design, construction and fit out, as well as land, finance costs and all pre-opening costs is set to be around €150 million, which equates to €1.2 million per bedroom, an industry metric which should be well regarded when viewed against comparable projects across Europe. Half of the investment is being financed by our partner Ares Bank of Spain.




Our role in New York is through CHL, which has been appointed as the operator of the famed Surrey, an iconic 100-year hotel in Manhattan’s affluent Upper East Side.


Investors Reuben Brothers acquired the property some years back, and appointed Corinthia to support design development and eventually operate the hotel. The property itself has been replanned to feature 100 bedrooms and 14 residences to be sold and serviced by the hotel. World renown designers were appointed and works have been ongoing, here too now reaching their final fit out stage. We are targeting an opening of the hotel through the summer months of 2024, trading as The Surrey, a Corinthia Hotel. The hotel will also include dining and a private members club operated by Casa Tua, an exclusive private members club originating in South Beach, Miami.


We had agreed commercial terms for the entering into of our arrangements on this hotel, which include industry-standard key money versus income to our group via management, marketing and incentive fees over a minimum 25 years.




Private investors from Romania had acquired the famed Grand Hotel du Bulevard, Bucharest’s most famous historic hotel, first opened in 1867, but latterly utilized as corporate offices. They subsequently decided to gut the property back to its bones, saving all its protected and historic halls, and external façade, and return the iconic property back to hotel use. Other than its external fabric and historic hallways, most of the rest of the property has been entirely rebuilt.


Our role here has been twofold.


Corinthia was appointed as the operator of the hotel, to be known as the Corinthia Hotel Bucharest. Subsequent to this appointment, the owners asked us to also put forward QP, our project management company, to supervise and drive design and construction.


The property is in its final stages of construction and opening is scheduled for Q3 2024. The hotel is an all-suite product, with 30 keys, and intended to occupy the top spot for luxury accommodation in Romania. The dining options will include a Sass Café brasserie being developed with the well-known Sass Café of Monaco.




Our role in this project is twofold.


Firstly, our development company CDI has been engaged as the owner’s representative in coordinating design and contractors. Secondly, CHL is the hotel’s tenant, occupying the property on a long-term lease once it is completed. This means Corinthia will retain all revenues, incur all operating costs and retain all profits after paying an agreed rent to the owners.


The property is itself a protected landmark. It is the former seat of the Bank of Italy right opposite Italy’s Parliament in central Rome. It was acquired by the Reuben Brothers some years back and works have been ongoing to repurpose the building into a 60-room and suites luxury hotel, complete with a Carlo Cracco dining operation, him being arguably Italy’s best known chef personality.


Works are ongoing and entering the fit out stage. A hotel management team is in place and pre-opening marketing has commenced. An opening date is to be set shortly, within Q1 2025.




Our work in Doha, the Maldives and Riyadh is ongoing.


Having successfully opened the Corinthia Yacht Club, which is now in its second year, as well as the Gewan Island Golf Club, both on the Pearl Island in Doha, construction works are now focused on the adjoining 100-room Corinthia Hotel and beach club, as well as the completion of 18 branded villas being sold with the hotel. The villas are expected to be completed in 2024 and an opening target date for the hotel has been set for the end of 2025. Our role in all of these projects in Doha is that of a provider of technical services, the hotel operator and licensor for the Corinthia brand name, in return for fees.


Work in Riyadh, capital of Saudi Arabia, is also ongoing. Our project here is among the most iconic of several mega projects ongoing in the Kingdom. We are one of eight prominent hotel brands worldwide selected to manage a series of luxury hotels being built in a clustered, traditional style in a reconstruction of old Diriyah, the ancient capital. The site selected for Corinthia is the most prominent, on the main square of Diriyah, and features 80 bedrooms and suites, as well as 10 villas for sale. Our role here is also that of a provider of technical services, the hotel operator and licensor for the Corinthia brand name, in return for fees. A target opening is set for 2027.


Finally, in the Maldives, the owners of the project are proceeding with the land reclamation underway to form the five islands which will host a 100-key luxury hotel. Our arrangements here are again via an operating agreement entered into by CHL to provide technical services and eventually manage the hotel once it is completed in 2027.




