Orient-Express Hotels to Sell Lilianfels Blue Mountains, Australia
By Orient Express Hotels Ltd, PRNESunday, December 6, 2009
HAMILTON, Bermuda, December 7 - Orient-Express Hotels Ltd. (NYSE: OEH, 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 Pippa Isbell Vice President, Corporate Communications Tel: +44-20-7921-4065 E: pippa.isbell@orient-express.com
Contact: Martin O'Grady, Vice President, Chief Financial Officer, Tel: +44-20-7921-4038, E: martin.ogrady at orient-express.com; Pippa Isbell, Vice President, Corporate Communications, Tel: +44-20-7921-4065, E: pippa.isbell at orient-express.com
Tags: Australia/Oceania, Bermuda, Hamilton, Orient Express Hotels Ltd