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TheStreet Open House

Orient-Express Hotels Reports Second Quarter 2011 Results

Stock quotes in this article: OEH

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."

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