First quarter total revenue, excluding real estate, up 10% to $107.0 million from $97.7 million – First quarter revenue from owned hotels up 8% to $93.9 million from $86.9 million.
Highlights
- First quarter total revenue, excluding real estate, up 10% to $107.0 million from $97.7 million
- First quarter revenue from owned hotels up 8% to $93.9 million from $86.9 million
- Same store revenue per available room (“RevPAR”) for the quarter up 10% in US dollars and up 11% in local currency
- Adjusted EBITDA before real estate for the first quarter up 61% to $3.7 million from $2.3 million
- Completed the sale of Las Casitas del Colca, Peru, in April 2012 for $5.6 million
- Announced two new independent nominees for election to the Company’s Board of Directors at June 2012Annual General Meeting of Shareholders
Orient-Express Hotels Ltd. (NYSE: OEH), owners or part-owners and managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 23 countries, today announced its results for the first quarter ended March 31, 2012.
“In the first quarter of 2012, the Company’s total revenue and adjusted EBITDA before real estate continued to grow, building on the momentum developed last year and providing a stable platform for our key second and third quarters,” said Bob Lovejoy, Chairman and Interim Chief Executive Officer. “Total revenue and adjusted EBITDA before real estate increased by 10% and 61%, respectively, over the first quarter of 2011. The first quarter of 2012 represents the ninth straight quarter of year-over-year growth in these two key metrics.
“We have continued our strategy of portfolio optimization, including completion of the sale of one of our Peruvian joint venture properties and making ongoing investments to improve our room product quality in several properties, including Hotel Cipriani, Venice, Hotel Splendido, Portofino, our two Sicilian properties, La Samanna in St. Martin and The Inn at Perry Cabin, St. Michael’s, Maryland. During 2012, we look forward to the opening in June of Palacio Nazarenas, our new all-suite property in Cuzco, Peru, and to the complete makeover of 121 rooms and suites and the arrival experience at Copacabana Palace in Rio de Janeiro.
“As we look forward in 2012, we see good demand continuing in North and South America and Asia, with some softening now in evidence in Europe. Overall, bookings pace for our owned hotels is currently 6% ahead of the same time last year. On the whole, our business outlook today is one of tempered optimism, based on our outstanding and improving portfolio, our good financial position and strong management team and a global economic outlook which is stabilizing and, in most geographies outside Europe, improving.”
First Quarter 2012 Earnings Summary
Revenue, excluding real estate, was $107.0 million in the first quarter of 2012, up $9.3 million or 10% from the first quarter of 2011.
Revenue from owned hotels for the first quarter was $93.9 million, up $7.0 million or 8% from the first quarter of 2011. On a same store basis, owned hotels RevPAR was up 10% in US dollars and up 11% in local currency.
Trains & cruises revenue in the first quarter was $9.5 million compared to $7.6 million in the first quarter of 2011, an increase of 25%.
Adjusted EBITDA before real estate was $3.7 million for the first quarter, up $1.4 million compared to $2.3 million in the prior year period. The principal increases were at Copacabana Palace (up $0.8 million compared to the same period in the prior year), Hotel das Cataratas, Iguassu Falls (up $0.7 million), Charleston Place, South Carolina (up $0.7 million) and from the Company’s share of earnings from PeruRail (up $0.8 million). Other notable improvements included Maroma Resort and Spa, Riviera Maya (up $0.5 million) and La Samanna (up$0.4 million), offset by Grand Hotel Europe, St Petersburg (down $0.4 million) and the Road To Mandalay cruise ship, Irrawaddy River (down $0.5 million).
Adjusted net loss from continuing operations for the first quarter was $16.2 million ($0.16 per common share) compared with a loss of $13.6 million ($0.13 per common share) in the first quarter of 2011. There was a $0.2 million tax charge in the first quarter of 2012 compared to a tax credit of $5.0 million in the prior year, accounting for a net year-over-year difference of $0.05 per common share. Net loss attributable to Orient-Express Hotels Ltd. for the first quarter was $15.7 million ($0.15 per common share) compared with a net loss of$14.9 million ($0.15 per common share) in the first quarter of 2011.
The full report and more corporate information on Orient-Express Hotels can be seen here