9th January 2014

International Hotel Investments p.l.c. (IHI) has entered into an agreement with the Libyan Foreign Investment Company (LFICO) to set up a joint stock company which will own a mixed-use development, incorporating the five-star Corinthia Hotel in Benghazi.

The project, located on a prime seafront site in Libya’s second largest city, will comprise a five-star hotel with an inventory of 259 rooms and suites, 10,000 square metres of office space, 2,000 square metres of retail space, two restaurants, meeting rooms, banqueting halls, a spa and a business centre.

The agreement for the setting up of the joint venture was signed by Mr Alfred Pisani, Chairman of IHI and Mr Khaled El Gonsul, Chief Executive of LFICO in the presence of Mr Nasser Najem, the General Manager of the Eastern Region of the Privatisation and Investment Board, Eng. Mustafa Shekhi representing the Benghazi local council and other dignitaries.

Mr Pisani stated that this was a significant milestone in the Corinthia connection with Libya and it was a strong sign of confidence in the future of the city. Benghazi is home to an extensive petrochemical sector and there are ambitious plans to enhance and expand the city’s infrastructure and facilities. He was confident that this event will mark the start of new projects in Libya. Mr Gonsul welcomed the Corinthia Hotel to Benghazi and praised the long standing investment that LFICO has held in Corinthia and was convinced that following the joint investment projects between Corinthia and LFICO, the Corinthia Benghazi Hotel will be another successful project.

The necessary planning permits for the project have been issued by the Benghazi planning authorities, demolition works started last week, and the project is expected to be completed in mid-2017.