One of the world's most magnificent trains, the Venice Simplon-Orient Express train recreates the original Orient-Express route from Paris to Istanbul once a year with restored cars and luxury suites from the 1920s.
Orient-Express says the bid amount is significantly low and undervalues the assets of the company.
US-based Orient Express Hotels has termed the $1.86 billion acquisition offer by Tata group firm Indian Hotels as 'unsolicited' and said it will evaluate the proposal 'carefully and respond' accordingly.
In a reply to Tatas' proposal for a possible association, Orient-Express, which owns New York's prestigious Club 9 Restaurants and a number of luxury hotel brands in the US and other countries, said in a statement that aligning with Tatas' "predominantly domestic Indian hotel chain" would adversely impact the brand value of its premium properties.
Publicly available data concerning the North American properties of both the hotel chains showed that Orient's average room rates were "meaningfully" below those of Taj's properties. Also, as per the latest financial statements, the trailing 12 month EBITDA margin of Indian Hotels was around 15 per cent higher than that of Oriental, Tatas said.
This acquisition may be a precursor to an association with Orient-Express, which owns or part-owns and manages 35 hotels in 25 countries.
Swinging back into profit for the third-quarter with net earnings of about $18 million, luxury hotel chain operator Orient Express on Friday said it is consulting financial and legal advisors on the Tata group's takeover bid and will reply to the offer in due course of time.
US-based luxury hotel chain operator Orient Express has brought on its board an Indian-origin restaurant business entrepreneur Harsha V Agadi as an independent director.
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Orient-Express has rejected repeated approaches from Tata's Indian Hotels Company, with the issue turning into a public spat in December when the US group said it believed such an alliance would damage the value of its brands.
In an attempt to allay concerns of the US-based hospitality chain, Indian Hotels Co Ltd vice-chairman R K Krishna Kumar, in a letter to Lovejoy, said the Tata group firm would like to engage in a constructive dialogue.
Stung by the US super luxury hotel chain Orient Express' rebuff to be associated with the Tatas-owned Taj Hotels, the Tatas on Thursday shot off a letter to the American company's alleging its posture was "libellous".
Dubai Holding, an investment firm of the Dubai government, has threatened to come out with an open offer for Orient-Express Hotels if the Tata group acquires a significant stake in the hotel chain. This comes exactly a month after the Tata group's Indian Hotels Company bought 10 per cent and expressed interest in striking a deal which was turned down by Orient-Express.
Terming "unproductive" the public dialogue between the Tatas and Bermuda-based Orient-Express, a key investor has asked the US-listed luxury hotel chain to come clear on its corporate governance structure.
It will expand their footprint radically, give them a huge presence at the top end of the market, and reduce their dependence on India.
Offer valued at $1.86 bn comes 5 years after Bermuda chain rebuffed Indian Hotels.
In a second attempt to take control of Orient Express, Indian Hotels on Thursday made $1.86 billion offer to acquire the international luxury hotels operator.
Firm's board expected to meet by Thursday to take a call on the offer.
They are considering options with respect to the offer to acquire the hotel.
In the first quarter of 2008, the company had a net loss of $4.3 million, Orient Express said. The net loss from continuing operations for the period was $13.6 million compared with a net loss of $2.4 million in the first quarter of 2008.
Orient-Express Hotels (OEH), the Bermuda-based owner and operator of luxury hotels, trains, river cruises and restaurants, is open to expanding its global reach, which could include a base in India.
Indian Hotels' ambitious bid to acquire Orient-Express Hotels (OEH) has disappointed the Street. However, this might be a knee-jerk reaction.
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Paul White is now the advisor to Indian Hotels in its second attempt to take over the Bermuda-based chain.
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