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 Orient-Express Hotels Reports Third Quarter 2008 Net Earnings of $6.4 million 
Compared with Net Earnings of $22.6 million in the Third Quarter of 2007
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Plans to Build $46 million  New York Hotel Delayed, Suspend Quarterly Dividend Payments
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HAMILTON, Bermuda, November 3, 2008 - 
    
Third Quarter 2008 Highlights
  •  Third quarter total revenues, excluding real estate, grew 5%
  •  Same store RevPAR up 9% in US dollars, 1% in local currency
  •  EBITDA before real estate of $50.0 million; adjusted EBITDA before real estate of $51.3 million
  •  Third quarter net earnings from continuing operations of $17.6 million
  •  EPS from continuing operations of $0.41 per common share; adjusted EPS of $0.47 per common share
  •  The company has taken a number of steps to reduce costs and preserve financial flexibility
Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners and managers of 51 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries, today announced its results for the third quarter and first nine months of 2008. 

For the third quarter, the Company reported net earnings of $6.4 million ($0.15 per common share) on revenue of $184.2 million, compared with net earnings of $22.6 million ($0.53 per common share) on revenue of $185.7 million in the third quarter of 2007. The net earnings from continuing operations for the period were $17.6 million ($0.41 per common share), compared with net earnings of $22.3 million ($0.53 per common share) in the third quarter of 2007. The adjusted net earnings from continuing operations for the period were $19.9 million ($0.47 per common share), compared with adjusted net earnings of $24.8 million ($0.58 per common share) in the third quarter of 2007. 

"Although unprecedented global market conditions have exerted pressure on high-end luxury consumer spending, our loyal client base has traditionally shown resilience throughout economic cycles," said Paul White, President and Chief Executive Officer. "While we did experience expected margin compression during the quarter, we delivered revenue growth in most of our geographic areas. In Europe, La Residencia, Mallorca, Reid's Palace, Madeira and The Grand Hotel Europe, St Petersburg, Russia all grew revenues by over 10%. In North America, performance was affected by the threatened arrival of Hurricane Gustav. Revenues in the region were down by $1.2 million. We are particularly pleased with the results achieved in the Rest of the World, which recorded same store RevPAR growth of 25%, driven by South Africa, South America and Asia." 

Mr. White continued, "We remain confident in the long-term prospects of the sector, particularly in light of favorable demographics. However, we believe it is important during this period of deteriorating market conditions to take a more cautious approach to our business. This means greater focus on reduction of costs, deferring capital expenditure and maintaining financial flexibility, while at the same time maintaining activities to maximize our revenues." 

The Company has initiated several key operational and investment decisions, including adjusting the development timeline of several strategic real estate projects, as well as other operational changes in order to improve cost efficiencies and conserve cash during this challenging period in the lodging industry. These key changes include: 

  • Plans for the building of the New York Hotel on the site of the Donnell branch of the New York Public Library, as well as an associated $46 million commitment, will be delayed.
  • The opening of El Encanto will be pushed back to at least the middle of 2010, which will defer $30 million of capital expenditures for a 12 month period and enable the Company to open this milestone property in more favorable market conditions.
  • Completion of Porto Cupecoy is being rescheduled both to defer further expenditure and to allow time for the real estate market  to improve.
  • New building projects in Miami, Cartagena, Zambia and Puglia, Italy have been cancelled and other projects have been deferred pending an improvement in market conditions.
  • The Company will suspend its quarterly dividend payments beginning in 2009, resulting in $4 million annual cash saving.
  • The Company plans to reduce business unit capital expenditure from a forecast of $69 million in 2008 to $24 million in 2009 while safeguarding FF&E replacements to ensure service quality.
  • The Company has undertaken a rigorous review of variable overheads and is taking steps to reduce these costs by $20-$22 million annually.
Mr. White continued, "As a result of these combined initiatives, we expect our short to medium term cash needs will be reduced by approximately $200 million, enhancing our liquidity and overall capital position when the business cycle begins to improve. It will also enable us to take advantage of investment opportunities which we have previously seen emerge in economic downturns." 

Business Highlights 

Revenue, excluding real estate revenue, was up 5% over the third quarter of 2007 reflecting Owned Hotels same store RevPAR growth of 9% in U.S. dollars (1% in local currency) and a 5% increase in revenues from Trains and Cruises, including the Venice Simplon-Orient-Express, which had another strong quarter with revenue growth of 21%. 

