The IHI Group, owner of the luxury Corinthia Hotel brand, is pleased to report that its annual earnings (EBITDA) for 2016 increased by 20 per cent over the previous year, reaching €53 million, the company said in a statement.

This significant improvement is the result of new revenue streams from recently added acquisitions, as well as continued growth in profits across the Company’s hotels and commercial operations. The figure takes into account all the Group’s businesses including IHI’s share of profits from associated companies.

IHI has also been focusing on the expansion of the Company’s business, in particular the Corinthia Hotels portfolio.

The Group acquired a new Corinthia Grand Hotel Astoria in Brussels last year, which is undergoing redevelopment, as well as signing three significant hotel management agreements in Dubai where another luxury Corinthia Hotel is under construction on the prestigious Jumeirah beach.

Further hotels are expected to be added to the Corinthia portfolio in the near future as the Group pursues a strategy to globalise the brand through a collection of owned and managed hotels.

IHI Chairman Alfred Pisani said: “We are delighted with the results. We are continuously seeking to add more properties to our portfolio in our drive to turn Corinthia into a global luxury hotel brand.

“The management agreements we have signed in Dubai and other places are just the beginning. We expect to see many more of these in the years ahead and I have no doubt we will succeed in our objective.”

The Company also intends to once again be issue a 3 per cent bonus share in favour of shareholders registered up till 30 June. Further information will be made available in due course.

IHI is an owner, developer and, through Corinthia Hotels, the operator of the Corinthia brand.