Asset-light strategy powering Corinthia’s international growth, says Group Chairman Alfred Pisani

International Hotel Investments (IHI, the owner, developer and operator of the Corinthia hotel and real estate portfolio) is “increasingly focusing on expanding the Corinthia brand internationally” through an asset-light model, said Group Chairman and Founder Alfred Pisani in comments made on the presentation of its interim results.

The strategy “enables the group to leverage its development and management capabilities without committing significant capital to property ownership,” he said, with a focus on development and management agreements generating recurring fee income while relying predominantly on third-party capital for new hotel developments.

He pointed to the recent opening of Corinthia Rome – leased and managed by Corinthia, but owned by Reuben Brothers – and the addition of Puglia to the group’s management portfolio as examples that “mark further progress in the execution of this strategy.”

These developments, he said, “build on the recent openings of Corinthia-branded hotels in New York and Bucharest, both owned by third parties and managed by the group, as well as the group-owned hotel in Brussels, all of which are now beginning to contribute to earnings.”

While Corinthia was traditionally in the business of owning, developing and managing its own hotels, a shift in strategy in recent years has seen it grow at a much faster pace, with its hotel pipeline now including properties in Riyadh, the Maldives, Turks and Caicos, Dubai, Lake Como, Puglia, Santarem, Tuscany and Chengdu.

The asset-light strategy gathering pace is expected to underpin accelerated growth over the coming decade, said the group.

Its interim results show growth in its core operations, with total group revenue exceeding €150 million in the first half of 2026.

Excluding results from the Lisbon hotel (which was partially sold earlier in 2026, with Corinthia retaining its management and a 28 per cent ownership stake) and the Rome hotel, which was launched mid-way through the period under review, revenues increased by 6 per cent while EBITDA increased by 18 per cent.

Total Group revenues exceeded the €150 million mark for the first half of 2026, with like-for-like revenue increasing by six per cent year-on-year, after excluding the Lisbon hotel following its partial sale in April 2026, as well as the ramp-up phase for the Rome Hotel which was launched midway through the period under review.

On the same basis, excluding the impact of the Lisbon sale and Rome operations, EBITDA increased by 18 per cent to €19 million, compared to the €16 million generated in the first half of 2025. This reflects the strength of the Group's underlying operations.

Year-end forecasts indicate EBITDA to stabilise at the same level to 2025 notwithstanding lower contributions from the Lisbon asset sold in 2026. Furthermore, mid-year reported losses after tax do not include property revaluations as will be reported at the year’s end financial statements.

The sale of a majority stake in the Lisbon hotel in a €150 million transaction was “an integral part of the group’s strategy to monetise its real estate investments over time, with the scheduling of individual asset sales carefully managed to maximise value and returns,” it said.

The proceeds from the sale of the majority stake in the Lisbon hotel enabled the group to allocate over €100 million towards the repayment of bank and other borrowings and to fund an €18 million interim dividend.

The successful divestment of a majority interest in the Lisbon hotel, said IHI, “marked an important milestone in the implementation of the group’s capital recycling and asset management strategy.”

As part of this strategy, the group announced last week that it is evaluating the potential of its Prague hotel following a major change to Prague’s planning framework which has significantly improved both its redevelopment potential and therefore the prospective value of the property.

IHI has appointed architects and professional advisers to assess the property’s full development potential under the new planning regime.