The improvement in the performance of IHI-owned hotels noted in the last group’s half-yearly report was sustained in the actual results up to the end of September 2012, the directors reported in an interim report.

This was mainly the result of an improved performance at the Corinthia Hotel St Petersburg and the Corinthia Hotel Tripoli.

The performance of Corinthia Hotel Lisbon and Corinthia Hotel Budapest was lower than that registered in the same period in 2011 on account of the prevailing economic conditions in Portugal and Hungary.

The Corinthia Hotel London has continued to consolidate its position in the market which in financial terms is reflected in year-on-year improvements in its operating results. The 12 luxury apartments in Whitehall Place have also been completed in October 2012.

The Commercial Centre in St Petersburg has attracted further leases and should close the year with revenues increasing by 100% over 2011.

The global distribution system which has been developed by CHI, the management arm of IHI, continued to generate improved results with an increase of 75% in revenues over 2011. Revenues generated by the system represent 19% of total revenue, an increase of seven percentage points over 2011.

Current forecasts indicate that the Group’s EBITDA will reflect an overall improvement over that registered in 2011. However, in view of the unpredictable conditions prevailing in the countries in which the group operates, it is still early to assess the eventual impact, if any, on the value of the group’s properties at the end of the year.