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Santa Barbara, California for $26 million |
HAMILTON, Bermuda, November 8, 2004 - Orient-Express
Hotels Ltd. (NYSE: OEH), investor in 47 leisure properties in 21 countries
(39 of which it manages) announced today the acquisition of the El Encanto
Hotel and Garden Villas in Santa Barbara, California for $26 million. The
company plans to invest $10 million in the upgrade of the property.
Santa Barbara has a year round season which is especially strong in the summer when Angelinos seek to escape the heat of the Los Angeles valley and other resorts to the east such as Palm Springs and Las Vegas are unbearable. It takes only 90 minutes to drive to El Encanto from Hollywood. Orient-Express Hotels has been in negotiation for several years to acquire the property, interrupted by the tragic death of Eric Friden, the previous owner. Five star hotels in the Santa Barbara area enjoy 75% occupancy and average rate of $400. Once the upgrade of El Encanto is completed the company believes it will not only achieve this level of occupancy but an even higher average rate. Mr. Friden had made considerable progress on plans to upgrade the property at the time of his death and these include:
El Encanto falls within the North America division of the company which includes Charleston Place in Charleston, South Carolina, '21' Club in New York City, Keswick Hall & Club in Charlottesville, Virginia, the Windsor Court in New Orleans, the Inn at Perry Cabin in St. Michael's, Maryland, La Samanna in St. Martin and Maroma Resort & Spa on the Riviera Maya coast of Mexico. This division is managed by Dean P. Andrews, Vice President - North America based in New York City. |
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Contact:
Orient Express Hotels Ltd. http://www.orient-express.com |