A €55 million bond issue by International Hotel Investments closed within hours of opening to the public following overwhelming demand, with applications exceeding €148 million, the company said in a statement.

IHI Chairman Alfred Pisani said: “We are humbled by the reaction and wish to thank shareholders, financial intermediaries and the investing public once again for their unerring support. The rate of oversubscription for this bond offer, which reached unprecedented levels, is truly remarkable and reflects investor confidence in the Corinthia brand.”

The bonds, which carry an interest rate of four per cent per annum and are redeemable in 2026, are secured by the company’s award-winning Corinthia Budapest Hotel.

Existing IHI shareholders were given preference to subscribe to the first €30 million of the bonds while the remaining €25 million was offered to the public. The Company will announce details of its acceptance and allocation policy in the coming days.

IHI, the publicly traded company of Corinthia, owns 11 five-star hotels in several cities including Brussels, Budapest, St Petersburg, Lisbon, Prague, Tripoli, Malta and London.