News for the Hospitality Executive
Orient-Express Hotels Sells the 324-key Windsor Court
New Orleans to The Berger Company, Inc. for $44.25 million
HAMILTON, Bermuda, October 5, 2009 - Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners and managers of 50 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries, today confirmed that it has concluded the sale of its New Orleans property, the Windsor Court Hotel, to The Berger Company, Inc. for $44.25 million.
Orient-Express Hotels' President and Chief Executive Officer, Paul White said, "The Windsor Court Hotel is one of North America's finest properties, but today New Orleans is dominated by corporate and conference business. The foundation of Orient-Express Hotels' business model is delivering the highest level of product to our core customers, who today are leisure guests. Our focus going forward is to ensure that we maximize the value of our iconic properties and the unrivalled guest experiences they deliver around the world.
We think this deal, at 15 times 2007 EBITDA, and over 50 times 2008
EBITDA, following on from the recent sale of our Lisbon property in June
2009, further demonstrates the inherent values of quality lodging real
estate across the world."
The Windsor Court Hotel
300 Gravier Street
New Orleans, Louisiana