Closer to home, we have completed the full design of our landmark Oasis project at a site formerly known as Hal Ferh in our home country Malta. This 85,000m² site is located in pristine, beachfront open countryside, where a former UK Military barracks once stood. Our project is fully respectful of sustainability and environmental considerations, with only a fraction of the site being developed, and limited to single and two storey buildings. The project features a 162-room luxury hotel and 25 villas for sale. The permit process is ongoing, expected by year end, after which financing will be put in place for construction to commence.




We wish to conclude the report by repeating our over-riding message. IHI has passed from some turbulent years in the recent past, firstly the pandemic and then an era of adverse geopolitical events and high inflation. Notwithstanding, we have stayed the course, and in parallel continued to invest in our portfolio and human capital in preparation of our next growth phase with the opening of eight hotels in rapid succession. This augurs well for a strong future, and for this, I wish to personally thank all of my colleagues on the Board and in management, and across the entire company for their support, direction and unbending commitment. IHI is a company made up of thousands of colleagues, and each one of us is proud to contribute to our collective success.



Signed by Simon Naudi (Chief Executive Officer & Managing Director) on 30 April 2024 .



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Directors’ Report -

Year ended 31 December 2023

  The Directors present their report on International Hotel Investments p.l.c. (the ‘Company’) and the Group of which it is the parent for the year ended 31 December 2023.


Principal activities


International Hotel Investments p.l.c. 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 (as detailed in the notes to the financial statements), through which it furthers the business of the Group.


Review of business development and financial position


Total reven ue for the year under review increased to €287.8 million from €238.2 million last year, an increase of 21%. Total Revenue represents 107 % of 2019 revenue figures as the group has recovered from the COVID-19 pandemic in most of its operations. In reviewing this performance, it is important to note that the financial performance for 2023, particularly for the Group’s operations in Russia, continued to be affected by the military conflict between Russia and Ukraine which commenced in February 2022. This conflict led to international sanctions on Russia and had an effect on the Group’s results and assets held in Russia as disclosed in Note 5.2. The geopolitical situation between Russia and the west continues to result in a drop in international business which is partially impacting the operational results in Russia. On a positive note, in spite of the situation in and around the Russian market, the hotel continued to strengthen its occupancy levels in 2023 with the occupancy for 2023 amounting to 44% or 73% of the pre COVID-19 occupancy levels, this in view of the local trade that the hotel always enjoyed.


On the strength of the increased revenue, the Group recorded a gain on operating results before depreciation and fair value of €60.3 million, an increase of €8.6 million on the €51.7 million registered last year. In 2023, the Group incurred one-off preopening costs amounting to €1.9 million relating to the opening in Rome and Brussels.


In 2023, the Group is reporting in its Income Statement, an exchange loss of €1.3 million compared to a gain of €15.1 million in 2022. The positive movement in exchange differences in the prior year, was mainly related to the repayment of the bank loan on the St. Petersburg property in May 2022. This repayment had eliminated future exchange rate volatility from the Income Statement on this loan.


In 2023, the Group recognised in its Income Statement, uplifts on its investment properties amounting to €6.4 million. These related mainly to an uplift of €7.9 million on the Tripoli Commercial Centre, on account of consistent cashflows based on long term agreements, offset by a decrease in fair value of the St. Petersburg investment property of €1.7million.


During the current year, the Group also recognised uplifts on the London hotel amounting to €17.3 million, on the Corinthia Hotel Lisbon amounting to €12.2 million and €37.5 million on its Malta properties, on account of continued recovery and improved operational performance. These uplifts were offset by a fair value loss recognised on the property in Hungary amounting to €4.5 million, following the delay in recovery for this operation due to inflationary pressures including a hike in energy prices. 


The Group recorded a combined currency translation loss of €20.8 million in Other Comprehensive Income, relative to a loss of €22.6 million registered in 2022 . The weakening of the Rouble in 2023 relative to the reporting currency of the Group, which is the Euro, resulted in a loss on translation of the investment in Russia. This was partially offset by gains on the Pound Sterling in relation to the Group’s operations in London.


The Group registered total comprehensive income of €18.5 million in 2023 against a loss of €20.3 million registered in 2022. The share of total comprehensive income attributable to the shareholders of IHI amounted to €6.4 million for the year under review. The corresponding figure for 2022 was a loss of €17.9 million.


