
Orient Express has published its results for the second quarter, ended June 30, 2012. The company, which owns or partly-owns and manages 46 luxury hotel, restaurant, tourist train and river cruise properties, experienced a fall in revenue from owned hotels of 4%.
The group reported a fall in total revenue (excluding real estate) of 2% to $163.8 million from $167.8 million, and a fall in revenue from owned hotels of 4% to $130.7 million from $135.6 million.RevPAR for the quarter was down 2% in US dollars (up 3% in local currency). Adjusted EBITDA before real estate for the second quarter down 3% to $41.5 million from $42.7 million.Philip Mengel, Director and Interim Chief Executive Officer, said "We have experienced a challenging second quarter. The continued economic uncertainty in the Eurozone has affected demand for luxury travel from European sources, and the weakening of the euro and other currencies against the dollar has reduced the dollar value of our revenues."In the quarter Orient Express opened Palacio Nazarenas in Cuzco, Peru, and entered into agreements to sell The Observatory Hotel in Sydney and The Westcliff in Johannesburg.