Corinthia Hotels International (CHI) and Hospitality Investors Group LLC (HIG) Announced a Strategic Alliance to Launch an Aggressive Expansion Campaign for the Corinthia Brand Internationally Including North America
Karmenu Vella, chairman, Corinthia Hotels International (CHI) and Frank Orenstein, chairman, Hospitality Investors Group LLC (HIG), made a joint announcement about 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. The announcement stated that 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 CHI's current portfolio of four- and five-star hotels.
The announcement was timed to immediately follow Corinthia's gala launch event held in New York on June 28 at the Mandarin Oriental Hotel, to introduce CHI to the North American Travel Industry and press. According to Vella "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 Corinthia's base from 20 properties to 50 in prime international locations over the next three years."
Orenstein, 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 in 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 Corinthia's 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 HIG's 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.
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