At 31 December 2023, the Group is reporting a pos itive working capital of €6.3 million relative to a negative working capital of €26.5 million reported in 2022.


Future developments       


The Group’s main strategy is to further grow the Corinthia Brand through Corinthia Hotels Limited (CHL) by handling more operations under management worldwide in the luxury space. The brand will add three new luxury hotels operated by CHL in Brussels, New York and Bucharest in 2024, in Rome and Doha in 2025, Riyadh in 2026 and Maldives in 2027. 


With most of the Group’s owned hotels having fully recovered from the pandemic, conversion ratios from Revenue to operating results before depreciation and fair value movements are expected to continue to improve. 


The inflationary pressures, high interest rates and tight labour markets experienced in the past years are expected to persist. We continue to counter or minimise these pressures by retaining as many of the efficiencies and cost discipline gained during the pandemic.


In Malta, the permitting process on the Oasis project is ongoing, expected by year end, after which financing will be put in place for construction to commence.


Going concern


The Directors have reviewed the Company’s and the Group’s operational cash flow forecasts. Based on this review, after making enquiries, and in the light of the current financial position, the existing banking facilities and other funding arrangements, the Directors confirm, in accordance with Capital Markets Rule 5.62, that they have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future.


Principal risks and uncertainties


The Group started trading in 2000, undertaking a strategy of rapid expansion. The hotel industry globally is marked by strong and increasing consolidation and many of the Group’s current and potential competitors may thus have bigger name recognition, larger customer bases and greater financial and other resources than the companies within the Group.


The Group is subject to general market and economic risks that may have a significant impact on the valuations of its properties (comprising hotels and investment property). A number of the Group’s major operations are located in stable economies.


The Group also owns certain subsidiaries that have operations situated in emerging or unstable markets. Such markets present different economic and political conditions from those of the more developed markets and present less social, political and economic stability. Businesses in unstable markets are not operating in a market-oriented economy as known in other developed or emerging markets. Further information about the significant uncertainties being faced in Libya and Russia are included in Note 5 .


The Group is exposed to various risks arising through its use of financial instruments including market risk, credit risk and liquidity risk, which result from its operating activities.


The most significant financial risks as well as an explanation of the risk management policies employed by the Group are included in Note 41 of the financial statements.




The movements on reserves are as set out in the statements of changes in equity.


Board of directors


Mr Alfred Pisani (Chairman)

Mr Simon Naudi (Managing Director) – appointed 18 January 2024

Mr Richard Cachia Caruana (Senior Independent Non-Executive Director)

Mr Frank Xerri de Caro

Mr Moussa Atiq Ali

Mr Hamad Buamim

Mr Douraid Zaghouani

Mr Joseph Pisani

Mr Mohamed Mahmoud Shawsh

Mr Alfred Camilleri - appointed 13 June 2023




PricewaterhouseCoopers have expressed their willingness to continue in office. A resolution proposing the re-appointment of PricewaterhouseCoopers as auditors of the Company will be submitted at the forthcoming Annual General Meeting.


Signed on behalf of the Board of Directors on 30 April 2024 by Alfred Pisani (Chairman) and Richard Cachia Caruana (Senior Independent Non-Executive Director) as per the Directors’ Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Financial Report.


Registered Office

22 Europa Centre,

Floriana FRN 1400,



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On the Financial Statements and other information included in the Annual Report


Pursuant to Capital Markets Rules 5.68, we, the undersigned, declare that to the best of our knowledge, the financial statements included in the annual report and prepared in accordance with the requirements of International Financial Reporting Standards, as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and results of the Company and its undertakings included in the consolidation taken as a whole and that this report includes a fair review of the development and performance of the business and position of the Company and its undertakings together with a description of the principal risks and uncertainties that they face.

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On non-financial information


This report on non-financial information provides an overview of the various actions taken by International Hotel Investments p.l.c. (the ‘Company’) as the parent company, and its subsidiaries (the ‘Group’), to enhance sustainability efforts in its operations and corporate responsibility initiatives.

As described in more detail in the annual report, the Group is a hotel and real estate developer, as well as a hotel operator. The Group is also engaged in the ownership and leasing of investment property.

