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Bankruptcy Watch: 9 Risky Hotel Stocks


Orient Express Hotels (OEH)

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Altman Z-Score, Trailing 12 Months: 1.01

Altman Z-Score, Last Fiscal Year: 1.05

Orient Express Hotels (OEH)

Orient Express saw its Z-Score fall slightly in the trailing 12 months to a reading of 1.01 from 1.05 in the last fiscal year, putting it squarely in the danger zone of Altman's bankruptcy algorithm.

Orient Express -- which owns and manages 50 properties in 24 countries including 41 individual deluxe hotels, one stand-alone restaurant, six tourist trains and two river/canal cruise businesses -- is in the midst of significant executive changes. On July 8, the hotel and travel company announced that CEO Paul White resigned from his post and from the board of directors. Board chairman Bob Lovejoy, a director since 2000, was named interim CEO while a replacement is found.

Earlier this year, Chairman James Hurlock and Founder, former Chairman and Director James Sherwood announced their retirement from the board.

Orient Express is due to report its second-quarter results on Aug. 2. Analysts expect the firm to earn $11.6 million, or 11 cents per share, on revenue of $175.2 million. That would compare with a year-earlier net loss of $800,000, or a penny loss per share, on revenue of $173.4 million.

In its first quarter, Orient Express said it saw a "continued recovery of the luxury travel market," with overall revPAR up 8% in U.S. dollars. It said revenue across its geographic portfolio improved in all regions, led by 10% growth in Brazil and 27% growth in the Asia Pacific region.

Net revenue soared 48.1% to $103.1 million, while net losses widened slightly to $14.9 million, or 14 cents loss per share, in the first quarter from $13 million, or 15 cents loss per share, a year ago.


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