Orient-Express Hotels Ltd has announced that it has entered into an agreement to sell The Westcliff in Johannesburg to an undisclosed buyer.
The transaction is expected to be completed by the end of the year. Under the terms of the sale contract, Orient-Express has agreed to remain manager of the hotel for 12 months from completion while the new owner develops its long-term refurbishment plans.
“The conclusion of this sale will be another positive step in our strategy to optimise 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.
“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.”
Orient-Express Hotels Ltd is owner or part-owner and manager of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 23 countries.
Breaking News: Orient-Express to sell The Westcliff
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