Revenue from Owned Hotels for the third quarter was $141.8 million, up 7% over the same period in 2007. Revenue growth of 6% in Europe and 13% in South America (excluding Hotel das Cataratas) was offset by a 7% decline in North America. Restaurants revenues were down by 3% year-over-year. 

EBITDA before Real Estate was $50.0 million compared to $53.1 million in the prior year. The principal variances from last year included the result from Windsor Court, New Orleans (down $1.5 million), the result from Hotel Cipriani, Venice (down $2.5 million) and Hotel das Cataratas, Brazil which recorded an EBITDA loss of $1.3 million because the hotel is under refurbishment. Orient-Express Hotels acquired this property in October 2007, so there is no comparative figure in the prior year. 

Regional Performance 

Europe: For the third quarter, revenues from Owned Hotels were up 6% year-over-year from $86.7 million to $91.6 million. EBITDA was $36.5 million in 2008 versus $38.3 million in the prior year. Same store RevPAR increased by 7% in US dollars, from $551 to $589 but decreased by 3% in local currency. The Italian hotels reported a combined EBITDA of $20.2 million, which was 10% down year-over-year reflecting a RevPAR decline of 9% in local currency. Poor market conditions in Venice and new competition in Florence affected Hotel Cipriani and Villa San Michele, respectively. Grand Hotel Europe, St Petersburg grew revenues by 18% year-over-year, but high local inflationary cost pressures restricted its EBITDA growth to 12%. Reid's Palace, Madeira also contributed to EBITDA growth despite challenging market conditions. 

North America: Revenue of $16.7 million was 7% lower than the third quarter of 2007. There was an EBITDA loss of $1.5 million compared to a profit of $0.9 million in the prior year. Same store RevPAR for the region fell by 9%. The result for the quarter included a $1.8 million EBITDA loss by Windsor Court, New Orleans, partly caused by the threatened arrival of Hurricane Gustav. 

Southern Africa: Revenue of $10.0 million was 15% higher year-over-year, and EBITDA of $2.6 million was 14% higher. This improvement was mostly driven by Orient-Express Safaris, which has continued to benefit from strong demand. 

South America: Revenue increased to $12.5 million from $9.4 million in the third quarter of 2007. The quarter includes revenues of $1.7 million in 2008 from Hotel das Cataratas, which was acquired in October 2007. EBITDA was $1.9 million, level with last year. Copacabana Palace revenues were up 16% year-over-year and EBITDA was up $1.1 million. This gain was offset by an EBITDA loss of $1.3 million at Hotel das Cataratas, which is under refurbishment. 

Asia Pacific: Revenue for the third quarter was $10.9 million, an increase of 8% year-over-year. EBITDA was $2.2 million compared to $2.3 million last year. Same store RevPAR for the region increased by 23% from $130 to $160 (19% in local currency). All of the Asian hotels performed well except for The Governor's Residence in Burma, which has started its recovery from recent events in that country. 

Hotel management and part-ownership interests: EBITDA for the third quarter was $4.7 million compared with $5.8 million last year. Charleston Place, South Carolina, felt the impact of reduced group bookings and Hotel Ritz, Madrid, was impacted by the sharp deterioration in the economic climate in Spain. 

Restaurants: Revenue from restaurants in the third quarter was $3.3 million compared with $3.4 million last year and EBITDA was a loss of $0.4 million compared with a loss of $0.2 million last year. The third quarter is traditionally the lowest earnings quarter of this segment due to the annual closure of the '21' Club in the month of August. 

Trains and Cruises: Revenue was $31.0 million, an increase of 5% year-over-year, and EBITDA was $10.2 million, an increase of 7%. As in the previous quarter, there were strong performances from the Venice Simplon-Orient-Express (EBITDA up $1.1 million) and from PeruRail (Company's share of earnings up $0.4 million). 

Central costs: In the third quarter, central costs were $6.2 million compared with $7.7 million in the third quarter of 2007. The third quarter of 2007 included $2.0 million of management restructuring and related costs. 

Real Estate: In the third quarter, there was an EBITDA loss of $0.2 million. Porto Cupecoy sales and costs continue to be recorded on the percentage-of-completion basis. There were no sales during the quarter and five purchases were cancelled. 

