Being a small island does not stop us from having big dreams. From creating a social media presence to building an international business, Maltese people are small but mighty. We can do anything we set our minds to, and we have some big names which prove that we are capable of great things.
A great example of a business venture which started out as a dream is the Corinthia Group. Back in 1962, Alfred Pisani and his family opened their first-ever establishment which was a fine-dining restaurant. After a few years, Pisani’s flagship restaurant transformed into their initial hotel, the Corinthia Palace Hotel.
Corinthia Palace Hotel Company Limited is the parent company of the Group and started its ventures in 1968. In 2000, International Hotel Investments p.l.c was established as the Group’s public trading name.
Over the years, Corinthia developed its competencies as investors, developers and operators of luxury hotels and branded real estate.
Their goal is not to buy trophy hotels, but to create and breathe life into them. 23 hotels across three continents currently operate or are being developed under their expertise.
Being at the forefront of business for the past 50 years, Corinthia now has the possibility to further expand its portfolio on an international level, into new locations. Their goal is to expand further the Corinthia brand, making a name for themselves in New York, Rome, Brussels, Doha, Bucharest, and Moscow, amongst others.
The Corinthia adventure is still very much alive, with adrenaline pumping, and the horizon is widening.
Let’s have a look at some of their upcoming projects;
Corinthia Hotel Rome
In 2019, Rueben Brothers, prominent private equity, real estate investment and development, and debt financing entity, acquired the former seat of the Central Bank of Italy in Parliament Square. With the premises located in central Rome, Rueben Brothers contractually agreed with Corinthia to develop, lease and operate it as an ultra-luxury 60-room hotel. Work is ongoing and Corinthia Hotel Rome is set to open its doors in 2023.
Corinthia Hotel New York
Corinthia has always wanted to expand its horizons to New York, and this dream is finally becoming a reality. It has entered into a 25-year hotel management agreement with the Reuben Brothers. They own a luxury Upper East Side hotel in New York City, which will be extensively refurbished and reopened in early 2023 as a 97-guest room Corinthia Hotel complete with a spa, gym, and 12 luxury residences.
Corinthia Oasis holds an 83,900m2 unique site located on the northwest coast of Malta. In July 2021, the Group had submitted a revised planning application for the development of a luxury resort over this site. The regeneration project will include a 162-room resort hotel, a top-tier spa and wellness centre, 25 detached hotel-serviced residences, and a whole host of resort amenities.
Corinthia will be managing and operating a luxury hotel that is currently being built on Gewan Island. This hotel will feature 110 guest rooms and other luxury facilities. Management by Corinthia will also extend to the adjacent branded villas, golf course, and yacht club. Whilst the beach and yacht club are set to open in 2022, the hotel and villas are planned to open in 2023.
On a joint venture, Corinthia is also currently developing a landmark property in central Moscow, close to Red Square, into a mixed-use real estate project. This project includes a luxury boutique hotel, 109 upmarket residential serviced apartments for re-sale, high-end retail and commercial outlets.
This project is also a joint venture. The elegant hotel which will be entitled Corinthia Astoria, is currently being reconfigured and reorganised. Once completed, the hotel will offer unrivalled amenities in the city of Brussels. Initial works have started and Corinthia Astoria is set to be completed in 2023.
Corinthia looks forward to continuing bringing to life the Maltese dream, peppering the world with luxury hotels and our island charm. Keep an eye out for these pioneers as they have big dreams which they are successfully turning into reality.
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