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Istithmar invests overseas

Dubai?s Istithmar Hotels, a subsidiary of Istithmar, a private equity and alternative investment company, has announced that it will make a significant strategic investment in Malta-based International Hotel Investments (IHI).

Dubai’s Istithmar Hotels, a subsidiary of Istithmar, a private equity and alternative investment company, has announced that it will make a significant strategic investment in Malta-based International Hotel Investments (IHI).

Istithmar Hotels has subscribed to US $237 million (EUR178 million) in new shares issued by IHI, which will increase the company’s share capital to around $667 million.

The investment by Istithmar Hotels will provide IHI with the financial resources to expand its business through the acquisition of new hotels and the development of five-star hotels in Europe and across the world. The allotment of shares to Istithmar Hotels is subject to various statutory and regulatory approvals and it is intended the transaction will close by March 2007.

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