ORIENT-EXPRESS <OEH> TO SELL FIVE PROPERTIES
Orient-Express Hotels Inc said it
reached agreement in principle to sell four hotels and the
SeaCo Business Park near Houston for a total consideration of
54 mln dlrs, payable 51.8 mln dlrs in cash.
    The company said it is expected the sales will be concluded
within 90 days. The purchasers have asked not to be identified
until the completion of the sales, it added.
    Orient-Express said its board has decided not to raise new
equity capital at this time, explaining the proceeds from the
planned sales will be sufficient to pay all the company's
immediate obligations and leave resources for investment.
    Orient-Express said the Turnberry Hotel and Golf Courses in
Scotland will be sold but the company will retain a 20 year
managment contract.
    It said the Lodge at Vail, Colo., will be sold and leased
back for 10 years with tghe option to extend the lease.
    The company said the Royal York hotel in York, England, and
the Lochalsh Hotel at the Kyle of Lochalsh in Scotland will be
sold to a British hotels group and Orient-Express will have no
further involvement in these properties.
    The company said it expects to make improvements to its
Italian hotels soon and is considering Italian acquisitions.
 Reuter
