Download
	International Hotel Investments plc - Prospectus 24th January 2003

The Company

International Hotel Investments plc (IHI) was incorporated in March 2000 by the Corinthia Group, a leading international hotel company originating in Malta, to develop and invest in upscale hotels in various countries in Europe and the Mediterranean region. Upon inception IHI acquired Five Star Hotels Ltd., the owner of the five-star Corinthia San Gorg in Malta, IHI Hungary Rt (formerly Corinthia Investments (Hungary) Kft), owner of the Corinthia Grand Hotel Royal in Budapest and a 20% shareholding in both Corinthia Hotels International Ltd., the management company, and Quality Project Management Ltd., the construction and project management company specialising in hotel projects. Since incpetion IHI acquired another two hotels: the Alfa Lisboa Hotel in Lisbon (Portugal) and the Nevskij Palace Hotel in St.Petersburg (the Russian Federation).

Use of Proceeds

The net proceeds from the bond issue have been used by the Company to fund the re-development and refurbishment of the Corinthia Alfa Hotel in Lisbon, Portugal which the Company acquired in 2001 for a total acquisition cost of €47 million. The refurbishment project was estimated to cost €25 million, funded through banking facilities from Eurohyp Bank for €12.5 million on a 20 year basis and the balance through two bond issues. The refurbishment project includes the completion of the high-rise building’s top five floors, which had never been completed by the previous owners, therefore increasing the hotel’s number of rooms from 430 to 531. The project also included the refurbishment of the property’s remaining hotel rooms, public areas and conference facilities.

Security & Status

Unsecured & Unsubordinated

Coupon

6.3%

Amount Issued

€14,018,268

ISIN Code

MT0000111220

Maturity

The Bonds will be redeemed at 100% (par) on 15 February 2013.

Interest Payment

Annually on 15 February

XD Date

1 February

Listing

Official List

No of Bondholders

2,570

Directors

Alfred Pisani, Mustafa Khattabi, Giuseppe Sita, Joseph Fenech, Joseph J. Vella, Frank Xerri de Caro, Simon Naudi, Khaled Al Kamda and Richard Johnson.