HAMILTON, Bermuda, February 24, 2011

    - Fourth quarter total revenue, excluding Real Estate, up 13% to $126.6

    - Revenue from Owned Hotels up 15% to $102.2 million

    - Same store RevPAR up by 9% in local currency, up 10% in US dollars

    - Adjusted EBITDA before Real Estate of $16.2 million, up 17%

Key Events

    - Raised $117.3 million of cash in common share offering

    - Completed the refinancing of six European hotels with new loan

      facilities totaling EUR187.5 million ($251.5 million)

    - Completed the refinancing of four US properties with new loan

      facilities totaling $122.9 million, bringing the total amount of debt

      refinanced in the fourth quarter of 2010 to $374.4 million

    - Appointed Roy Paul as Vice President and Chief Development Officer to

      drive management contract opportunities

    - Refurbished 32 rooms and opened new Planet Restaurant at Mount Nelson

      Hotel, Cape Town

    - Second phase of three year refurbishment in Sicily completed

    - Hotel Ritz Madrid celebrated the 100th anniversary of its inauguration

      in the presence of Infanta D.(a) Elena, the eldest daughter of King D.

      Juan Carlos I of Spain

Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners and managers of 50 luxury hotel, restaurant, tourist train and river cruise properties operating in 24 countries, today announced its results for the fourth quarter and full year ended December 31, 2010.

"Widespread belief that our industry has begun to enter a sustained period of recovery was supported by a fourth consecutive quarter of good RevPAR growth, albeit in a quarter that is 'low season' for many of our properties," said Paul White, President and Chief Executive Officer. "The same store RevPAR growth of 10% (9% in local currency) was driven primarily by occupancy, with rates holding up well. In addition to this solid operating performance, the Company continued to improve its balance sheet after completing key refinancings on ten assets and raising $117.3 million of cash by way of a successful common share offering.

"I am pleased to see Orient-Express continue to achieve the highest recognition for its service levels, with more awards from the most highly regarded sources in the industry. Credit must be given to our workforce around the world, who continually strive to exceed customer expectations - the true driver of RevPAR."

Business Highlights

Revenue, excluding Real Estate, was $126.6 million in the fourth quarter of 2010, up $14.5 million from the fourth quarter of 2009.

Revenue from Owned Hotels for the fourth quarter was $102.2 million, up $13.1 million from the fourth quarter of 2009. On a same store basis, Owned Hotels RevPAR was up 9% in local currency and up 10% in US dollars.

Trains and Cruises revenue in the fourth quarter was $17.6 million compared to $16.1 million in the fourth quarter of 2009.

Adjusted EBITDA before Real Estate was $16.2 million compared to $13.8 million in the prior year. The principal variances from the fourth quarter of 2009 included the Brazilian hotels (up $2.0 million), La Samanna, St Martin (up $0.9 million), Hotel Cipriani, Venice (up $0.8 million), Trains and Cruises (up $0.8 million) and '21' Club, New York, (up $0.5 million), offset by Southern African hotels (down $1.2 million), Grand Hotel Europe, St Petersburg (down $0.6 million) and Maroma Resort & Spa, Riviera Maya (down $0.6 million).

Adjusted net losses from continuing operations for the period were $16.0 million (loss of $0.17 per common share), compared with $11.0 million ($0.14 per common share) in the fourth quarter of 2009. Net loss attributable to Orient-Express Hotels Ltd. for the period was $26.5 million (loss of $0.27 per common share), compared with a net loss attributable to Orient-Express Hotels Ltd. of $16.8 million (loss of $0.22 per common share) in the fourth quarter of 2009. The current quarter net loss includes a $5.2 million tax charge in respect of valuation allowances compared to no charge in respect of valuation allowances in the prior year quarter.

In November, the Company completed its public offering of 10 million Class A common shares. In addition, the underwriters for the offering exercised in full their over-allotment option to purchase an additional 1.5 million Class A common shares, bringing the total shares sold to 11.5 million at a price of $10.75 per share for gross proceeds of $123.6 million. The Company received net proceeds of approximately $117.3 million, after deducting underwriting discounts and offering expenses.

During the fourth quarter the refinancing of six European hotels was completed with new loan facilities totaling EUR187.5 million ($251.5 million at the exchange rate at December 31, 2010). Also during the quarter, four US properties were refinanced for a total of $122.9 million. This brings the total amount of debt refinanced in the fourth quarter of 2010 to $374.4 million, all of which has a maturity profile of at least three years.

In November 2010, the Company reached agreement for the sale of a non-core asset in France for $12.1 million and the sale is scheduled to complete in the first quarter of 2011.

In January 2011, the Company appointed Roy Paul as Vice President and Chief Development Officer to drive its planned entry into the management contract business. Until 2007, Roy Paul had led the development team at Four Seasons Hotels and Resorts for 20 years.

During the quarter, 32 rooms overlooking the garden in the main building of the Mount Nelson Hotel were refurbished. The rooms have been designed along classic lines with refreshing contemporary elements. In December, the hotel successfully launched a new concept gourmet restaurant called Planet.

The EUR2.0 million ($2.7 million) second phase of a three year complete renovation project at Grand Hotel Timeo and Villa Sant'Andrea, Taormina, which the Company acquired in January 2010, continued this quarter whilst both hotels were closed for the winter season. Villa Sant'Andrea has a new infinity edge pool overlooking the Bay of Mazzaro and the pool restaurant at Grand Hotel Timeo has been extended. Since acquisition, across both properties 25 new suites and junior suites have been created from existing room stock. More than 80% of room stock at both properties has been refurbished since acquisition.

La Residence Phou Vao, Luang Prabang received the Enduring Excellence Award 2011 at Tatler magazine's Travel Awards, and the Copacabana Palace, Rio de Janeiro was awarded the Hotels Green Stamp prize from the Brazilian Association of the Hotel Industry.

Regional Performance

Europe:

In the fourth quarter, revenue from owned hotels was $29.7 million, up 10% from $26.9 million in the fourth quarter of 2009. Same store local currency RevPAR was unchanged from the prior year (down 7% in US dollars). EBITDA was a loss of $0.3 million in 2010 versus a profit of $1.2 million in the prior year. The two new hotels in Sicily, which were closed for most of the quarter, reported an EBITDA loss of $1.5 million.

North America:

Revenue from owned hotels was $28.1 million, up 14% from $24.6 million in the fourth quarter of 2009. Local currency same store RevPAR increased by 11%. EBITDA was $3.3 million compared to $2.6 million in the fourth quarter of 2009. Charleston Place, Charleston and La Samanna benefited from revenue growth of 17% and 23%, respectively.

Rest of World:

Southern Africa:

Fourth quarter revenue was $9.8 million, up 7% from $9.2 million in the fourth quarter of 2009 largely as a result of strong corporate business at The Westcliff, Johannesburg. Same store local currency RevPAR was down 8% (up 1% in US dollars). EBITDA was $1.4 million, compared to $2.6 million in the fourth quarter of 2009. EBITDA was negatively impacted by pre-opening costs for the new Planet Restaurant and energy tariff increases at the Mount Nelson Hotel.

South America:

Revenue increased by 23% to $24.1 million in the fourth quarter of 2010, from $19.6 million in the fourth quarter of 2009. Same store RevPAR increased by 18% in both local currency and US dollars. EBITDA was $6.0 million, compared to $4.2 million last year, an increase of 43%. Year on year revenue increased at Hotel das Cataratas, Iguassu Falls by $1.9 million or 75% following the recent major refurbishment of the rooms and public areas to Orient-Express standards. Year on year revenue increased at Copacabana Palace by $2.4 million or 16%, primarily driven by growth in average rate.

Asia Pacific:

Revenue for the fourth quarter of 2010 was $10.6 million, an increase of $1.8 million or 20% year over year. Same store local currency RevPAR increased by 22% in local currency (22% in US dollars). EBITDA was $2.5 million compared to $2.1 million in the fourth quarter of 2009.

Hotel management and part-ownership interests:

EBITDA for the fourth quarter of 2010 was $0.4 million compared to EBITDA of $1.2 million in the fourth quarter of 2009. The share of results from Hotel Ritz Madrid and Peru hotels decreased by $0.5 million and $0.4 million, respectively.

Restaurants:

Revenue from '21' Club in the fourth quarter of 2010 was $6.5 million compared to $5.7 million in the same quarter of 2009, and EBITDA was $2.2 million compared with $1.7 million in 2009. This growth is largely attributable to a 7% increase in average spend.

Trains and Cruises:

Revenue increased by $1.5 million to $17.6 million in the fourth quarter of 2010, an increase of 9% year over year, and EBITDA increased by $0.8 million to $5.4 million. Fourth quarter EBITDA for the Venice Simplon-Orient-Express increased from 2009 by $0.4 million as a result of increased passenger numbers, and EBITDA for Road to Mandalay increased by $0.7 million as operations in 2009 had only just re-commenced after a full refurbishment. These gains are offset by a decrease in the share of results from PeruRail of $0.5 million, caused largely by higher fuel costs and the scheduled reduction of an allowance received against concession fees payable to the Peruvian government.

Central costs:

In the fourth quarter of 2010, central costs decreased by $0.9 million to $5.6 million compared with $6.5 million in the prior year period.

Real Estate:

In the fourth quarter of 2010, there was an EBITDA loss of $0.7 million from Real Estate activities, primarily related to Porto Cupecoy, Sint Maarten, compared with a loss of $1.9 million in 2009. During the quarter, six units were sold and the Company recognized $7.9 million of revenue from eight units transferred to customers. Cumulatively, at the end of the quarter, 103 units net of cancellations had been sold and the legal title of 95 units had been transferred. Since the end of the quarter, a further eight units have been sold, resulting in 111 or 60% of the total units sold and leaving 73 units unsold.

Depreciation, amortization and impairment:

The depreciation and amortization charge for the fourth quarter of 2010 was $11.4 million compared with $11.0 million in the fourth quarter of 2009. The increase was largely due to the depreciation charge relating to the two new Sicilian hotels.

During the quarter, there was an impairment charge of $8.0 million, which included $6.4 million relating to the Company's New York hotel project, and a charge of $1.6 million relating to two model homes at Keswick Estate, Virginia.

Interest:

The interest charge for the fourth quarter of 2010 was $11.7 million compared with $6.7 million in the fourth quarter of 2009. The current year quarter included a $1.3 million charge to write off deferred finance costs relating to debt that was refinanced in the quarter and a $1.9 million associated cost of termination of interest rate swaps.

Tax:

The tax charge for continuing operations for the fourth quarter of 2010 was $9.9 million, compared to a tax charge of $4.6 million in the same quarter in the prior year. The 2010 fourth quarter tax charge included a $5.2 million charge in respect of valuation allowances.

Discontinued operations:

Losses from discontinued operations in the quarter were $2.8 million. This included a loss of $1.7 million at Windsor Court Hotel, New Orleans, where an insurance settlement resulted in the write off of costs above a $0.5 million award, and an impairment charge of $1.1 million in respect of two Internet businesses that were written down to reflect the level of an offer received.

Investment:

The Company invested $3.0 million during the quarter in the two new Sicilian properties. Payments of a further $1.5 million were made to the New York Public Library and there was additional capital expenditure of $11.9 million, including $1.8 million at Mount Nelson Hotel, $1.6 million at Hotel das Cataratas and $1.3 million at El Encanto, Santa Barbara.

Liquidity

At December 31, 2010, the Company had long-term debt (including the current portion and debt of consolidated variable interest entities) of $728.4 million, working capital loans of $1.2 million and cash balances of $158.8 million (including $8.4 million of restricted cash), giving a total net debt of $570.8 million compared with total net debt of $659.2 million at the end of the third quarter of 2010. The decrease in net debt is largely attributable to the equity raise completed during the quarter.

At December 31, 2010, undrawn amounts available to the Company under short-term lines of credit were $12.1 million and undrawn amounts available to the Company under secured revolving credit facilities were $12.0 million, bringing total cash availability (excluding restricted cash) at December 31, 2010, to $174.5 million.

At December 31, 2010, approximately 54% of the Company's debt was at fixed interest rates and 46% was at floating interest rates. The weighted average maturity of the debt was approximately 3.4 years and the weighted average interest rate (including margin and swaps) was approximately 4.5%.

At December 31, 2010, excluding revolving credit facilities of $28.0 million which are available for redrawing, the Company had $98.6 million of debt repayments due within 12 months. The Company is in advanced discussions with two existing lenders regarding the refinancing of two loans totaling $58.7 million that mature within 12 months, leaving a further $39.9 million of scheduled debt amortization due within the 12 month period.

Outlook

"As we move into 2011," said Paul White, "it is perhaps worth reflecting on some key achievements Orient-Express has made in 2010:

    - Same store RevPAR, up 11% (local currency and US dollars)

    - Strengthened balance sheet with capital raises and key refinancings

      with maturities of 3-5 years

    - Net debt to adjusted EBITDA before Real Estate reduced from 9.1x to

      6.7x

    - Acquired two 'iconic' properties in a core market (Italy) and completed

      the upgrade of Hotel das Cataratas

    - Won 'Cipriani' trademark litigation, securing a valuable brand in

      Europe

    - Closed and agreed sales of three non-core assets for $33.5 million

    - Completed Porto Cupecoy development with 111 units or 60% sold at

      February 24, 2011

"This was all in a year where the first quarter was dominated by severe weather conditions in Peru and Madeira, the ash cloud in Europe, and political unrest in South East Asia. As we look forward, the US traveler is returning to our high end properties, backed up by stronger domestic business. Leisure and corporate transient sectors are showing stronger recovery, with groups trailing, with the key result being the ability to drive average daily rate and average daily spend across our portfolio."

Reconciliation and Adjustments

                                      Three months ended  Twelve months ended

                                          December 31         December 31

    $'000 - except per share amounts

                                        2010      2009       2010      2009

                                       6,630    13,215     37,569    69,547

    EBITDA

    Real Estate                          666     1,943      5,329     3,476

    EBITDA before Real Estate          7,296    15,158     42,898    73,023

    Adjusted items:

    Legal costs (1)                      (18)        6       (175)      654

    Cipriani litigation (2)                -         -       (788)        -

    Grand Hotel Timeo & Villa

    Sant'Andrea (3)                      344         -      2,068         -

    Management restructuring (4)         555         -      1,666     1,419

    Peru hotel depreciation

    adjustment (5)                         -         -      1,240         -

    Impairment (6)                     7,986         -     38,497     6,500

    Gain on insurance proceeds (7)         -    (1,385)         -    (1,385)

    Adjusted EBITDA before Real

    Estate                            16,163    13,779     85,406    80,211

    Reported net loss attributable to

    Orient-Express Hotels Ltd.       (26,479)  (16,830)   (62,759)  (68,797)

    Net losses/(earnings)           

    attributable to non- controlling

    interests                              5       (48)      (179)      (60)

    Reported net loss                (26,484)  (16,782)   (62,580)  (68,737)

    Discontinued operations net of     2,793     6,199      ( 469)    48,613

    tax

    Net losses from continuing

    operations                       (23,691)  (10,583)   (63,049)  (20,124)

    Adjusted items net of tax:

    Legal costs (1)                      (18)        6       (175)      654

    Cipriani litigation (2)                -         -       (788)        -

    Grand Hotel Timeo & Villa

    Sant'Andrea (3)                      249         -      1,535         -

    Management restructuring (4)         397         -      1,322     1,043

    Peru hotel depreciation

    adjustment (5)                         -         -        853         -

    Impairment (6)                     7,426         -     37,937     6,500

    Gain on insurance proceeds (7)         -    (1,385)         -    (1,385)

    Interest rate swaps (8)            1,104      (142)     1,772       823

    Amortization of finance costs (9)    906         -        906         -

    Foreign exchange (10)             (2,379)    1,056     (4,946)      812

    Adjusted net loss from continuing

    operations                       (16,006)  (11,048)   (24,633)  (11,677)

    Reported EPS                       (0.27)    (0.22)     (0.68)    (1.01)

    Reported EPS from continuing

    operations                         (0.25)    (0.14)     (0.69)    (0.30)

    Adjusted EPS from continuing

    operations                         (0.17)    (0.14)     (0.27)    (0.17)

    Number of shares (millions)        96.62     76.84      91.54     68.05

1. Legal costs incurred in defending the Company's class B common share structure, net of awards or claims for reimbursement.

