IHI reports growth in its core operations as asset-light strategy gathers pace

International Hotel Investments plc (IHI), the owner, developer and operator of the Corinthia hotel and real estate portfolio, reported growth in its core operations in its mid-year financial statements.

The Group also continued to expand its third-party hotel management business through the signing of new agreements for future Corinthia-branded properties, supporting the roll-out of its asset-light strategy which is expected to underpin accelerated growth over the coming decade.

Total Group revenues exceeded the €150 million mark for the first half of 2026, with like-for-like revenue increasing by six per cent year-on-year, after excluding the Lisbon hotel following its partial sale in April 2026, as well as the ramp-up phase for the Rome Hotel which was launched midway through the period under review.

On the same basis, excluding the impact of the Lisbon sale and Rome operations, EBITDA increased by 18 per cent to €19 million, compared to the €16 million generated in the first half of 2025. This reflects the strength of the Group’s underlying operations.

Year-end forecasts indicate EBITDA to stabilise at the same level to 2025 notwithstanding lower contributions from the Lisbon asset sold in 2026. Furthermore, mid-year reported losses after tax do not include property revaluations as will be reported at the year’s end financial statements.

The period under review included some significant milestones, including

• the opening of the flagship Corinthia Rome;
• the signing of a new management agreement to operate a luxury property to be developed in Puglia, Italy; and
• the disposal of a majority interest in the Corinthia Lisbon.

The Lisbon transaction was an integral part of the Group’s strategy to monetise its real estate investments over time, with the scheduling of individual asset sales carefully managed to maximise value and returns.

The proceeds from the sale of the majority stake in the Lisbon hotel enabled the Group to allocate over €100 million towards the repayment of bank and other borrowings and to fund an €18 million interim dividend, whilst retaining the Lisbon hotel’s management agreement and a 28 per cent interest in the property.

Group Chairman Alfred Pisani said: “Our focus is increasingly on expanding the Corinthia brand internationally through development and management agreements, generating recurring fee income while relying predominantly on third-party capital for new hotel developments. This asset-light model enables the Group to leverage its development and management capabilities without committing significant capital to property ownership.

“The opening of Corinthia Rome and the addition of Puglia to the Group’s management portfolio mark further progress in the execution of this strategy. These developments build on the recent openings of Corinthia-branded hotels in New York and Bucharest, both owned by third parties and managed by the Group, as well as the Group-owned hotel in Brussels, all of which are now beginning to contribute to earnings.”

Hotel development projects are also progressing in Beverly Hills, Turks & Caicos, Dubai, Doha, Riyadh, Tuscany, Lake Como, the Maldives and Chengdu. Group companies are involved in these projects as hotel operators, development partners or providers of technical services. Virtually all of the capital required for these developments is being provided by third-party partners, underscoring both Corinthia’s strong track record as an operator and developer and the asset-light nature of the Group’s growth strategy.

The Group continues to evaluate strategic options for its other owned assets, including a potential sale of its Prague property, with a view to allocating any proceeds towards debt reduction, further dividends, and strategic capital expenditure and investments. Amendments to the Prague Metropolitan Plan, approved by the Prague City Council and due to come into effect in September, will permit residential development alongside hospitality uses on the Group’s site. These amendments are expected to enhance the property’s development potential and underlying value.

The first half of 2026 demonstrates the resilience of the Corinthia Group’s underlying business model and progress in the strategic evolution of the Group towards a development and management company.