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Orient-Express Hotels Reports Third Quarter 2011 Results

Stocks in this article: OEH

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, 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 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.

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