Interest: The interest charge for the quarter was $11.6 million compared with $11.5 million in the second quarter of 2008 and $12.6 million in the third quarter of 2007. The quarter included a charge of $0.4 million relating to the change in the fair value of an interest rate swap. In the second quarter of 2008 a credit of $0.6 million was booked in relation to this swap. 

Tax: The tax charge for the quarter was $8.3 million compared to $12.2 million in the same quarter in the prior year. The tax charge for the nine months was $17.0 million compared to $20.8 million in the prior year. The Company's effective tax rate for the nine months, including earnings from consolidated and unconsolidated operations but excluding discontinued operations, was 31.6% compared with 34.2% for the same period in 2007. This reflects a change in the earnings mix from 2007 to 2008 and falling income tax rates in Italy and the United Kingdom, effective January 2008. 

Discontinued Operations: The charge in the third quarter was $11.2 million. This included a further impairment charge of $12.0 million based on current negotiations for the sale of Bora Bora Lagoon Resort. 

Investment: Total capital expenditure in the third quarter was $29.1 million, which included various projects at, in particular, El Encanto, Grand Hotel Europe, Copacabana Palace and Hotel das Cataratas. A total of $15.3 million was invested during the quarter in the Company's developments at Porto Cupecoy and the Villas at La Samanna. 

Balance Sheet: At September 30, 2008, the Company's total debt was $790.6 million, working capital facilities drawn were $48.9 million and cash balances amounted to $69.4 million, giving a total net debt of $770.1 million compared with total net debt of $826.4 million at the end of the second quarter of 2008. 

At September 30, 2008, debt was approximately 42% fixed and 58% floating. The weighted average maturity of the debt was 3.8 years and the weighted average interest rate (including margin) was 5.45%. The Company had cash and funds available under working capital and revolving credit facilities totalling $147 million. 

Outlook 

Due to the deteriorating global economic situation and the lack of visibility in the lodging industry, forecasting is difficult. In 2008 the Company's businesses around the world have performed well in the high seasons but demand has been weaker in shoulder season months. The recent weakening of the Euro against the U.S. Dollar should help to stimulate demand across the portfolio in 2009. Emerging destinations, such as South East Asia, Peru and Brazil in South America and Southern Africa continue to show healthy growth. As in previous downturns, Orient-Express Hotels will diligently manage costs and conserve cash, in order to be well positioned to react to recovery in all markets, both in terms of operational performance and investment opportunities. 
    
 

    Reconciliation to reported earnings

    $'000 - except per share amounts       Three months ended    Nine months
                                              September 30         ended
                                                                 September 30
                                             2008       2007     2008    2007

                                           49,759     58,573  118,184 123,639
 
    EBITDA
    Adjusted items:
    Hotel das Cataratas (1)                 1,326          -    2,981       -
    Management restructuring and                -      1,979        -   2,851
    related costs (2)
    Gain on disposal of fixed assets            -    (2,312)        - (2,312)
    (3)
    Adjusted EBITDA                        51,085     58,240  121,165 124,178
                                            6,379     22,553   21,505  38,575
 
    U.S. GAAP reported net earnings
    Discontinued operations net of         11,172      (258)   15,392   1,465
    tax
    Net earnings from continuing           17,551     22,295   36,897  40,040
    operations
    Adjusted items net of tax:
    Hotel das Cataratas (1)                   844          -    1,996       -
    Management restructuring and                -      1,979        -   2,851
    related costs (2)
    Gain on disposal of fixed assets            -    (1,664)        - (1,664)
    (3)
    Foreign exchange gain (4)               1,466      2,171  (2,075)   1,413
    Adjusted net earnings from             19,861     24,781   36,818  42,640
    continuing operations
    Reported EPS                             0.15       0.53     0.51    0.91
    Reported EPS from continuing             0.41       0.53     0.87    0.95
    operations
    Adjusted EPS from continuing             0.47       0.58     0.87    1.00
    operations
    Number of shares (millions)             42.47      42.44    42.47   42.37
    
    1. Result from Hotel das Cataratas, currently undergoing full
       refurbishment program and not yet operating as an Orient-Express 
       Hotel.

