Lilianfels to be sold to undisclosed buyer
The press release newswires are reporting Orient-Express Hotels group has agreed to a sale of the 85 room iconic property for $21m.
It describes the sale figure as 23 times its 2008 earnings, which if you do the maths works out at $32 a night profit if the hotel was 100% occupied. Considering rack rates are circa. $400 a night and up, and even on special rooms are around $200 it seems a pretty modest return, or perhaps costs are too high?
