Malta's Corinthia brand will open new hotels in Bucharest, Rome, Doha, New York and Brussels next year and in 2024 but parent company International Hotel Investments (IHI) faces uncertainty over its operations in Russia and Libya. Details were given in a company statement issued to the stock exchange by IHI covering the period up to December 2021, which was before Russia's invasion of Ukraine. IHI has owned a hotel in St Petersburg, Russia, with an adjoining commercial centre for 20 years. The group also owns a 10% equity share in a hotel and residences project in central Moscow. The combined interest in St Petersburg and Moscow represented approximately 8% of the group’s total revenue and assets in 2021. The Corinthia St Petersburg hotel remains operational, but the group said sanctions imposed on Russia and counter-sanctions that Russia itself has introduced are being carefully monitored and fully adhered to on the advice of its specialist legal advisers. The consequence of the current situation will depend largely on the duration of the conflict. The project in Moscow started in 2019 when IHI acquired a 10% share for US$5.5 million in a company formed with a consortium of...