Orient-Express Hotels Ltd. Reports Fourth Quarter 2013 Results (United States)
Fourth quarter same store revenue per available room (“RevPAR”) up 9% in US dollars and 10% in local currency compared to prior-year quarter.
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Orient-Express Hotels Ltd. Reports Fourth Quarter 2013 Results (United States)
Fourth quarter same store revenue per available room (“RevPAR”) up 9% in US dollars and 10% in local currency compared to prior-year quarter.
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Category: - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2014-02-28
- Fourth quarter total revenue up 9% to $138.0 million from $126.5 million in prior-year quarter.
- Fourth quarter adjusted EBITDA up 12% to $21.4 million from $19.1 million in prior-year quarter.
- Full year adjusted EBITDA up 17% year-over-year to $119.7 million.
- Excluding El Encanto, full year adjusted EBITDA up 18% year-over-year and retention of 44%.
- Agreed to sell The Inn at Perry Cabin in December 2013 for $39.7 million of gross proceeds and to enter into a ten-year management agreement for the hotel.
- Announced “Belmond”, a newly created brand name under which the Company will market and operate its luxury hotel and travel experiences, in February 2014
- The Company announces that it is seeking to refinance all or substantially all of its funded debt (other than the debt of Charleston Place) through a corporate-level facility.
Orient-Express Hotels Ltd. (NYSE: OEH, www.orient-express.com) (the “Company”), owners, part-owners or managers of 45 luxury hotel, restaurant, tourist train and river cruise properties operating in 22 countries, today announced its results for the fourth quarter ended December 31, 2013.
Total revenue was $138.0 million in the fourth quarter of 2013, an increase of $11.5 million or 9% from $126.5 million in the fourth quarter of 2012. Total hotels revenue for the fourth quarter was $113.3 million, an increase of $7.9 million or 7% from $105.4 million in the fourth quarter of 2012 due largely to 9% growth in US dollar same store owned hotels RevPAR. Total trains & cruises revenue in the fourth quarter was $24.7 million, up $3.6 million or 17% from $21.1 million in the fourth quarter of 2012.
Total adjusted EBITDA was $21.4 million for the fourth quarter of 2013, an increase of $2.3 million from $19.1 million in the prior-year period. This 12% growth was primarily the result of strong growth at Copacabana Palace, Rio de Janeiro, Brazil, continued strength of the Company’s hotel and river cruise operations in Myanmar and record fourth quarter performance at Charleston Place, Charleston, South Carolina, partially offset by a year-over-year decrease at Grand Hotel Europe, St. Petersburg, Russia due in part to a 9 percentage point decrease in occupancy.
Adjusted net losses from continuing operations for the fourth quarter of 2013 were $8.4 million ($0.08 per common share) compared with adjusted net losses of $9.8 million ($0.10 per common share) in the fourth quarter of 2012.
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