Reorganisation to lead to leaner Corinthia Hotels International

International Hotel Investments, which owns Corinthia-run hotels, has announced a major reorganisation of its management arm Corinthia Hotels International, to create a leaner organisation "more responsive to market requirements".

IHI said there had been a marked improvement in the performance of IHI-owned hotels during the first quarter of 2012 over the corresponding period in 2011, largely led by the Corinthia Hotel Tripoli which is gradually returning to a stabilised performance.

The Corinthia London Hotel has been registering improved performances in the first quarter of 2012 compared to the budget set for the period.

"The seven penthouse suites which were launched in early 2012 are making a considerable contribution to revenue. Work is close to completion on the twelve luxury apartments in Whitehall Place," IHI said.

Significant improvements in performance were also registered by the St Petersburg and Prague properties as each of these hotels improved their market share in their respective locations.

For the first time the results for this quarter include the Marina Hotel which was acquired by IHI earlier on this year. "These improved results have been registered in the first quarter of the year under review despite the difficult economic conditions in the main feeder markets - a situation that is expected to remain challenging in 2012," IHI said.

IHI said in a company statement that the company's internally-developed reservation and distribution system has been successful, generating a sustained increase in higher-rated business.