Corinthia Hotels’ parent company IHI delivers record performance in 2017

June 19th, 2018


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IHI’s record performance in 2017 resulted in EBHDA (earnings before interest, taxes, depreciation, and amortisation) reaching €61.3m and net profit close to €15 million, the best financial results in the 18-year history of the Company. On the strength of this performance, this month Corinthia Hotels’ parent company IHI announced a net dividend of two cents per share to its shareholders. The move followed confirmation of end-of-year results that show IHI’s continuing ability to outperform its performance on previous years – all the while forging ahead on developments that further establish Corinthia Hotels as a global luxury hotel brand.

At IHIs AGM on 5th June 2018, Joint CEO Simon Naudi described the dividend announcement as a consolidation of recent achievements. “Our firmest commitment is to pursue our shareholders’ financial interests,” he said. “The hotels and other businesses we run and operate delivered once again on the ambitious targets we set, and we have taken significant steps forward in the growth of our luxury hotel portfolio, with new hotels being signed up, and others well underway in their design and construction.”

IHI’s portfolio comprises 21 hotels, of which 13 are owned or partially owned. The remainder are owned by partner investors, some of whom are IHI shareholders. Four new landmark hotels – in Brussels, Bucharest, Doha and Dubai – are under development. Other than hotels, IHI also owns development, project management, catering and real estate companies.

2017 performance shows further evidence of a continuing growth trajectory over the past years. In 2013, only four years ago, IHI’s EBIDTA stood at €33.3 million. Last year this figure increased to €61.3 million – up from €53 million in 2016 – and is the result of higher revenues, greater efficiencies in IHI’s operating hotels and businesses, as well as revenue derived from acquisitions and new projects.

Reflecting on the latest chapter in IHI’s story of growth, joint CEO Joseph Fenech added: “Four fifths of our revenue is derived from our portfolio of owned or partially owned hotels, and it is heartening to see, in all instances, as with hotels we manage for third parties, an improved performance year on year. It is testament to the dedication and skills of our people – to all those who operate and support our properties.”

IHI’s adjusted EBITDA increased to €61 million, on a total revenue of €242 million,derived principally from the Group’s owned and managed hotel operations, with contributions from catering activities and third party service fees in project management.

BEST RATE GUARANTEE – GET YOUR FIRST NIGHT FREE

At Corinthia, we always strive to provide the best rates on our website. If you don’t think we have, we’ll pay for 100% of your room on the first night, and price match the rest. Should you find a lower price elsewhere, please submit a claim within 24 hours of your original booking and we will respond within two working days. Please note, this also applies to discounts and promotions available on Corinthia.com.

Process for making a claim:

Step 1. If within 24 hours of a confirmed reservation with Corinthia Hotels made on Corinthia.com, you find a lower rate for the same hotel, room type, inclusions, stay dates, discounts and payment conditions, please contact the relevant email address from the list below to make your claim. All claims must be made within 24 hours of the original booking and at least 24 hours prior to the standard check-in time of the hotel.

Step 2. Your claim should be supported by the URL where the lower rate was found and a screen shot which clearly displays the date of stay, room type, same hotel, inclusions and payment conditions of the lower rate offering on the competing website. Please include your contact information (name, email and phone number).

Step 3. If we are able to verify that the lower rate found qualifies for the Best Rate Guarantee, and all other terms and conditions are met, Corinthia Hotels will pay for 100% of the room charges of your first night, and will price match the room for the rest of your stay. You will be charged for all nights booked at the matched rate, minus the first night which will be free.

To make your claim, email the relevant hotel on one of the following:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]

First night free, match rate for rest of stay, no minimum nights

Terms and Conditions:

Corinthia Hotels guarantees the best online rate on corinthia.com based on the following terms and conditions:

1. Your original booking must have been made through corinthia.com.
2. The lower rate must be found and the claim submitted by email within 24 hours of the original booking and at least 24 hours prior to the standard check-in time at the hotel. If the original booking was made within 24 hours of arrival, the Best Rate Guarantee is not applicable.
3. The Best Rate Guarantee only applies to published rates available to the general public online, which can be found and booked immediately without any kind of restriction or payment restrictions.
4. The lower rate found must be for exactly the same booking criteria - the same hotel, the same room type, same inclusions, the same stay dates, same number of guests, the same rate description and, if applicable, the same promotion. The cancellation and advance purchase policy and all other terms and conditions of the stay must also be identical. If the claim refers to a reservation consisting of several nights' accommodation, the average rate for each night will be compared to the average rate for each night, for an identical reservation, using the website where the lower rate is found.
5. Corinthia Hotels will verify the lower rate claim and respond within two working days of the claim being made. *Claims will be processed from Monday to Friday, between 9am to 5pm, at the hotel's local time.
6. The rate comparison will be made net of any taxes, gratuities or any other fees or charges associated with the room rate, and the lower rate must still be available at the time the hotel validates the claim.
7. The Best Rate Guarantee is void where prohibited by law. Corinthia Hotels reserves the right to modify or cancel its Best Rate Guarantee policy at any time in its sole discretion and without prior notice.
8. Corinthia Hotels has the sole right and discretion to determine the validity of any claim, including without limitation, determining that the lower rate found is genuinely available and that the claim meets all terms and conditions. In case of dispute, Corinthia Hotels' decision is final.
9. In the case of a fully prepaid rate booked through corinthia.com, Corinthia Hotels will refund the difference to your credit card, if applicable, within 30 business days of submitting your claim. Corinthia Hotels is not responsible for any fees associated with cancelling a reservation made through a different channel.
10. Best Rate Guarantee will be suspended during times where corinthia.com or certain rates are not available due to an outage, a technical issue or a circumstance beyond Corinthia Hotels' reasonable control.
11. The Best Rate Guarantee does not apply to rates found offline, negotiated corporate rates, group or MICE rates, opaque provider rates or rates requiring membership in a club or other organization, governmental rates, direct mail or email solicitations, rates offered by providers that do not supply the name or location of the hotel until after a reservation has been made or other rates that are not available to the general public. We reserve the right to deny a claim if the availability of the Competing Rate cannot be independently verified at the time of processing the claim.
12. The Best Rate Guarantee does not apply to packaged rates. Packaged rates include Hotel accommodations sold as part of a travel package in which the Hotel does not provide all services (including but not limited to airfare and/or car rental, tours etc.) and Hotel accommodations sold with additional amenities.
13. Corinthia Hotels may deny a claim where the difference between the rates is less than 1%.
14. If the Competing Rate is in a different currency from the rate booked on corinthia.com, the Competing Rate will be converted into the same currency as the rate offered on our website using the exchange rate as published in www.xe.com in place at the time the initial reservation was made. Discrepancies may occur between Corinthia Hotels' rate and the Competing Rate due to differences in exchange rate sources. If the rate discrepancy is solely due to exchange rate fluctuations, we reserve the right to deny the claim.