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Orient Express Selling the 85-room Lilianfels Blue Mountains
in Australia for US$ 19.3 million
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News for the Hospitality Executive |
 HAMILTON, Bermuda, December 7, 2009 - Orient-Express Hotels
Ltd. ( OEH, http://www.orient-express.com), owners or part-owners and
managers of 49 luxury hotels, restaurants, tourist trains and river
cruise properties operating in 25 countries, today confirmed that it
has entered into a sale and purchase agreement to sell Lilianfels Blue
Mountains, its 85 key hotel in Katoomba, New South Wales, Australia, to
an undisclosed buyer for AUD 21 million (US$ 19.3 million).Paul White, President and Chief Executive Officer of Orient-Express Hotels said, "This is further execution of our ongoing strategy to dispose of non-core businesses and brings the total proceeds realized in 2009 to over $105 million. We are delighted that this transaction, which represents 17 times the hotel's 2007 EBITDA and 23 times its 2008 EBITDA, once again underlines the value of properties in the Orient-Express portfolio." Orient-Express Hotels will continue to operate the hotel until the transaction closes, which is expected to be late January 2010. |
| Contact: Martin O'Grady, Vice President, Chief Financial Officer, Tel: +44-20-7921-4038, E: martin.ogrady@orient-express.com |
| Also
See: |
Orient-Express
Hotels, Subsidiary of Sea Containers Ltd. Acquires two Australian
Hotels for US$40 million / Mar 2000 |