    2. The Company incurred costs in 2007 relating to the restructuring of
       senior management made up principally of executive recruitment fees 
       and additional director, legal and other advisory fees.

    3. Gain recorded relating to the settlement of insurance proceeds for
       damaged assets at Maroma.

    4. Foreign exchange, net of tax, is a non-cash item arising on the
       translation of certain assets and liabilities denominated in 
       currencies other than the reporting currency of the entity concerned.

Management evaluates the operating performance of the company's segments on the basis of segment net earnings before interest, foreign currency, tax (including tax on unconsolidated companies), depreciation and amortization (EBITDA), and believes that EBITDA is a useful measure of operating performance, for example to help determine the ability to incur capital expenditure or service indebtedness, because it is not affected by non-operating factors such as leverage and the historic cost of assets. EBITDA is also a financial performance measure commonly used in the hotel and leisure industry, although the company's EBITDA may not be comparable in all instances to that disclosed by other companies. EBITDA does not represent net cash provided by operating, investing and financing activities under U.S. generally accepted accounting principles (U.S. GAAP), is not necessarily indicative of cash available to fund all cash flow needs, and should not be considered as an alternative to earnings from operations or net earnings under U.S. GAAP for purposes of evaluating operating performance. 

Adjusted net earnings, adjusted net earnings from continuing operations, and adjusted E.P.S. are non-GAAP financial measures and do not have any standardized meanings prescribed by U.S. GAAP. They are, therefore, unlikely to be comparable to similar measures presented by other companies, which may be calculated differently, and should not be considered as an alternative to net earnings, cash flow from operating activities or any other measure of performance prescribed by U.S. GAAP. Management considers adjusted net earnings, adjusted net earnings from continuing operations, and adjusted E.P.S. to be meaningful indicators of operations and uses them as measures to assess operating performance because, when comparing current period performance with prior periods and with budgets, management does so after having adjusted for non-recurring items, foreign exchange (a non-cash item) and significant disposals of assets or investments, which could otherwise have a material effect on the comparability of the company's core operations. Adjusted net earnings, adjusted net earnings from continuing operations, and adjusted E.P.S. are also used by investors, analysts and lenders as measures of financial performance because, as adjusted in the foregoing manner, the measures provide a consistent basis on which the performance of the company can be assessed. 
 

ORIENT-EXPRESS HOTELS LTD
Three Months ended September 30, 2008
SUMMARY OF OPERATING RESULTS
(Unaudited)


                                                       Three months ended
                                                          September 30
    $'000 - except per share amount                     2008        2007
    Revenue and earnings from unconsolidated
    companies
    Owned hotels
    - Europe                                           91,622      86,728
    - North America                                    16,729      17,908
    - Rest of World                                    33,437      28,284
    Hotel management & part ownership interests         4,664       5,757
    Restaurants                                         3,337       3,439
    Trains & Cruises                                   30,984      29,468
    Revenue and earnings from unconsolidated          180,773     171,584
 
    companies before Real Estate
    Real Estate                                         3,454      14,073
    Total (1)                                         184,227     185,657
 
    Analysis of earnings
    Owned hotels
    - Europe                                           36,549      38,254
    - North America                                   (1,532)         944
    - Rest of World                                     6,681       6,497
    Hotel management & part ownership interests         4,664       5,757
    Restaurants                                         (432)       (237)
    Trains & Cruises                                   10,247       9,555
    Central overheads                                 (6,195)     (7,669)
    EBITDA before Real Estate & gain on disposal       49,982      53,101
    Real Estate                                         (223)       3,160
    EBITDA before gain on disposal                     49,759      56,261
    Gain on disposal of fixed assets                        -       2,312
    EBITDA                                             49,759      58,573
    Depreciation & amortization                       (9,838)     (9,944)
    Interest                                         (11,588)    (12,629)
    Foreign exchange                                  (2,522)     (1,474)
    Earnings before tax                                25,811      34,526
    Tax                                               (8,260)    (12,231)
    Net earnings from continuing operations            17,551      22,295
    Discontinued operations                          (11,172)         258
    Net earnings on common shares                       6,379      22,553
    Earnings per common share                            0.15        0.53
    Number of shares - millions                         42.47       42.44

    (1) Comprises earnings from unconsolidated companies of $5,798,000 (2007
        - $6,782,000) and revenue of $178,429,000 (2007 - $178,875,000).
    
