International Hotel Investments yesterday posted a 464 per cent increase in its gross operating profits for the last half year period, which rose from e1.29 million in 2007 to e7.28 million for the last half-year time frame.

Revenues for the first quarter of 2008, the Malta Stock Exchange-listed company announced yesterday, amounted to e24.72 million for the six properties under its wing, while the corresponding figure for 2007 on four properties amounted to e10.99 million.

As for the recent development agreement for the recently acquired Metropole Hotel and 10 Whitehall Place in London, which were purchased in April for some e174 million from the British monarchy, the principal consultants on the refurbishment project have been appointed, the company said yesterday. Discussions are currently underway with the Westminster Council planning authorities to obtain planning consent.

Over the half-year period, the final phase of the Spa and Health Centre at the Corinthia Hotel Lisbon proceeded, while work is on schedule on the refurbishment project at the Corinthia Nevskij Palace Hotel and the development of the two adjoining sites in St Petersburg.