Bankruptcy Watch: 10 Riskiest Hotel Stocks

Orient-Express Hotels

Altman Z-Score, Current: 0.68

Altman Z-Score, 2009: 0.71

Orient-Express Hotels(OEH) came in with a trailing-12 month Z-Score of 0.68, worse than the 0.71 it logged in 2009.

The owner or part-owner of 50 hotel and travel properties in 24 countries, including deluxe hotels, grew revPAR in every region it operates in last quarter, helping it drastically narrow quarterly losses.

The Bermuda-based hotelier's overall performance was "a solid and better than expected report driven by international markets," Citigroup(C) analysts said.

>> Orient-Express Shares Play Catch Up

Orient-Express' quarterly performance was far from stellar, but results were a marked improvement from the corresponding period in 2009. RevPAR grew in North America by 16% in local currency. RevPar in South Africa surged 57%, 32% in South America, 12% in Asia Pacific and 1% in Europe.

Quarterly revenue and earnings included insurance income of $2.8 million from PeruRail, which was impacted by the damage to tracks caused by regional floods during the first quarter of 2010.