Orient-Express Hotels Reports Q1 Loss
Orient-Express Hotels has reported a net loss of US$4.3m on revenue of US$119.9m for the first quarter. Last year, it reported a loss of US$3.7m on revenue of US$97.7m. The firm says the first quarter is traditionally a loss-making period because several of its European hotels
Orient-Express Hotels has reported a net loss of US$4.3m on revenue of US$119.9m for the first quarter.
Last year, it reported a loss of US$3.7m on revenue of US$97.7m.
The firm says the first quarter is traditionally a loss-making period because several of its European hotels are closed for most of the quarter along with the Venice Simplon-Orient-Express, Royal Scotsman tourist trains and Afloat canal cruises in France.
The company says first quarter total revenues increased 23 percent on the prior year and same store revPAR increased 14 percent.
The Grand Hotel Europe in St Petersburg showed the strongest revenue growth, with revenues up US$3.3m, or 53 percent (41 percent in local currency).
In the North American region, every property showed revenue growth, with same store revPAR up 12 percent.
In the rest of world, revenue increased by US$7.9m or 24 percent, with Southern Africa, South America and Asia Pacific regions all performing ahead of 2007 levels.
By Elizabeth Clifford-Marsh