PRN: Orient-Express Announces Sale of The Westcliff, Johannesburg
Orient-Express Announces Sale of The Westcliff, Johannesburg
HAMILTON, Bermuda, July 24, 2012 /PRNewswire/ --
Orient-Express Hotels Ltd. (NYSE:OEH, http://www.orient-express.com), owners or part-owners and managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 23 countries, today announced that it has entered into an agreement to sell The Westcliff, Johannesburg, to an undisclosed buyer. Â The transaction is expected to complete by the end of the year.
Under the terms of the sale contract, Orient-Express has agreed to remain as manager of the hotel for a period of 12 months from completion while the new owner develops their long term refurbishment plans.
"The conclusion of this sale will be another positive step in our strategy to optimize our global portfolio for the purpose of reinvesting capital and improving our balance sheet," commented Philip Mengel, Interim Chief Executive Officer, Orient-Express Hotels Ltd. Â "We plan to use part of the proceeds to re-invest in our other assets, including a portion for the Mount Nelson Hotel in Cape Town and on-going improvements to our three luxury safari camps in Botswana."
Company Codes: NYSE:OEH, Bloomberg:OEH@US, RICS:OEH.N, ISIN:BMG677431071