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
TheStreet Open House

Orient-Express Hotels Reports Third Quarter 2011 Results

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

Third Quarter Earnings Summary

  • Third quarter total revenue, excluding Real Estate, up 17% to $183.2 million
  • Revenue from Owned Hotels up 16% to $150.0 million
  • Same store RevPAR up 19% in US dollars, up 14% in local currency
  • Adjusted EBITDA before Real Estate up 29% to $46.7 million
  • Adjusted net earnings from continuing operations increased to $19.9 million from $6.1 million in the third quarter of 2010

Key Events

  • Completed the refinancing of an $88 million loan on Copacabana Palace, Rio de Janeiro, and Hotel das Cataratas, Iguassu Falls. The new $115 million loan has a maturity of three years and includes a $15 million capital expenditure facility
  • Completed the financing of a new $45 million loan facility for renovation works at El Encanto, a 92-key historic property in Santa Barbara, California, scheduled to open in late 2012
  • Opened Bar '21', a new bar and lounge at '21' Club, New York
  • Launched eight week digital brand awareness campaign in the US market

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 third quarter ended September 30, 2011.

"The Company's growth in operating results in the third quarter reflected continued robust demand for our luxury leisure travel products in most of our markets. We were pleased by the strong performance of our iconic Italian portfolio of properties, most of which are on track to achieve their best ever annual results," said Bob Lovejoy, Chairman and Interim Chief Executive Officer. "Worldwide revenue excluding Real Estate grew by 17% compared to the third quarter of 2010. Adjusted EBITDA before Real Estate grew for the seventh consecutive quarter, increasing by 29% compared to the prior year quarter.

"Looking forward, we see a continuing positive demand picture in our markets. Rooms revenue achieved and on the books for the fourth quarter of 2011 is currently 19% above the same figure at this time last year. Rooms revenue on the books for 2012 is currently 18% ahead of the same time last year.

1 of 8

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!


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

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