Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Feb. 14, 2014 | Feb. 14, 2014 | |
Class A common shares | Class B common shares | |||
Entity Registrant Name | 'ORIENT EXPRESS HOTELS LTD | ' | ' | ' |
Entity Central Index Key | '0001115836 | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 103,719,819 | 18,044,478 |
Entity Public Float | ' | $1,260,000,000 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $123,159 | $92,844 |
Restricted cash | 6,003 | 21,080 |
Accounts receivable, net of allowances of $563 and $472 | 35,471 | 36,240 |
Due from unconsolidated companies | 11,795 | 15,200 |
Prepaid expenses and other | 25,896 | 21,021 |
Inventories | 45,056 | 44,136 |
Assets of discontinued operations held for sale | 34,416 | 57,040 |
Real estate assets | 0 | 1,924 |
Total current assets | 281,796 | 289,485 |
Property, plant and equipment, net of accumulated depreciation of $330,390 and $292,412 | 1,121,749 | 1,138,114 |
Property, plant and equipment of consolidated variable interest entities | 187,854 | 183,793 |
Investments in unconsolidated companies | 63,401 | 58,924 |
Goodwill | 156,916 | 161,278 |
Other intangible assets | 14,152 | 18,608 |
Other assets | 53,998 | 41,825 |
Total assets | 1,879,866 | 1,892,027 |
Liabilities and Equity | ' | ' |
Working capital loans | 138 | 0 |
Accounts payable | 23,744 | 25,075 |
Accrued liabilities | 74,187 | 77,234 |
Deferred revenue | 36,983 | 29,548 |
Liabilities of discontinued operations held for sale | 1,611 | 3,537 |
Current portion of long-term debt and obligations under capital leases | 71,011 | 90,115 |
Current portion of long-term debt of consolidated variable interest entities | 1,805 | 1,795 |
Total current liabilities | 209,479 | 227,304 |
Long-term debt and obligations under capital leases | 472,570 | 431,445 |
Long-term debt of consolidated variable interest entities | 94,345 | 96,150 |
Liability for pension benefit | 1,606 | 8,275 |
Other liabilities | 18,851 | 21,511 |
Deferred income taxes | 108,490 | 104,112 |
Deferred income taxes of consolidated variable interest entities | 60,892 | 60,326 |
Liability for uncertain tax positions | 2,988 | 4,581 |
Total liabilities | 969,221 | 953,704 |
Commitments and contingencies (Note 18) | ' | ' |
Shareholdersb equity: | ' | ' |
Preferred shares $0.01 par value (30,000,000 shares authorized, issued Nil) | 0 | 0 |
Additional paid-in capital | 992,860 | 982,106 |
Retained earnings | 7,643 | 39,202 |
Accumulated other comprehensive loss | -93,317 | -86,381 |
Less: Reduction due to class B common shares owned by a subsidiary b 18,044,478 (2012 - 18,044,478) | -181 | -181 |
Total shareholdersb equity | 908,222 | 935,956 |
Non-controlling interests | 2,423 | 2,367 |
Total equity | 910,645 | 938,323 |
Total liabilities and equity | 1,879,866 | 1,892,027 |
Class A common shares $0.01 par value (240,000,000 shares authorized): | ' | ' |
Shareholdersb equity: | ' | ' |
Common stock, value | 1,036 | 1,029 |
Class B common shares $0.01 par value (120,000,000 shares authorized): | ' | ' |
Shareholdersb equity: | ' | ' |
Common stock, value | $181 | $181 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $563 | $472 |
Property, plant and equipment, accumulated depreciation | $330,390 | $292,412 |
Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Preferred shares, shares authorized | 30,000,000 | 30,000,000 |
Preferred shares, shares issued | 0 | 0 |
Class A common shares | ' | ' |
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 240,000,000 | 240,000,000 |
Common shares, shares issued | 103,604,245 | 102,897,311 |
Class B common shares | ' | ' |
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 120,000,000 | 120,000,000 |
Common shares, shares issued | 18,044,478 | 18,044,478 |
Reduction due to class B common shares owned by a subsidiary, shares | 18,044,478 | 18,044,478 |
Statements_of_Consolidated_Ope
Statements of Consolidated Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $594,081 | $538,952 | $549,355 |
Expenses: | ' | ' | ' |
Cost of services | 267,891 | 242,385 | 248,322 |
Selling, general and administrative | 227,270 | 207,684 | 213,799 |
Depreciation and amortization | 48,740 | 43,753 | 43,633 |
Impairment of goodwill | 0 | 2,055 | 11,907 |
Impairment of other intangible assets, other assets and property, plant and equipment | 36,430 | 3,837 | 8,153 |
Total operating costs and expenses | 580,331 | 499,714 | 525,814 |
Gain on disposal of property, plant and equipment and capital lease | 0 | 1,514 | 16,544 |
