Orient-Express Hotels has announced a new agreement to sell The Observatory Hotel, Sydney, to an international luxury hotel group. Orient-Express will continue to operate the hotel until the transaction closes, which is expected on August 8, 2012.
Orient-Express Hotels Ltd. owns, part-owns, or manages 46 luxury hotels, restaurants, and tourist train and river cruise properties in 23 countries.
"It is a key objective of the Company's previously stated long term strategy to optimize its global portfolio for the purpose of reinvesting capital and improving its balance sheet. We are pleased to have made such positive progress in this strategy over the first two quarters of 2012," commented Philip Mengel, Interim Chief Executive Officer, Orient-Express Hotels Ltd.
For more information, visit www.orient-express.com.