March 14, 2002 - Orient-Express Hotels Ltd. owners/operators of 40
deluxe leisure properties in 15 countries, announced today its acquisition
of a 75% interest in the Maroma Resort and Spa on Mexico's Caribbean coast,
about 40 miles south of Cancun, bringing the company's properties to 41
in 16 countries. The company paid approximately $7.5 million for its equity
interest in this 57-room resort, valuing the entire property at $15 million.
Architect Jose Luis Moreno, the inspiration behind the development, will
own the 25% minority interest and will supervise the expansion planned
on the oceanside 25 acre site. He has granted the company a first right
of refusal to acquire his shareholding.
| Maroma for years has won top accolades as Mexico's
finest seaside resort. Architect Moreno has created a romantic haven
out of a former coconut plantation. Britain's Prime Minister Tony Blair
took a holiday here with his family last summer, following in the steps
of many distinguished visitors from abroad.
Mr. James B. Sherwood, Chairman, said that after many years of seeking
a resort of Orient-Express Hotels standard in Mexico he was pleased to |
Maroma Resort and Spa
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be able to acquire one of the best which fits the company's criteria of
being unique, having attractions of exceptional interest besides a beach,
having substantial expansion potential at low cost and convenient access.
He said the investment by the Mexican government in infrastructure and
in making the Yucatan visitor friendly were also important considerations.
"Mexico is a land of margaritas, mariachis and Mayans, a delightful recipe
for holiday makers. Cost structures are low by comparison with other Caribbean
destinations so profit margins are high."
Simon M.C. Sherwood, President, said Orient-Express Hotels would immediately
assume the management of the property and would be investing about $2 million
this year in upgrade of infrastructure and completion of rooms now in an
advanced state of construction. He said the property would be managed as
part of the North American division of the company under the direction
of Dean Andrews, based in New York, with the continuing support of Jose
Luis Moreno.
Maroma is on the Cozumel reef, one of the finest scuba and snorkelling
areas in the world. Maroma's talcum powder-like white sand beach is protected
by the reef, allowing safe sea bathing in all weather conditions. The resort
is only a 45-minute drive from the Mayan ruins of Tulum, and the most famous
Mayan archaeological site of all, Chichenitza, is only two hours distant
on a new fine road. A new airport has recently been opened in Cancun which
receives over 100 international flights a day, including non-stop service
from London, Sao Paulo, New York, Amsterdam and Munich.
Mexico generally does not impose advance visa requirements and immigration
and customs clearance is among the quickest in the world. The Mexican government
has built a 4 lane express highway along the Yucatan coast, well back from
the beach resorts, ensuring excellent access to its many tourist attractions.
The entire coast is composed of limestone which has eroded to form extensive
cavern complexes where the water is crystal clear.
This press release contains, in addition to historical information,
forward - looking statements that involve risks and uncertainties. |
