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Corinthia Hotels International and Hospitality Investors Group to form Strategic Alliance

Travel News Asia 13 July 2005

Hospitality Investors Group (HIG) and Corinthia Hotels International (CHI), are forming a world-wide strategic alliance whereby HIG will use its international network of relationships to aggressively assist CHI in expanding its Brand, already recognized as one of the fastest growing hospitality groups in Europe.

HIG will arrange the critical capital to allow for CHI, a Malta-based company, to grow its brand through management contracts to supplement the 20 mostly owned properties that make up CHIs current portfolio of four and five star hotels.

Karmenu Vella, chairman, Corinthia Hotels International (CHI) commented on the alliance, saying, we are confident that this new relationship with HIG will enable CHI to evaluate in a timely manner, transactions that will allow us to accomplish our goal of expanding Corinthias base from 20 properties to 50 in prime international locations over the next three years.

Frank Orenstein, chairman, Hospitality Investors Group, with offices in Scottsdale Arizona and Paris, France, said HIG is excited about the challenge of expanding an established brand that has an excellent track record of generating significant returns for owners; and is highly respected n the hospitality field for successfully pioneering some of the hottest destinations - Prague, Budapest, St. Petersburg (Russia), Turkey, and most recently Tripoli - long before the well known international brands moved in. There are many areas in the world that would benefit greatly from Corinthias success strategy and distinct style of hospitality.

Mr. Orenstein was instrumental in directing Four Seasons initial growth, expanding Novotel/Sofitel into North America, creating the worldwide brand for Park Plaza Hotels and Resorts, and in advancing HIGs portfolio into Polynesia, Latin America, the Caribbean and Canada.

Karmenu Vella, a former Minister of Tourism for Malta, joined CHI in 2001 and has been Chairman since 2002.

See other recent news regarding: Corinthia Hotels International

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