- Fourth quarter same store revenue per available room (?RevPAR?) equal to prior-year quarter in US dollars; up 7% excluding?Copacabana Palace,?Rio de Janeiro, which was partially closed for planned renovation
- Fourth quarter total revenue down 1% to?$128.0 million?from?$129.1 million?in prior-year quarter; up 3% excluding?Copacabana Palace
- Fourth quarter adjusted EBITDA down 3% to?$19.6 million?from?$20.3 million?in prior-year quarter; up 12% excluding?Copacabana Palace
- Delivered significant progress on portfolio optimization strategy, including re-opening of extensively refurbished main building of?Copacabana Palace?in December; completing sales of The Westcliff,?Johannesburg?and, in?January 2013, Porto Cupecoy,?Sint Maarten, for combined proceeds of?$45.0 million; and announcing renovation plans for?Grand Hotel Europe,?St. Petersburg?andCharleston Place,?South Carolina
- Positive early indications for 2013; bookings for total owned hotels up 11% from the same time last year
- Appointed?John M. Scott III?as President and Chief Executive Officer in?November 2012?and named?Ralph Aruzza?as Chief Sales & Marketing Officer in?February 2013
HAMILTON, Bermuda–(BUSINESS WIRE)–Feb. 20, 2013–?Orient-Express Hotels Ltd.(NYSE: OEH,?www.orient-express.com) (the ?Company?), owners, part-owners or managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 22 countries, today announced its results for the fourth quarter ended?December 31, 2012.
Total revenue was?$128.0 million?in the fourth quarter of 2012, down?$1.1 million?or 1% from?$129.1 million?in the fourth quarter of 2011. Excluding Copacabana Palace, which was partially closed for renovation for the majority of the quarter, total revenue was up 3% compared to the fourth quarter of 2011.
Revenue from owned hotels for the fourth quarter was?$99.2 million, down?$1.6 million?or 2% from?$100.8 million?in the fourth quarter of 2011. On a same store basis, owned hotels RevPAR was flat in US dollars and down 1% in local currency. Excluding Copacabana Palace, same store RevPAR for the fourth quarter increased by 7% in US dollars and 6% in local currency.
Trains & cruises revenue in the fourth quarter was?$21.0 million, up 2% compared to$20.6 million?in the fourth quarter of 2011.
Adjusted EBITDA was?$19.6 million?for the fourth quarter, down?$0.7 million?from?$20.3 million?in the prior-year period. The principal decrease was at?Copacabana Palace, which was down?$2.2 million?as a result of the partial closure. Excluding the year-over-year decrease at?Copacabana Palace, adjusted EBITDA would have been?$1.5 million?ahead of the prior-year quarter. This growth was led by Road To Mandalay and The Governor?s Residence, both in?Myanmar, which were up?$1.2 million?and?$0.4 million, respectively.
Adjusted net loss from continuing operations for the fourth quarter was?$9.4 million?($0.09per common share) compared with a loss of?$7.2 million?($0.07?per common share) in the fourth quarter of 2011.
?Despite difficult macro-economic conditions, we had a solid finish to the year,? said?John Scott, President and Chief Executive Officer. ?We delivered adjusted EBITDA of?$104.3 million?and full-year RevPAR growth of 3% over 2011 in local currency terms, including RevPAR growth across all regions except?South America, which was affected by the partial closure of?Copacabana Palace. The growth in RevPAR reflects the inherent value of our unique and iconic assets and demonstrates the resilience in demand for our unrivalled luxury travel experiences. Importantly, excluding?Copacabana Palace, full-year local currency RevPAR was up 6% over 2011. The renovation of?Copacabana Palace, one of our premier properties, was completed in time for Rio de Janeiro?s peak Christmas and New Year period, and positions us well to capitalize on Rio?s growing international profile.
?Overall, we continued to make significant progress on our strategy to increase the earnings power of our properties and optimize our unique portfolio of luxury travel assets. We completed the disposals of The Westcliff in the fourth quarter and Porto Cupecoy inJanuary 2013?for combined proceeds of?$45.0 million. Consistent with our focus on redeploying capital into core, high-value properties, the proceeds from these divestitures will be used to provide capital for our active program of targeted reinvestment in our current portfolio and to further strengthen our balance sheet. In 2012, we added or re-opened 301 refurbished rooms, including those in the?Copacabana Palace?renovation. In 2013, we will open El Encanto in Santa Barbara, which will further enhance the revenue-generating power of our portfolio, and commence exciting renovation projects at several key properties, including?Grand Hotel Europe?and?Charleston Place. These renovations have been phased so that they will have minimal disruption on hotel operations.
?Our portfolio optimization program and on-going balance sheet strengthening initiatives ? combined with solid operating results ? provide a strong platform for long-term growth. In the near-term, we remain cautiously optimistic about 2013. While the macro-economic challenges remain, we have seen some positive early indications for the year, including a 11% increase in full-year bookings over the same time last year.?
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