Orient-Express Hotels is selling a South Africa hotel and a real estate development in the Caribbean for a combined $45 million to help fund renovations in the U.S. and Russia.
Orient-Express completed its sale of the 115-room Westcliff Hotel in Johannesburg to a partnership that includes Dubai-based Albwardy Investment and Singapore-based Hotels Properties Ltd.
The company also reached an agreement to sell Porto Cupecoy, a condo and timeshare resort in St. Maarten, to an unidentified buyer.
Orient-Express said that next year it will start a three-year, $26 million renovation of its Grand Hotel Europe in St. Petersburg, Russia, and will commence on a three-year renovation project for the 145-room Charleston Place in South Carolina.
Orient-Express recently finished a $20 million renovation of the Copacabana Palace in Rio de Janeiro.
The company in November rejected an unsolicited $1.86 billion buyout offer from Indian Hotels, which owns about 7% of Orient-Express.
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