Orient-Express Hotels Ltd (NYSE: OEH, www.orient-express.com) announced today that the Cupecoy Yacht Club development on Sint Maarten has reached 20 percent pre-sell levels within three months of announcing the groundbreaking of the development on February 18, 2005.
“We knew there was a high level of interest, but had not anticipated reaching 20 percent prior to the sales office even being open.” said Bernard Sarme, Project Director. “Sales achieved to date have been driven solely by word-of-mouth, we expect to see even stronger demand once site signage is installed and the sales office officially opens the end of this month”.
Sales included one, two and three bedroom condominium units, as well as a penthouse unit for $1.3 million. The committed revenue generated from the pre-sell is $23 million and reflects international interest with buyers from the United States, Canada, France, and St. Barts.
The Cupecoy Yacht Club development is situated on the west side of Cupecoy Bay on the last significant developable parcel on the lagoon. Designed to recreate a European seaside village, the buildings and village square will provide lagoon and sea views and consist of specialty retail boutiques, three restaurants, tennis center, fitness center and spa, 24-hour security service and a 40-berth marina. The marina is designed to accommodate vessels from 20 feet up to mega yachts (vessels above 300 ft). Owners will have an option to lease berths with their condominium.
The Cupecoy Yacht club will consist of 169 condominiums ranging from 750 to 3,000 square feet. Condominiums will be designed and built to the highest standards with gourmet kitchens, spacious bedrooms and bathrooms, all featuring imported tiles, natural stone and rich woods. Occupancy of the first units is expected by the fall of 2007.
The pre-construction pricing phase of the project is now complete. Pricing is now anticipated to be increased by 10-15%, based on the continuing demand.
The 37 square mile island of Saint Martin is one island with two nations. For visitors this means a true multicultural experience where numerous languages are spoken, the cuisine is outstanding and the hospitality refined. The Cupecoy Yacht Club development is ideally situated just 15 minutes from Marigot - the capital of French Saint Martin - and a short drive from the fabulous restaurants of Grand Case.
Cupecoy Yacht Club represents the newest addition to Orient-Express Hotels Property Developments – the company’s real estate development arm. Other existing projects include Keswick Club and Estates in Charlottesville, Virginia and the Villas at La Samanna, located in French Saint Martin. In addition, three other projects are in the planning phase: on Riviera Maya, Mexico at the Maroma Resort and Spa; in St. Michaels, Maryland at the Inn at Perry Cabin; and in Bora Bora, French Polynesia at the Bora Bora Lagoon Resort.
Orient-Express Hotels, Trains and Cruises (www.orient-express.com) is a hotel and leisure company providing luxury travel experiences for discerning travellers in areas of outstanding cultural, historic or recreational interest. Founded in 1976 when the company acquired Hotel Cipriani in Venice, Orient-Express owns or has investments in 49 businesses: 38 highly individual hotels, three restaurants, six tourist trains and two river cruise operations, located in 22 countries worldwide. The company believes that discerning travellers will choose a famous individual property in preference to a chain brand, so none of its businesses is called Orient-Express except the fabled Venice Simplon-Orient-Express luxury train (which operates through Europe, linking London, Paris and Venice) and Orient-Express Safaris. Orient-Express chooses to own or part-own its businesses, believing equity returns are greater than management fee income alone and continues to seek out unique properties with expansion potential and introduce new experiences, restoring romance, glamour and style to international travel.
Further information and high-resolution photographs can be found at www.orient-express.com. The project website is located at www.cupecoyclub.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy condominiums, and the condominiums cannot be sold in any state in which the offer, solicitation or sale of the condominiums would be unlawful prior to registration under the securities laws of such state.
Language: English 
