HAMILTON, BERMUDA Orient-Express Hotels Ltd. has raised approximately US$117.2 million from a public offering of 10 million Class A common shares. The shares were priced at US$10.75.
Underwriters exercised in full their over-allotment option to purchase an additional 1.5 million shares. Deutsche Bank Securities Inc. and Barclays Capital Inc. acted as joint book-running managers and underwriters for the offering.
Orient-Express reported RevPAR increases of 14% in the third quarter year over year. “The third quarter has traditionally been our strongest trading quarter, and this has proven to be the case in 2010,” says President and CEO Paul White. “RevPAR growth of 14% and a 140 basis points positive movement in margins underpinned the 21% increase in EBITDA before real estate and impairment.
“I am particularly pleased to see all hotel regions performing ahead of last year, both at top line and EBITDA. Our Italian hotels had a particularly strong quarter, as did Hotel Ritz Madrid, as Europe showed good growth. Our Asian, Brazilian and South African portfolios performed well, with same store local currency RevPAR up 18%, 33% and 57%, respectively. More importantly, across the board, retention was 47%, leading to solid EBITDA conversion.”