HAMILTON, BERMUDA— Orient-Express Hotels Ltd., investors in 44 luxury leisure properties worldwide of which 39 are managed by the company, announced it had entered into an agreement with the owners of Afloat in France to acquire their business on a part cash, part earn-out basis. Afloat in France owns five luxurious canal barges in France which regularly cruise the canals of Burgundy and Provence during the tourist season. Afloat in France has recently been unprofitable and is unlikely to move back into profit before next year, said the company. Nonetheless, the high quality of the cruising experience remains unchanged and Orient-Express Hotels believes the assets will be in a position to benefit from the market recovery. The acquisition has been structured as a 50% down payment of $3 million and a subsequent payment based on a multiple of 7x 50% of the companys EBITDA in three to five years time.
