This Day On The Street
Continue to site
ADVERTISEMENT
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

Orient-Express Names John M. Scott III President And Chief Executive Officer

HAMILTON, Bermuda, November 8, 2012 /PRNewswire/ --

Orient-Express Hotels Ltd. (NYSE: OEH) today announced that John M. Scott III has been appointed President and Chief Executive Officer and a Director. Mr. Scott, 47, is an experienced operator of luxury hotels who most recently served as President and CEO of Rosewood Hotels & Resorts, where he oversaw a portfolio of 17 ultra-luxury hotels located in seven countries with combined revenues of more than $500 million.

" John Scott is a talented and highly regarded leader in the global hotel industry and we are excited to welcome him to Orient-Express," said J. Robert Lovejoy, Chairman of the Board.  "During his time at Rosewood, John was responsible for doubling the number of hotels under management, significantly increasing EBITDA and securing an active development pipeline of new hotel projects.  With a deep understanding of the ultra-luxury lodging sector and proven industry experience in strategy, operations, finance, and brand building, John has the right skills and qualifications to drive growth and deliver on the tremendous potential of Orient-Express' portfolio of iconic and irreplaceable properties."

"Orient-Express is a legendary brand synonymous with excellence, sophistication and personality," said Mr. Scott.  "With a unique collection of one-of-a-kind assets and a business model and culture that ensures the highest quality service and guest experience, Orient-Express is among the world's premier luxury hotel and travel companies.  I am excited to join Orient-Express and look forward to working together with the Board and management team to expand the business, grow profitability and significantly increase shareholder value, while providing our guests with experiences and memories that last a lifetime."

Added Mr. Lovejoy, "On behalf of the Board, I want to thank Philip Mengel for serving as interim CEO for the past six months.  We look forward to his continued contributions as a Director on our Board.  Having a seasoned leader at the helm provided us with the flexibility to conduct the thorough search that led us to John Scott."

Response to Unsolicited Acquisition Proposal

Orient-Express also announced that its Board, after consultation with independent financial and legal advisors, has unanimously determined that the unsolicited proposal from The Indian Hotels Company Limited and certain affiliates and third parties to acquire all of the outstanding shares of Orient-Express for $12.63 per share in cash (the "Indian Hotels Proposal") significantly undervalues Orient-Express and its unique assets and is not in the best interests of Orient-Express and its shareholders.  The Company informed Indian Hotels of its decision in a letter included below.

Mr. Lovejoy said, "The Board is deeply committed to creating value for our shareholders and will take whatever actions it believes will best accomplish that objective.  We carefully evaluated the Indian Hotels Proposal in that spirit but unanimously concluded it is deeply unattractive from a financial perspective. Importantly, the Board believes the current macroeconomic environment, conditions in the luxury hotel business and factors unique to Orient-Express would make this a highly disadvantageous time to sell the Company to realize its true value.  Orient-Express has exciting prospects and an unrivalled collection of one-of-a-kind luxury properties that it is taking concerted actions to optimize. With the appointment of a world-class CEO, whom the Board is confident will drive superior long-term value, we believe Orient-Express has a bright future as an independent company serving the interests of shareholders as well as guests."

1 of 5

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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

DOW 18,009.94 -116.18 -0.64%
S&P 500 2,108.65 -12.14 -0.57%
NASDAQ 5,074.1640 -23.8120 -0.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs