Hotels Enters Agreement with an Affiliate of Tribeca Associates, LLC
and Starwood Capital Group Global, LLC to Assign its Purchase and Development Plans
Made with the New York Public Library Regarding Development of
Hotel at Site of the Donnell Branch in New York City
Bermuda, March 21,
2011-- 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 that it has entered into an
agreement to assign its purchase and development agreements made with
the New York Public Library in regard to the site of the Donnell branch
on West 53rd Street, New York City, to an affiliate of Tribeca
Associates, LLC and Starwood Capital Group Global, LLC.
The assignee is an
affiliate combining significant hotel and real estate development
expertise. It will assume all the terms and obligations of the original
contract made between Orient-Express Hotels and the New York Public
Library, including the reimbursement of all previous payments made by
Orient-Express Hotels and the assumption of all future payments.
Tribeca Associates and Starwood Capital Group Global intend to build a
world-class hotel on the site, which is across from New York's Museum
of Modern Art.
President and Chief Executive of Orient-Express Hotels Ltd. said,
"Whilst economic circumstances prevented us from pursuing this
development, we are delighted to see the project going ahead. We are
pleased to recover our deposits, which will further help strengthen our
"We're pleased that
Tribeca Associates and Starwood Capital Group Global are moving forward
on the terms of the existing contract, including the construction
timetable. We will receive the full sale proceeds and are excited that
we will have a wonderful new library in that location in the shortest
time possible," said Angela Montefinise, Public Relations Director of
the New York Public Library.
About Orient-Express Hotels Ltd.
Hotels Ltd., listed on the New York Stock Exchange, ticker OEH, engages
in the hotel, tourist train and cruise ship business. Orient-Express
Hotels owns and manages 50 famous properties in 24 countries, including
the Hotel Cipriani in Venice, the Copacabana Palace in Rio de Janeiro,
the Mount Nelson in Cape Town, and the Charleston Place in Charleston,
S.C. In addition, it owns the Venice Simplon-Orient-Express and Eastern
& Oriental Express tourist trains, '21' Club in New York City and
the "Road to Mandalay" cruise ship in Burma.
About Starwood Capital Group Global, LLC
Group is a private, U.S.-based investment firm with a core focus on
global real estate. Since the group's inception in 1991, the firm,
through its various funds, has invested nearly $8 billion of equity
capital, representing over $25 billion in assets. Starwood Capital
Group currently has approximately $16 billion of assets under
management. Starwood Capital Group maintains offices in Greenwich,
Atlanta, San Francisco, Washington, D.C., and affiliated offices in
London, Luxembourg, Paris, Mumbai, Tokyo and Sao Paulo. Starwood
Capital Group has invested in nearly every class of real estate on a
global basis, including hotels, resorts, office, retail, residential,
senior housing, golf and industrial assets. Starwood Capital Group and
its affiliates have successfully executed an investment strategy that
includes building enterprises around core real estate portfolios in
both the private and public markets. Additional information about
Starwood Capital may be found at http://www.starwoodcapital.com.
About Tribeca Associates, LLC
Founded in 2000,
Tribeca Associates LLC is a real estate investment and development firm
focused on creating value through its extensive expertise in acquiring
and developing a broad spectrum of real estate assets including
commercial, residential and hospitality properties. Tribeca specializes
in acquisitions, development, financing, leasing, property management,
and construction oversight. Tribeca and its institutional capital
partners have invested over one billion dollars in the past decade.
Vice President, Chief Financial Officer
Director, Corporate Communications
Michele de Milly
Geto & de Milly, Inc.
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