The Group is deeply committed to upholding sustainability principles across three vital pillars, essential for its continued growth:

Environmental sustainability

Social responsibility



The Group strives to achieve the highest standards in the most sustainable way possible, ensuring that the resulting benefits are enjoyed by its shareholders, clients, and the wider community, alike.

The primary objective is to align with multiple Sustainable Development Goals (SDGs) set out by the United Nations in 2015 for the 2030 Agenda for Sustainable Development. These goals are designed to foster development that aims to eradicate poverty, protect the planet, and ensure peace and prosperity. Specifically, the key SDGs that the Company’s activities will focus on tackling include: good health and well-being, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, reduced inequalities, responsible consumption and production, climate action, and life on land. All actions should contribute to one or more of these goals without adverse effects, all while tackling climate change and working to preserve our natural environment.

This report will delve into the actions and plans developed by the Group to improve its sustainability footprint and meet regulatory disclosure requirements.



The hospitality sector, including the Group which trades as Corinthia, has recognised the critical importance of sustainability, stemming not only from the realities of climate change, but also from the ever-growing awareness of employees, customers and financial institutions regarding environmental and social responsibilities. The Group believes that an authentic approach to sustainability principles is foundational for making a positive impact. This commitment extends beyond environmental conservation to enhancing the well-being of its workforce, customers and the broader society; recognising proper governance as pivotal in achieving this.

In view of this, the Group has strategically embraced sustainability into the core of its growth and operational philosophy. This commitment started with a formulation of a sustainability policy in 2021, underscored by a declaration from the Company’s Chairman, whereby it was stated in no uncertain terms that the vision of the Group was to continue ‘uplifting lives within the wider community’ and that it would be ‘bringing sustainability to the forefront of our agenda’ with the goal of attaining ‘long term sustainable success’. The policy outlines important principles such as to ‘continually reduce and mitigate the impact of our activities on the physical and social environment we operate in, without affecting the quality of service we offer’ and ‘safeguarding the well-being of our people and the communities within which we operate’ while we seek the ‘development of new services and initiatives which will alleviate some of the problems we face and create better outcomes for current and future generations’.

The establishment of the Head of Sustainability position in 2022  served as a significant milestone in the Group’s sustainability journey, meaning that sustainability within the Group now had a driver and coordinator who would coordinate initiatives across the organisation. The plan was to develop a structured but practical strategy that would provide direction by setting clear targets and mapping out measurable actions needed to attain these targets. The aim is to have a comprehensive, realistic, modern strategy that would serve as a road map for the Group’s sustainability journey. As a living document, the strategy is subject to periodic reviews to take into account and adapt to the ever-changing geopolitical, economic, regulatory, environmental, and operational landscapes. This adaptable approach ensures that the Group’s sustainability efforts remain relevant and effective, paving the way for a sustainable future.

The Group has since also contracted external consultants to identify the Group’s obligations for sustainability regulatory reporting under the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD). The object was to identify the Group’s reporting framework and identify gaps that require action in the short and medium term. In addition, these consultants were tasked with helping the Group develop its sustainability strategy for the hotel business by setting targets and devising practical action plans. This process started in the last quarter of 2023 and will be completed in second quarter of 2024.


A peer study was conducted with relevant peers to benchmark hotel operations and establish the Group’s present state, which also informed the identification of the list of potential material topics for the organisation. Following this, stakeholder consultations were conducted with various stakeholder groups, which helped further refine and consolidate the list of potential material topics. The Group then conducted its Double Materiality Assessment in accordance with CSRD and established the main material topics for reporting. Double materiality takes into account both the impacts of the Group on the environment and society (outward-looking) and the financial implications that external factors have on the Group (inward-looking), and helped us understand the sustainability-related impacts, risks, and opportunities being faced as an organisation, considering the interests of all stakeholders. This approach helped guide the Group in determining the most pressing issues needed to be addressed and supports the development of effective management through action plans and objectives. Reporting data points were defined and categorised into existing reporting, easily extendable data for the current year, and areas requiring further data collection efforts to enable improved reporting in the coming years. A plan was outlined to tackle these data collection enhancements.

In anticipation of the upcoming reporting year, the Company is actively engaged in several initiatives aimed at strengthening our sustainability practices and corporate responsibility. These efforts include but are not limited to:


Drafting an updated comprehensive sustainability strategy to align with emerging global standards and best practices.