2. Cash received in excess of costs incurred following settlement of 'Cipriani' trademark litigation.

3. Non-recurring costs and purchase transaction costs incurred in relation to Grand Hotel Timeo and Villa Sant'Andrea.

4. Restructuring and redundancy costs.

5. Additional charge to reflect revision of useful economic life of assets at Machu Picchu Sanctuary Lodge.

6. Impairment charges recorded on owned properties and Porto Cupecoy.

7. Gain on the settlement of insurance proceeds received for cyclone-damaged assets on the Road to Mandalay ship.

8. Charges on swaps that did not qualify for hedge accounting and termination costs on closing swaps.

9. Amortization of remaining deferred finance costs on refinanced debt.

10. Foreign exchange 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.

Net debt / adjusted EBITDA reconciliation

                                                      Twelve months ended and

                                                         as at December 31

    $'000

                                                         2010         2009

    Cash (including restricted cash)                  158,773       91,568

    Working capital facilities                          1,174        6,666

    Current portion of long-term debt and capital

    leases                                            124,805      173,223

    Current portion of long-term debt of

    consolidated variable interest entities             1,775          165

    Long-term debt and obligations under capital

    leases                                            511,336      559,042

    Long-term debt of consolidated variable interest

    entities                                           90,529       79,304

                                                      729,619      818,400

    Net debt                                          570,846      726,832

    Adjusted EBITDA before Real Estate                 85,406       80,211

    Net debt / adjusted EBITDA before Real Estate        6.7x         9.1x

Management evaluates the operating performance of the Company's segments on the basis of segment net earnings before interest, foreign exchange, 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 historical 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 US generally accepted accounting principles (US 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 US GAAP for purposes of evaluating operating performance.

Adjusted EBITDA and adjusted net earnings of the Company are non-GAAP financial measures and do not have any standardized meanings prescribed by US 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 US GAAP. Management considers adjusted EBITDA and adjusted net earnings 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), disposals of assets or investments, and certain other items (some of which may be recurring) which management does not consider indicative of ongoing operations or which could otherwise have a material effect on the comparability of the Company's operations. Adjusted EBITDA and adjusted net earnings 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.

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, debt reduction and debt refinancings, asset sales 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 negotiating and completing proposed asset sales, debt refinancings, capital expenditures and acquisitions, inability to reduce funded debt as planned or to agree bank loan agreement waivers or amendments, adequate sources of capital and acceptability of finance terms, 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 in many parts of the world and weakness in financial markets, legislative, regulatory and political developments, and possible new 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 Friday, February 25, 2011 at 10.00 hrs EST (15.00 GMT) which is accessible at +1-888-935-4577 (US toll free) or +44-(0)20-7136-6284 (Standard International). The conference ID is 7314941. A re-play of the conference call will be available until 23.00pm (EST) Wednesday, March 2, 2011 and can be accessed by calling +1-347-366-9565 (US) or +44-(0)20-7111-1244 (Standard International) and entering replay access number 7314941#. A re-play will also be available on the company's website: http://www.orient-expressinvestorinfo.com.

                           ORIENT-EXPRESS HOTELS LTD.

                      Three Months ended December 31, 2010

                          SUMMARY OF OPERATING RESULTS

                                   (Unaudited)

                                                       Three months ended

                                                           December 31

    $'000 - except per share amount                      2010        2009

    Revenue and earnings from unconsolidated

    companies

    Owned hotels

    - Europe                                           29,696      26,894

    - North America                                    28,099      24,609

    - Rest of World                                    44,379      37,621

    Hotel management & part ownership interests           353       1,221

    Restaurants                                         6,489       5,719

    Trains & Cruises                                   17,622      16,099

    Revenue and earnings from unconsolidated

    companies before Real Estate                      126,638     112,163

    Real Estate                                         7,889          18

    Total (1)                                         134,527     112,181

    Analysis of earnings

    Owned hotels

    - Europe                                             (264)      1,207

    - North America                                     3,347       2,622

    - Rest of World                                     9,827       8,888

    Hotel management & part ownership interests           353       1,221

    Restaurants                                         2,217       1,726

    Trains & Cruises                                    5,432       4,623

    Central overheads                                  (5,630)     (6,514)

