Pansea Hotel Group buy gives Orient Express a boost

07 July 2006
Pansea Hotel Group buy gives Orient Express a boost

Orient Express Hotels has bought South-east Asia's Pansea Hotel Group for $25m (£13.5m), three years ahead of schedule.

The deal, expected to be completed within a month, will see Orient Express take control of Pansea's Hong Kong holding company HOSIA, significantly boosting its presence in the region.

Pansea's hotels include Pansea Angkor in Cambodia, Pansea Luang Prabang in Laos, Pansea Yangon in Myanmar, Pansea Puri Bali in Indonesia and Pansea Napasai in Thailand.

In May, Orient Express announced the purchase of the remaining 50% of Pansea's Koh Samui property, which it had previously managed.

Set up in 2004 as a joint venture, Orient Express was not expected to buy out Pansea's remaining 75% share until 2009.

The $25m purchase price was slightly less than 10 times Pansea's projected earnings before interest, tax, depreciation and amortisation.

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By Alix Young

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