                            ORIENT-EXPRESS HOTELS LTD

                      Three Months Ended September 30, 2008

                SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS
 

                                     Three months ended
                                        September 30
                                     2008         2007
    Average Daily Rate
 
    (in U.S. dollars)
    Europe                            917          807
    North America                     325          302
    Rest of World                     279          244
    Worldwide                         533          479
 
    Rooms Available (000's)
    Europe                             92           92
    North America                      55           55
    Rest of World                     109          101
    Worldwide                         256          248
 
    Rooms Sold (000's)
    Europe                             59           63
    North America                      30           34
    Rest of World                      66           62
    Worldwide                         155          159
 
    RevPAR (in U.S. dollars)
    Europe                            589          551
    North America                     174          189
    Rest of World                     167          151
    Worldwide                         320          309
 
                                                              Change %
    Same Store RevPAR                                     Dollar    Local
    (in U.S. dollars)                                              currency

    Europe                            589          551       7%      -3%
    North America                     175          191      -9%      -9%
    Rest of World                     145          116      25%      25%
    Worldwide                         334          307       9%       1%
    
                            ORIENT-EXPRESS HOTELS LTD

                      Nine Months ended September 30, 2008

                          SUMMARY OF OPERATING RESULTS

                                   (Unaudited)
 

                                                        Nine months ended
                                                          September 30
    $'000 - except per share amount                     2008        2007

    Revenue and earnings from unconsolidated
    companies
    Owned hotels
    - Europe                                          204,435     184,842
    - North America                                    67,119      63,032
    - Rest of World                                   105,044      86,981
    Hotel management & part ownership interests        17,618      17,433
    Restaurants                                        13,491      14,377
    Trains & Cruises                                   73,101      66,798
    Revenue and earnings from unconsolidated          480,808     433,463
 
    companies before Real Estate
    Real Estate                                        11,980      14,920
    Total (1)                                         492,788     448,383
 
    Analysis of earnings
    Owned hotels
    - Europe                                           66,995      66,477
    - North America                                     9,093      10,379
    - Rest of World                                    23,061      23,711
    Hotel management & part ownership interests        17,618      17,433
    Restaurants                                         1,137       1,919
    Trains & Cruises                                   21,616      19,415
    Central overheads                                (20,153)    (20,685)
    EBITDA before Real Estate & gain on disposal      119,367     118,649
    Real Estate                                       (1,183)       2,678
    EBITDA before gain on disposal                    118,184     121,327
    Gain on disposal of fixed assets                        -       2,312
    EDITDA                                            118,184     123,639
    Depreciation & amortization                      (30,404)    (28,476)
    Interest                                         (35,978)    (34,077)
    Foreign exchange                                    2,140       (221)
    Earnings before tax                                53,942      60,865
    Tax                                              (17,045)    (20,825)
    Net earnings from continuing operations            36,897      40,040
    Discontinued operations                          (15,392)     (1,465)
    Net earnings on common shares                      21,505      38,575
    Earnings per common share                            0.51        0.91
    Number of shares - millions                         42.47       42.37

    (1) Comprises earnings from unconsolidated companies of $18,323,000 (2007
        - $15,882,000) and revenue of $474,465,000 (2007 - $432,501,000).
    
                            ORIENT-EXPRESS HOTELS LTD

                      Nine Months Ended September 30, 2008

                SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS
 

                                     Nine months ended
                                       September 30
                                     2008         2007
    Average Daily Rate
 
    (in U.S. dollars)
    Europe                            834          714
    North America                     391          366
    Rest of World                     282          255
    Worldwide                         479          435
 
    Rooms Available (000's)
    Europe                            247          247
    North America                     170          166
    Rest of World                     343          298
    Worldwide                         760          711
 
    Rooms Sold (000's)
    Europe                            143          149
    North America                     107          107
    Rest of World                     209          190
    Worldwide                         459          446
 
    RevPAR (in U.S. dollars)
    Europe                            482          432
    North America                     247          235
    Rest of World                     172          162
    Worldwide                         290          273
 
