Orient-Express Hotels Announces Ground Breaking for the Cupecoy Yacht Club on Sint Maarten (Saint Martin)

HAMILTON, Bermuda, February 18/PRNewswire-FirstCall/ — Orient-Express Hotels Ltd (NYSE: OEH) (www.orient-express.com) announced today the ground breaking of a major development on a 12 acre site that the company owns on the Dutch side of the island of Saint Martin in the French West Indies. To be called the Cupecoy Yacht Club, the condominium development will be mixed-use including a marina and retail outlets. This is the company’s second project on the island; the ground breaking of its villa development on the French side was announced last quarter.

The Yacht Club development will be 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. 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. A number of units will feature private gardens and/or pools.

The project has received full permissions from the Dutch Executive Council of Saint Martin, including water rights for the yacht marina, infrastructure and relocation of the main road. Construction is underway with two model units nearly complete.

The Cupecoy Yacht Club will consist of specialty retail boutiques, three restaurants, tennis centre, fitness centre and spa, 24-hour security service and a 40-berth marina. The 169 condominiums range from 750 to 3,000 square feet. The village 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.

Sales of the condominiums will begin immediately with model units available for viewing by March 1, 2005. Pricing begins at $300,000 for one-bedroom units; $450,000 for two-bedroom units and $550,000 for three-bedroom units. Penthouses will also be available. Occupancy of the first units is expected by the fall of 2007.

“Initial interest in the project is very strong from Americans seeking a second home in the Caribbean, while European demand has been boosted as a result of the strong Euro.” said Bernard Sarme, Project Director.

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.

“For Orient-Express, these projects provide increased earnings from the company’s extensive land holdings and ongoing earnings from associated management income,” noted Simon M.C. Sherwood, President of Orient-Express Hotels.

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.

Orient-Express Hotels owns or manages deluxe hotels, restaurants, tourist trains and river cruises operating in 25 countries, from the Hotel Cipriani in Venice to the Mount Nelson in Cape Town, the Copacabana Palace in Rio de Janeiro to the most recently acquired Grand Hotel Europe in St. Petersburg, Russia.

Further information and high-resolution photographs can be found at www.orient-express.com. The project website is located at www.cupecoyclub.com

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