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Orient-Express Hotels Reports Fourth Quarter 2011 Results Highlights

HAMILTON, Bermuda, February 23, 2012 /PRNewswire/ --

  • Fourth quarter total revenue, excluding real estate, up 10% to $135.9 million
  • Fourth quarter revenue from owned hotels up 9% to $107.6 million
  • Same store revenue per available room ("RevPAR") for the quarter up 11% in US dollars, up 15% in local currency
  • Adjusted EBITDA before real estate for the fourth quarter up 31% to $21.2 million
  • Fourth quarter adjusted net loss from continuing operations $9.1 million ( $0.09 per common share) compared to a loss of $15.3 million ( $0.16 per common share) in the fourth quarter of 2010
  • Sold excess development rights in New York, recording a gain of $16.0 million, and repaid associated debt of $4.5 million
  • Completed the sale of Keswick Hall, Virginia, in January 2012 for $22.0 million and repaid associated debt of $10.0 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 fourth quarter ended December 31, 2011.

"The fourth quarter provided a solid close to a year of good financial and operating progress for Orient-Express. In 2011, many of our properties achieved their all time best annual results," said Bob Lovejoy, Chairman and Interim Chief Executive Officer. "In the fourth quarter we continued to grow our top line, with total revenue before real estate increasing 10% compared to the fourth quarter of 2010. The fourth quarter also marked the eighth straight quarter of growth in revenue and adjusted EBITDA (both excluding real estate), which increased by 10% and 31%, respectively, over the same quarter of the previous year.

"During the course of 2011, we continued to strengthen our balance sheet and were pleased to achieve by the end of the year our interim goal of a net debt to adjusted EBITDA (excluding real estate) ratio of less than 5 times. Since the end of the quarter, this strengthening has continued through our program of selected disposal of non-core properties. In January 2012, we completed the sale of Keswick Hall, Virginia, for $22.0 million and we repaid $10.0 million of associated debt.

"As we look ahead to 2012, we are encouraged by our booking patterns, which indicate continued healthy demand in the luxury travel sector. Total revenue from owned hotels achieved and on the books for 2012 is currently about 8% above the comparable total at the same time last year."

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