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Orient-Express Hotels Ltd., owners or part-owners and managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 23 countries, announced that it has entered into an agreement to sell The Observatory Hotel, Sydney, to an international luxury hotel group. Orient-Express will continue to operate the hotel until the transaction closes, which is expected to be on August 8, 2012.
"It is a key objective of the Company’s previously stated long term strategy to optimize its global portfolio for the purpose of reinvesting capital and improving its balance sheet. We are pleased to have made such positive progress in this strategy over the first two quarters of 2012," commented Philip Mengel, Interim Chief Executive Officer, Orient-Express Hotels Ltd.
"Orient-Express believes in the long term potential of The Observatory Hotel, but it was not core to the Company’s continuing business strategy. It will be acquired by a world class company that we are confident will make for a successful owner and employer that is committed to the hotel and its future."
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