Enhancing stakeholder engagement processes to ensure robust dialogue and collaboration on sustainability issues.


Implementing new measurement and reporting frameworks to enhance transparency and accountability in our non-financial disclosures.


Strengthening internal capacity and expertise to effectively address emerging sustainability challenges and opportunities.


Exploring innovative solutions and partnerships to advance our environmental, social, and governance objectives.


The Company remains committed to driving meaningful progress in our sustainability journey.


The results of the Double Materiality Assessment, combined with insights from the peer study and stakeholder consultations, have laid the groundwork for a potential strategic framework. This framework is set to be further defined and analysed in the first half of 2024. Once the strategy is clearly defined and approved by our primary stakeholders, the targets and action plans will be elaborated upon, with the aim of consolidating these by end 2024. In parallel, a sustainability organisational framework will be established, starting at Board level and filtering down to all levels of the organisation, ensuring that sustainability is integrated into every facet of our operations.


In 2023 the Group set up a Sustainability Committee comprising of representatives of all major internal stakeholders. The Committee, together with the Head of Sustainability, identified easily attainable opportunities and set up a number of focus groups (F&B, drinking water, low energy rooms and waste) to investigate and take actions in this regard. The activities of these focused groups resulted in the following:

Food waste monitoring trial using camera recognition with AI technology.

Internal bottling of drinking water for a restaurant as a trial.

Development of waste conversions methodology to align waste reporting.

Cooking oil filtering trial, which is now being adopted in other hotels.


A number of other actions were taken in 2023 to improve the sustainability profile of the hotel operations. These included:

Guidelines for uniforms with sustainability criteria

Appointment of a Sustainability Champion in each hotel

The removal of single use plastics in F&B was rolled out in 2022 and consolidated in 2023.



All owned hotels located in Malta within the Group now have photovoltaic panels (PVs) on their rooftops with a total generating capacity of 679kWp. The hotels’ PV systems started operating in Q1 2023 and generated 889,601kWh of electricity over the year with an equivalent reduction of CO emissions by 345 tons.



The continued rollout of measurement and control technologies, and directed operational measures, have increased overall energy efficiency, driving down relative emissions. Company policy and the effective management of resources has had a tangible effect and although occupancy rates increased in the year under review, the relative energy use increased by a smaller proportion, as is demonstrated by the KPIs. These KPIs are from all IHI owned Hotels and properties leased to directly owned business entities (QP, CHL, Corinthia Caterers, Costa Coffee).

Energy and Emissions 2023

Energy Consumed



CO 2 e






Fuel Consumed Transport





Fuel consumed - Diesel





Fuel consumed - Petrol





Fuel Consumed Total Transport





Fuel Consumed





Heating/Hot Water










LHO (Diesel/gasoline)










Other (kitchen)










LHO (Diesel/gasoline)










Fuel Consumed Total Non-Transport





Electricity Generated RES (PV)





Electricity Generated CHP





Electricity Consumed










Total Energy Consumed





Net Energy Consumed (Total En less RES to Grid)






Note: Figures for transport fuel in 2023 have been reviewed and data collection efforts enhanced.


Total energy consumed for 2023 was 94,658MWh, notwithstanding an increase in occupancy across the whole Group, which increased by 26% as can be seen in the table below. The total CO e footprint stands at 29,023 tons. Electricity generated by the PV plant from 4 hotels in Malta was fed into the grid. Combined Heat and Power (CHP) generation has been separated from RES for ease of analysis.















Energy by Area






Heating/Hot Water






Electrical Others









missing alternate text

The main consumption of energy was electrical, which made up 55% of total energy consumption, as can be seen in the table provided. This was followed by energy required for heating and hot water, totalling 43%. Energy used in kitchens (fuel) was less significant, making up 1% of total energy consumption, and CHP only contributed 0.20%. Data for fuel for transport was improved over previous year with data collected from most parts of the organisation. Notwithstanding this, fuel consumption attributed to transport remains minimal, with a contribution of only 1% of total energy use.


Energy By Fuel
























missing alternate text

The main fuels used in 2023 were natural gas, representing 32.94% of total energy, followed by light heating oil (LHO) 8.90%, used mainly for boilers in Malta and Libya. LPG accounted for 2.07% of total energy use in hotels. Absolute values in kWh can be seen in the tabulation above.


