A hotel group that counts the Libyan government among its shareholders is preparing for a £700m London flotation.
International Hotel Investments (IHI), which will reopen the former Metropole near Trafalgar Square this year, is being advised by Collins Stewart.
The company, which is already listed in Malta, is controlled by the Corinthia Group, set up by IHI chairman Alfred Pisani in 1962 and is co-owned by Libya’s state investment arm. Corinthia sold a one-third stake in IHI to Nakheel Hotels, the Dubai property group, for £150m in 2007.
Instead of selling out, investors are seeking to raise £100m to fund hotel development. It already has projects in Prague, Tripoli and Lisbon. Pre-tax profits in 2008 were £19.5m on sales of £112m.
IHI acquired the Metropole from the Crown Estate two years ago and is nearing the end of a £270m redevelopment…read more