                                                              Change %
    Same Store RevPAR                                     Dollar    Local
    (in U.S. dollars)                                             Currency
    Europe                            457          407      12%       1%
    North America                     251          239       5%       5%
    Rest of World                     178          153      16%      15%
    Worldwide                         291          260      12%       6%
    
                            ORIENT-EXPRESS HOTELS LTD

                    CONSOLIDATED AND CONDENSED BALANCE SHEETS

                                   (Unaudited)
 

                                                      September 30   December
                                                                           31
    $'000                                                     2008       2007
                                                                         
 
    Assets
 
    Cash                                                    69,353     94,365
    Accounts receivable                                     66,710     63,673
    Due from related parties                                26,329     30,406
    Prepaid expenses                                        20,663     16,115
    Inventories                                             47,027     45,756
    Other assets held for sale                              41,802     54,417
    Real estate assets                                      53,189     57,157
    Total current assets                                   325,073    361,889
 
    Property, plant & equipment, net book value          1,302,493  1,273,956
    Investments                                            159,622    147,539
    Goodwill                                               131,753    133,497
    Other intangible assets                                 21,607     21,660
    Other assets                                            46,243     49,896
                                                         1,986,791  1,988,437
 
    Liabilities and Shareholders' Equity
 
    Working capital facilities                              48,877     64,419
    Accounts payable                                        28,710     30,132
    Accrued liabilities                                     75,581     61,224
    Deferred revenue                                        46,891     35,545
    Other liabilities held for sale                          5,045      5,619
    Current portion of long-term debt and capital          122,509    127,795
    leases
    Total current liabilities                              327,613    324,734
 
    Long-term debt and obligations under capital           668,092    658,615
    leases
    Deferred income taxes                                  114,385    119,112
    Other liabilities                                       34,955     35,691
    Minority interest                                        2,022      1,754
 
    Shareholders' equity                                   839,724    848,531
                                                         1,986,791  1,988,437

This news release and related oral presentations by management contain, in addition to historical information, forward-looking statements that involve risks and uncertainties. These include statements regarding earnings outlook, investment plans and similar matters that are not historical facts. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause a difference include, but are not limited to, those mentioned in the news release, unknown effects on the travel and leisure markets of terrorist activity and any police or military response, varying customer demand and competitive considerations, failure to realize hotel bookings and reservations and planned property development sales as actual revenue, inability to sustain price increases or to reduce costs, rising fuel costs adversely impacting customer travel and the company's operating costs, fluctuations in interest rates and currency values, uncertainty of completing proposed asset sales and negotiating proposed delays in capital expenditures and acquisitions, adequate sources of capital and acceptability of finance terms made more difficult by the current crisis in financial markets and by weakening national economies, possible loss or amendment of planning permits and delays in construction schedules for expansion or development projects, delays in reopening properties closed for repair or refurbishment and possible cost overruns, shifting patterns of tourism and business travel and seasonality of demand, adverse local weather conditions, changing global and regional economic conditions, legislative, regulatory and political developments, and possible continuing challenges to the company's corporate governance structure. Further information regarding these and other factors is included in the filings by the company with the U.S. Securities and Exchange Commission. 

Orient-Express Hotels will conduct a conference call on Tuesday, November 4, 2008 at 10.00 am ET (15.00 GMT) which is accessible at +1 866 966 9439 (US toll free) or +44 (0)1452 555 566 (Standard International access). The conference ID is 67429830. A replay of the conference call will be available by telephone until 5.00 pm (ET) Tuesday, November 11, 2008 and can be accessed by calling +1 866 247 4222 (US toll free) or +44 (0)1452 550 000 (Standard International) and entering replay access number 67429830. A re-play will also be available on the company's website: http://www.orient-expressinvestorinfo.com 
 

.
Contact:

Orient Express Hotels Ltd
Martin O'Grady
Vice President, Chief Financial Officer
Tel: +44-20-7921-4038
E: martin.ogrady@orient-express.com

.
Also See: Orient-Express Hotels Reports 2007 Full-year Net Earnings of $33.6 million, Down from $39.8 million Prior Year; Opening Hotels in Santa Barbara, New York City, Brazil, Bali, and Peru / February 2008
Orient-Express Acquires the Donnell Branch of the New York Public Library for $59 million in cash; Will Build 150 room Hotel with a Rebuilt Donnell Library in Mid Manhattan Adjacent to the '21' Club / November 2007

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