Energy by Area

CO 2 e Tons

CO 2 e Tons




Heating/Hot Water






Electrical Others










Note: The following conversion factors have been used:


Energy Consumed



Kg CO 2 e /kWh

Transport Diesel




Transport Petrol








LHO (Diesel/gasoline)








Electricity Generated CHP




Electricity Consumed





missing alternate text




Energy By Fuel

CO 2 e Tons

CO 2 e Tons
























missing alternate text




In 2023, the CO e equivalent emissions footprint closely mirrored the energy consumption patterns.  Electrical energy was the predominant contributor, accounting for 69% of the total CO e footprint with 20,553 tons, followed by natural gas with 21% and 6,314 tons.


Direct Energy per Occupied Room (OR)












Total available Rooms







Occupied Rooms














Energy Consumed per Occupied Room


CO 2 e


CO 2 e










Fuel Consumed / OR







Heating/Hot Water /OR














LHO (Diesel/gasoline) / OR





















Other (kitchen) / OR














LHO (Diesel/gasoline)














Fuel Consumed Total Non-Transport














Electricity Generated RES (PV) / OR







Electricity Generated CHP / OR







Electricity Consumed / OR














Total Energy Consumed excl RES / OR







Net Energy Consumed / OR








Notes: 2022 data has been updated with latest figures. PV generation is fed to the grid.  Total Energy Consumed excludes RES to the grid but includes CHP own use. Net Energy Consumed is Total Energy Consumed less RES to the grid.


In the year under review, the total energy consumed decreased from 151.93 kWh per occupied room in 2022 to 124.15 kWh per occupied room in 2023, representing a decrease of 18%. The corresponding CO e decrease was 8.82 Kg CO e /OR. Non-transport fuel also decreased by 18%, while electrical consumption decreased by 19%. The main reasons for this were twofold:



Inherently higher efficiencies as occupancy levels increased due to a reduction in the base load effect.


Continual drive within the group to reduce energy consumption by fine tuning operational parameters and taking all operational measures possible to eliminate energy wastage.


The Group has maintained a strong emphasis on reducing energy use, which not only enhances operational efficiency and sustainability, but also decreases the CO e footprint, thereby lowering operational costs.




Since 2021, the Group has implemented ongoing operational energy efficiency measures which include:


During periods of low occupancy hotels which have zoned systems must close off sections of the hotel where possible.


Optimise kitchen hours and ensure that only equipment being used is switched on.


Reduce dishwasher operating hours to operate on full load only.


Reduce laundry hours and ensure that loads are maximised, and other equipment operates strictly when and as needed.


Saunas and steam rooms to be operated on demand and switched off when not in use.


Operating temperatures of heating and cooling systems modulated for maximum efficiency.


Water pressure to be optimised where possible to reduce pump operating hours.


Where possible use cold fresh air to cool areas such as kitchens and the gym through the AHUs.


All public area AHUs stopped or reduced between 23.00 and 05.00.


Lighting in all BOH areas particularly loading bays and garages to be minimised from 21.00 to 05.00 leaving a minimum amount of lighting for CCTV safety and security purposes.


Monitor utility consumption on a daily basis and investigate any anomalous consumption immediately.


Keep outside doors closed to avoid heating/cooling loss.


Housekeeping to ensure the rooms in use are fully switched off after cleaning.


Security and maintenance personnel to ensure all areas are switched off during patrols.


Energy Management System


The Group also continued the rollout of its hotel energy management system, EDGE MARS, in five (5) hotels:


Corinthia St George’s Bay,

Corinthia Lisbon,

Radisson Blu Resort St Julians,

Corinthia Budapest,

Corinthia St Petersburg.


This digital energy management system uses AI and utilises a comprehensive network of sub-meters installed as part of the same project. It systemically identifies opportunities to improve energy performance and optimise the operation of the central plant and other site equipment, while also improving guest comfort. The system monitors energy use, and a follow up with hotel engineering, performed periodically to ensure that these events are tackled and sorted in a timely manner. All events are tracked and reported on.


The system was fully operational in 2023 at Corinthia St Georges, Corinthia Lisbon and Radisson Blu Resort St Julians. In Corinthia Budapest it started full operation in the last quarter of 2023, however, its implementation at Corinthia St Petersburg was suspended temporarily due to the prevailing circumstances in Russia.


