Maltese hotel chain International Hotel Investments, which owns the Corinthia brand, reported a significant doubling of energy costs

Having taken a serious hit during the pandemic, the hotel group is now suffering from inflation, which entails rising costs for wages, fuel and a wide range of goods. Energy costs alone increased by 93.48% year-on-year. All this is happening against the backdrop of rising borrowing costs and rising interest rates.

However, Corinthia has achieved a strong recovery, taking unpopular measures such as reducing its workforce by 15% compared to 2019. Revenue in 2022 was €238.2 million, with the hotel segment growing by 95% year-on-year. The overall revenue level was 89% of the 2019 level.

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