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Orient-Express Hotels Ltd. Reports Fourth Quarter 2012 Results

Stocks in this article: OEH

Orient-Express Hotels Ltd. (NYSE: OEH, (the “Company”), owners, part-owners or managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 22 countries, today announced its results for the fourth quarter ended December 31, 2012.

Total revenue was $128.0 million in the fourth quarter of 2012, down $1.1 million or 1% from $129.1 million in the fourth quarter of 2011. Excluding Copacabana Palace, which was partially closed for renovation for the majority of the quarter, total revenue was up 3% compared to the fourth quarter of 2011.

Revenue from owned hotels for the fourth quarter was $99.2 million, down $1.6 million or 2% from $100.8 million in the fourth quarter of 2011. On a same store basis, owned hotels RevPAR was flat in US dollars and down 1% in local currency. Excluding Copacabana Palace, same store RevPAR for the fourth quarter increased by 7% in US dollars and 6% in local currency.

Trains & cruises revenue in the fourth quarter was $21.0 million, up 2% compared to $20.6 million in the fourth quarter of 2011.

Adjusted EBITDA was $19.6 million for the fourth quarter, down $0.7 million from $20.3 million in the prior-year period. The principal decrease was at Copacabana Palace, which was down $2.2 million as a result of the partial closure. Excluding the year-over-year decrease at Copacabana Palace, adjusted EBITDA would have been $1.5 million ahead of the prior-year quarter. This growth was led by Road To Mandalay and The Governor’s Residence, both in Myanmar, which were up $1.2 million and $0.4 million, respectively.

Adjusted net loss from continuing operations for the fourth quarter was $9.4 million ($0.09 per common share) compared with a loss of $7.2 million ($0.07 per common share) in the fourth quarter of 2011.

“Despite difficult macro-economic conditions, we had a solid finish to the year,” said John Scott, President and Chief Executive Officer. “We delivered adjusted EBITDA of $104.3 million and full-year RevPAR growth of 3% over 2011 in local currency terms, including RevPAR growth across all regions except South America, which was affected by the partial closure of Copacabana Palace. The growth in RevPAR reflects the inherent value of our unique and iconic assets and demonstrates the resilience in demand for our unrivalled luxury travel experiences. Importantly, excluding Copacabana Palace, full-year local currency RevPAR was up 6% over 2011. The renovation of Copacabana Palace, one of our premier properties, was completed in time for Rio de Janeiro’s peak Christmas and New Year period, and positions us well to capitalize on Rio’s growing international profile.

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