Corinthia Revenue From US Market Shows Dramatic Growth

70% Increase in Room Revenue in 2006

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. October 14, 2008

JANUARY 30, 2007. Corinthia Hotels has announced a dramatic 70% growth in 2006 of overall room revenues from the US market. This includes Corporate Travel, Meetings and Incentives as well as Leisure. The announcement was made by Ann Tillman, VP Sales and Marketing, Corinthia Hotels USA.

Tillman, in commenting about this remarkable increase in one year, said "although we only launched Corinthia in the US in January 2005, our success here is mainly due to our product and our people. The Malta-based Corinthia Hotels are a group of five-star city-center luxury properties located in some of the hottest destinations in Europe - Lisbon, Portugal; Prague, Czech Republic; Budapest, Hungary; Malta - as well as St. Petersburg, Russia and Tripoli, Libya. We distinguish ourselves from other luxury properties by radiating the 'Spirit of Corinthia,' the warm hospitality that originates from our roots in Malta."

Geoff Andrew, Group Director, Sales & Marketing, Corinthia Hotels, said "We see the US market as probably our greatest growth opportunity over the next 2-3 years, particularly since the finalization of our new agreement with Wyndham Hotel Group. Corinthia's increase in business from the US also reflects the fact that American travelers are becoming more adventurous in their choice of destinations in Europe and are truly appreciating the beauty and attractions of places like Budapest, Prague and Lisbon."

The Meeting, Incentive, Conference and Event (MICE) Market as well as Corporate Travel have been the major thrusts in the US market, according to Tillman. The Corinthia Lisboa Hotel in Lisbon, the Corinthia Grand Hotel Royal in Budapest, the Corinthia Towers Hotel in Prague, the Corinthia San Gorg in Malta and the Corinthia Bab Africa in Tripoli, represents the largest conference center hotels in their respective cities. In St. Petersburg, the Corinthia Nevskij Palace Hotel, upon completion of their expansion in 2008, will also be the largest hotel conference facility in that City.

Tillman said "in Budapest, the City that made spa living the by-word of health and wellness, the Corinthia Grand Hotel Royal just completed the 4 million Euro (more than $5 million USD) renovation of its historic Royal Spa. This cutting edge, luxurious spa facility, has already proven to be a major draw for the American market."

What has also given Corinthia the competitive edge in the MICE market is their unique program called events@corinthia. "We have a Corinthia promise. We guarantee a 24- hour response to any RFP for group business and we guarantee our quotes in US Dollars," said Tillman. "We also offer free in-room internet access for US groups. But what is truly unique is our dedicated traveling event assistant. Every group organizer is assigned an events@corinthia assistant on 24-hour call. If an organizer is planning another conference at another Corinthia hotel in a different country, we will send that same assistant to the other city to brief the new team and welcome the organizer. This is because we at Corinthia are committed to ensuring the success of every event.

Corinthia Expects Even More Growth in 2007

Tillman said that Corinthia also expects to see a major increase in revenue in the US market in 2007. "As more and more meeting planners, travel managers and agents become familiar with our product, they are 'sold'," said Tillman. "We already have confirmed bookings for this year from new group business as well as new corporate clients." Tillman estimates that 65% of 2007's revenue will be generated by group business and the remaining 35% by corporate and leisure.