• Orient Express remains buoyant

Bid prospect Orient Express Hotels announced a 68% increase in EBITDA for its first quarter and a reduced net loss from $7.4m to $3.7m.

The strong trading at what is predominately a leisure chain demonstrates that fears of a consumer slowdown, at least at the top-end, have so far proved unfounded.

The bulk of OEH’s profits are made in the second and third quarters when its leisure travellers fill its luxury rooms.

Although 90% of its hotels are outside of North America, around half of its guests are Americans, so it remains vulnerable to any slowdown in the US economy.

Worldwide revpar was up 7% on a local currency basis. And the outlook was encouraging, particularly in Europe where bookings were up 16%.

There was no news on the sale of the group or on the search to replace Simon Sherwood as CEO.

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