Orient-Express Hotels Confirms Acquisition of Grand Hotel Timeo and Villa Sant'Andrea Plus Sale of Lilianfels Blue Mountains (Australia)
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Orient-Express Hotels Confirms Acquisition of Grand Hotel Timeo and Villa Sant'Andrea Plus Sale of 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 2010-02-04
Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owner or part-owner and managers of 50 luxury hotels, restaurants, tourist trains and river cruise properties operating in 24 countries, today confirmed that it has completed its acquisition of Grand Hotel Timeo and Villa Sant'Andrea in Taormina, Sicily from The Framon Group for a combined price of EUR81million (US$ 117 million).
In addition, the Company confirmed it had concluded the sale of its Australian property, Lilianfels Blue Mountains, to Lilianfels Hotel Pty Ltd for AUD 21 million (US$ 19.3 million).
Orient-Express Hotels' President and Chief Executive Officer, Paul White said, "The sale of Lilianfels, and the sale of other non-core assets in 2009, significantly strengthened our balance sheet. We are delighted to have secured this rare opportunity to acquire the internationally renowned Grand Hotel Timeo, with its sister hotel, Villa Sant'Andrea and we are confident we can make significant improvements in performance at both properties."
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