    EBITDA before Real Estate and Impairment           15,282      13,773

    Real Estate                                          (666)     (1,943)

    EBITDA before Impairment                           14,616      11,830

    Impairment                                         (7,986)          -

    Gain on insurance proceeds                              -       1,385

    EBITDA                                              6,630      13,215

    Depreciation & amortization                       (11,401)    (11,049)

    Interest                                          (11,701)     (6,740)

    Foreign exchange                                    2,696      (1,376)

    Losses before tax                                 (13,776)     (5,950)

    Tax                                                (9,915)     (4,633)

    Net losses from continuing operations             (23,691)    (10,583)

    Discontinued operations                            (2,793)     (6,199)

    Net losses                                        (26,484)    (16,782)

    Net losses / (earnings) attributable to

    non-controlling interests                               5         (48)

    Net losses attributable to Orient-Express

    Hotels Ltd.                                       (26,479)    (16,830)

    Loss per common share attributable to Orient-

    Express Hotels Ltd.                                 (0.27)      (0.22)

    Number of shares - millions                         96.62       76.84

(1) Comprises earnings from unconsolidated companies of $963,000 (2009 - $2,331,000) and revenue of $133,564,000 (2009 - $109,850,000).

                           ORIENT-EXPRESS HOTELS LTD.

                      Three Months Ended December 31, 2010

                SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS

                                   Three months ended

                                      December 31

                                    2010         2009

    Average Daily Rate

    (in US dollars)

    Europe                           497          555

    North America                    330          349

    Rest of World                    343          321

    Worldwide                        369          373

    Rooms Available (000's)

    Europe                            65           58

    North America                     66           67

    Rest of World                    120          118

    Worldwide                        251          243

    Rooms Sold (000's)

    Europe                            26           23

    North America                     42           37

    Rest of World                     69           63

    Worldwide                        137          123

    RevPAR (in US dollars)

    Europe                           202          216

    North America                    211          191

    Rest of World                    198          171

    Worldwide                        202          187

                                                            Change %

    Same Store RevPAR                                    Dollar   Local

    (in US dollars)                                            currency

    Europe                           144          155      -7%       0%

    North America                    211          191      11%      11%

    Rest of World                    198          171      16%      12%

    Worldwide                        190          173      10%       9%

                           ORIENT-EXPRESS HOTELS LTD.

                      Twelve Months ended December 31, 2010

                          SUMMARY OF OPERATING RESULTS

                                   (Unaudited)

                                                       Twelve months ended

                                                           December 31

    $'000 - except per share amount                      2010        2009

    Revenue and earnings from unconsolidated

    companies

    Owned hotels

    - Europe                                          169,772     155,830

    - North America                                   107,909     100,486

    - Rest of World                                   148,778     116,182

    Hotel management & part ownership interests         2,228       2,995

    Restaurants                                        15,809      14,436

    Trains & Cruises                                   67,913      67,968

    Revenue and earnings from unconsolidated          512,409     457,897

    companies before Real Estate

    Real Estate                                        64,019       1,706

    Total (1)                                         576,428     459,603

    Analysis of earnings

    Owned hotels

    - Europe                                           37,388      38,595

    - North America                                    14,963      14,579

    - Rest of World                                    33,399      25,513

    Hotel management & part ownership interests         2,228       2,995

    Restaurants                                         2,476       1,757

    Trains & Cruises                                   17,444      20,569

    Central overheads                                 (26,503)    (25,870)

    EBITDA before Real Estate and Impairment           81,395      78,138

    Real Estate                                        (5,329)     (3,476)

    EBITDA before Impairment                           76,066      74,662

    Impairment                                        (38,497)     (6,500)

    Gain on insurance proceeds                              -       1,385

    EBITDA                                             37,569      69,547

    Depreciation & amortization                       (45,483)    (39,950)

    Interest                                          (33,839)    (31,068)

    Foreign exchange                                    5,686     (1,067)

    Losses before tax                                 (36,067)     (2,538)

    Tax                                               (26,982)    (17,586)

    Net losses from continuing operations             (63,049)    (20,124)

    Discontinued operations                               469     (48,613)

    Net losses                                        (62,580)    (68,737)

    Net earnings attributable to non-controlling

    interests                                            (179)        (60)

    Net losses attributable to Orient-Express

    Hotels Ltd.                                       (62,759)    (68,797)

    Loss per common share attributable to Orient-

    Express Hotels Ltd.                                 (0.69)      (1.01)

    Number of shares - millions                         91.54       68.05

(1) Comprises earnings from unconsolidated companies of $4,486,000 (2009 - $8,693,000) and revenue of $571,942,000 (2009 - $450,910,000).

                           ORIENT-EXPRESS HOTELS LTD.

                      Twelve Months Ended December 31, 2010

                SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS

                                   Twelve months ended

                                       December 31

                                    2010         2009

    Average Daily Rate

    (in US dollars)

    Europe                           637          702

    North America                    325          342

    Rest of World                    331          293

    Worldwide                        405          407

    Rooms Available (000's)

    Europe                           280          257

    North America                    267          271

    Rest of World                    463          448

    Worldwide                      1,010          976

    Rooms Sold (000's)

    Europe                           139          119

    North America                    171          150

    Rest of World                    254          221

    Worldwide                        564          490

    RevPAR (in US dollars)

    Europe                           317          325

    North America                    209          189

    Rest of World                    182          145

    Worldwide                        226          205

                                                            Change %

    Same Store RevPAR                                    Dollar   Local

    (in US dollars)                                            currency

    Europe                           317          319      -1%       2%

    North America                    208          189      10%       9%

    Rest of World                    188          147      28%      22%

    Worldwide                        227          204      11%      11%

                           ORIENT-EXPRESS HOTELS LTD.

    CONSOLIDATED AND CONDENSED BALANCE SHEETS

                                   (Unaudited)

                                                      December 31 December 31

    $'000                                                    2010        2009

    Assets

    Cash                                                  158,773      91,568

    Accounts receivable                                    51,386      59,968

    Due from unconsolidated companies                      19,643      19,385

    Prepaid expenses                                       23,663      22,276

    Inventories                                            44,245      43,678

    Other assets held for sale                             33,945      64,358

    Real estate assets                                     68,111     120,288

    Total current assets                                  399,766     421,521

    Property, plant & equipment, net book value         1,268,822   1,191,531

    Property, plant & equipment, net book value of

    consolidated variable interest entities

                                                          188,502     192,682

    Investments                                            60,428      58,432

    Goodwill                                              177,498     149,180

    Other intangible assets                                18,987      18,936

    Other assets                                           23,711      40,408

                                                        2,137,714   2,072,690

    Liabilities and Equity

    Working capital facilities                              1,174       6,666

    Accounts payable                                       25,448      23,240

    Accrued liabilities                                    71,436      73,875

    Deferred revenue                                       28,963      68,784

    Due to related parties                                      -           -

    Other liabilities held for sale                         2,910      14,646

    Current portion of long-term debt and capital

    leases                                                124,805     173,223

    Current portion of long-term debt of consolidated

    variable interest entities                              1,775         165

    Total current liabilities                             256,511     360,599

    Long-term debt and obligations under capital

    leases                                                511,336     559,042

    Long-term debt of consolidated variable interest

    entities                                               90,529      79,304

    Deferred income taxes                                 100,730      94,872

    Deferred income taxes of consolidated variable

    interest entities                                      61,835      64,100

    Other liabilities                                      43,906      34,295

    Total liabilities                                   1,064,847   1,192,212

    Shareholders' equity                                1,070,945     878,709

    Non-controlling interests                               1,922       1,769

    Total equity                                        1,072,867     880,478

                                                        2,137,714   2,072,690

E: [email protected]