Orient-Express Hotels to Sell Lilianfels Blue Mountains, Australia
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Orient-Express Hotels to Sell Lilianfels Blue Mountains, Australia
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Category: Asia Pacific - Australia - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2009-12-07
Orient-Express Hotels Ltd. (NYSE: OEH, http://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.
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