BMS Upgrading


The BMS systems of Radisson Golden Sands in Malta and Corinthia Budapest were being upgraded as part of a renewal project. The systems are expected to be completed in 2024 and this would help improve energy efficiency further.




Using Water Efficiently










Total Volume of Water Withdrawn from Source









Municipal Mains Supply (volume from water meter)





Private Water Supplier by Bowser (volume from bowser receipts)





Groundwater Self-Abstraction (meter installed by WSC)





Private RO facility (sea-well) (private metering facilities)





Harvested Rainwater (volume of reservoir and number of times use)





Treated Wastewater (private metering facilities – if applicable)





Total water consumed





Total Guests





Water per guest (m3/guest)






Note: 2022 data was updated with latest figures and a correction due to misclassification was corrected.


The total water consumption increased by 8%, yet due to higher occupancy rates, the water consumed per guest actually decreased by 16% from 2022 figures. This improvement can be attributed to effective water management and monitoring practices implemented by the organisation.




The Group is diligently monitoring the evolving waste regulations as they unfold across the various territories in which the Group’s Hotels are located. Despite the dynamic nature of these regulations, the Group is committed to being ahead, especially where the regulations are lacking. To this end, a focus on avoidance, reduction, recycling and reuse has therefore been adopted across the Group’s operations.


Managing Waste










Waste by Type and Disposal method









Hazardous waste by type and disposal method





Acids (kg)





Solvents (kg)





Toxic metals (kg)





Batteries (kg)





Electronic equipment (kg)





Lamps (kg)





Other (kg)





Kitchen oil (kg)





Total Kg of hazardous waste generated










Non Hazardous waste by type and disposal method





Commingled (Cardboard + Plastic + Glass) (kg)





Cardboard (kg)





Glass (kg)





Metal (kg)





General waste (kg)





Organic Waste (kg)





Plastic (kg)





Construction waste (kg)





Total Kg of non-hazardous waste generated










Total Waste






The indicated increase in waste is attributed partly to an increase in the number of guests, but also to enhancements in data collection. Previously, not all waste streams were fully recorded, but recent improvements in data collection methodology and procedures are expected to improve accuracy and completeness of the gathered data. In addition, the Group is committed to continuously exploring and implementing solutions that promote waste avoidance and reduction, along with improved opportunities for recycling and reuse. Food waste is receiving particular attention, and a trial project using camera recognition and AI technology is being run to establish better monitoring methods and follow up actions to reduce food waste.




As the Group continues to grow, our founding ethos, known as the Spirit of Corinthia, becomes increasingly important. This ethos is based on a set of values inspired by our founder, captured under the concepts of Heart, Head, and Hands. These values are not only the cornerstone of our culture immersion programme, but also underpin our suite of learning programmes and orientation initiatives.


These values guide our colleagues in their daily interactions as they strive to fulfil their purpose of uplifting the lives of fellow colleagues, guests, and surrounding communities. No matter what role, colleagues are all expected to embody ‘The Spirit of Corinthia’ in their place of work.


Our values are also reflected in policies and procedures that are summarised in the Colleague Handbook, with an emphasis on:


How we take care of each other’s needs, our family friendly provisions, and our respect for diversity and inclusion (HEART).

How we use information and communication tools securely while respecting and protecting others’ data (HEAD).

How we ensure and safeguard the health and safety of everyone while behaving according to the highest ethical standards (HANDS).


As we strive to uplift colleagues’ lives, we focus on the following six areas of employee experience:



Enhancing well-being of colleagues


Ensuring colleagues feel involved


Recognising effort and commitment


Creating a place where colleagues belong


Understanding colleague needs


Growing colleague career with Corinthia


Our purpose of uplifting lives, guided by our core values, lie at the heart of every colleague’s journey with the Group. Delivering on our commitments across all aspects of the employee experience is vital to the success and sustainability of Corinthia Hotels. While we operate luxury Hotels in some of the most beautiful places in the world, our success is dependent upon the invaluable effort and contribution of all our colleagues .




As of 31 December 2023, the group employed 2,946 full-time and part-time employees (2,468 in 2022). The distribution of the workforce by gender and categories was as follows:


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