This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Orient-Express Hotels Reports Second Quarter 2011 Results

HAMILTON, Bermuda, August 2, 2011 /PRNewswire/ --

Second Quarter Earnings Summary

  • Second quarter total revenue, excluding Real Estate, up 23% to $177.4 million
  • Revenue from Owned Hotels up 25% to $145.2 million
  • Same store RevPAR up 20% in US dollars, up 14% in local currency
  • Adjusted EBITDA before Real Estate up 28% to $41.1 million
  • Adjusted net earnings from continuing operations for the quarter of $7.5 million, compared to $3.3 million in the second quarter of 2010

Key   Events

  • Announced the planned opening in summer 2012 of Palacio Nazarenas, a 55 key all suite hotel in a former palace and convent in Cuzco, Peru
  • Reopened Napasai, Koh Samui, following a one month closure to create a new seven acre lagoon and nature reserve
  • Hotel Caruso, Ravello, ranked Top Resort in Europe in Travel + Leisure (US) World's Best Awards 2011 readers' survey
  • Maroma's Kinan Spa voted best spa in Mexico & Central America by readers of Condé Nast Traveler (US)
  • Completed the €18.0 million ( $26.1 million) refinancing of loans secured on La Residencia, Mallorca, with maturity of three years
  • Completed sale of Hôtel de la Cité, Carcassonne, on August 1 for €9.0 million ( $12.9 million)

Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners and managers of 49 luxury hotel, restaurant, tourist train and river cruise properties operating in 24 countries, today announced its results for the second quarter ended June 30, 2011.

"Orient-Express performed well in the second quarter, reflecting continued positive momentum in the luxury leisure travel market and the solid performance of our iconic properties as well as our train, cruise and other assets," said Bob Lovejoy, Chairman and Interim Chief Executive Officer.  "Revenue excluding Real Estate grew by 23% compared to the prior year period, driven by strong performance in Europe, particularly our Italian properties.  Adjusted EBITDA before Real Estate increased by 28%, compared with the second quarter of last year, and we delivered our sixth consecutive quarter of RevPAR growth."

"Looking forward, we are encouraged by signs of continued recovery in our market - including favorable booking trends. In addition, we see substantial potential to grow revenue through disciplined capital expenditure programs and our marketing and brand-building initiatives, as well as opportunities to enhance profitability through continued operational improvement.  Orient-Express has a deep team of seasoned operating professionals implementing the Company's long-term strategy, and we are keenly focused on profitable growth and building long-term shareholder value."

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,254.74 +122.04 0.67%
S&P 500 2,111.56 +7.06 0.34%
NASDAQ 4,991.8640 +28.3370 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs