This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Orient-Express Hotels Reports Second Quarter 2011 Results

Stocks 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,, 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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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