Earnings from operations | 13,750 | 40,752 | 40,085 |
Gain on extinguishment of debt | 3,517 | 0 | 0 |
Interest income | 1,067 | 1,065 | 2,365 |
Interest expense | -34,326 | -30,862 | -42,549 |
Foreign currency, net | 1,000 | -2,854 | -4,538 |
Earnings/(losses) before income taxes and earnings from unconsolidated companies, net of tax | -14,992 | 8,101 | -4,637 |
Provision for income taxes | -17,628 | -21,651 | -19,611 |
Losses before earnings from unconsolidated companies, net of tax | -32,620 | -13,550 | -24,248 |
Earnings from unconsolidated companies, net of tax provision of $1,691, $5,771 and $2,270 | 6,442 | 2,124 | 4,357 |
Losses from continuing operations | -26,178 | -11,426 | -19,891 |
Net earnings/(losses) from discontinued operations, net of tax provision/(benefit) of $(3,911), $1,618, and $(3,166) | -5,318 | 4,538 | -67,705 |
Net losses | -31,496 | -6,888 | -87,596 |
Net earnings attributable to non-controlling interests | -63 | -173 | -184 |
Net losses attributable to Orient-Express Hotels Ltd. | ($31,559) | ($7,061) | ($87,780) |
Basic earnings per share | ' | ' | ' |
Net earnings/(losses) from continuing operations (in dollars per share) | ($0.25) | ($0.11) | ($0.19) |
Net earnings/(losses) from discontinued operations (in dollars per share) | ($0.05) | $0.04 | ($0.66) |
Basic net earnings/(losses) per share attributable to Orient-Express Hotels Ltd. (in dollars per share) | ($0.31) | ($0.07) | ($0.86) |
Diluted earnings per share | ' | ' | ' |
Net earnings/(losses) from continuing operations (in dollars per share) | ($0.25) | ($0.11) | ($0.19) |
Net earnings/(losses) from discontinued operations (in dollars per share) | ($0.05) | $0.04 | ($0.66) |
Diluted net earnings/(losses) per share attributable to Orient-Express Hotels Ltd. (in dollars per share) | ($0.31) | ($0.07) | ($0.86) |
Dividends per share (in dollars per share) | $0 | $0 | $0 |
Statements_of_Consolidated_Ope1
Statements of Consolidated Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Earnings from unconsolidated companies, tax (benefit)/provision | $1,691 | $5,771 | $2,270 |
Discontinued operations, tax (benefit)/provision | ($3,911) | $1,618 | ($3,166) |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net losses | ($31,496) | ($6,888) | ($87,596) |
Other comprehensive income/(losses), net of tax: | ' | ' | ' |
Foreign currency translation adjustments, net of tax provision of $Nil, $(43) and $(477) | -14,211 | -14,525 | -32,488 |
Change in fair value of derivatives, net of tax provision/(benefit) of $834, $(1,367) and $(1,082) | 2,595 | 464 | 2,305 |
Change in pension liability, net of tax (benefit)/provision of $1,336, $176 and $(644) | 4,673 | -32 | -3,432 |
Total other comprehensive (losses)/income, net of tax | -6,943 | -14,093 | -33,615 |
Total comprehensive losses | -38,439 | -20,981 | -121,211 |
Comprehensive income attributable to non-controlling interests | -56 | -172 | -273 |
Comprehensive losses attributable to Orient-Express Hotels Ltd. | ($38,495) | ($21,153) | ($121,484) |
Statements_of_Consolidated_Com1
Statements of Consolidated Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Foreign currency translation adjustments, tax provision/(benefit) | $0 | ($43) | ($477) |
Change in fair value of derivatives, tax provision/(benefit) | 834 | -1,367 | -1,082 |
Change in pension liability, tax provision/(benefit) | $1,336 | $176 | ($644) |
Statements_of_Consolidated_Cas
Statements of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net losses | ($31,496) | ($6,888) | ($87,596) |
Less: Net earnings/(losses) from discontinued operations, net of tax | -5,318 | 4,538 | -67,705 |
Losses from continuing operations | -26,178 | -11,426 | -19,891 |
Adjustments to reconcile net earnings/(losses) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 48,740 | 43,753 | 43,633 |
Amortization of finance costs | 7,196 | 5,375 | 6,893 |
Write-off of inventory | 1,140 | 0 | 0 |
Impairment of goodwill | 0 | 2,055 | 11,907 |
Impairment of other intangible assets, other assets and property, plant and equipment | 36,430 | 3,837 | 8,153 |
Undistributed earnings of unconsolidated companies | -8,133 | -7,895 | -6,627 |
Tax on earnings of unconsolidated companies | 1,691 | 5,771 | 2,270 |
Share-based compensation | 10,388 | 6,761 | 6,752 |
Excess share-based compensation tax benefit | -267 | 0 | 0 |
Change in deferred income tax | -2,078 | 4,204 | -11,328 |
Gain on extinguishment of debt | -3,517 | 0 | 0 |
Gain on disposal of property, plant and equipment and capital lease | 0 | -1,514 | -13,372 |
Change in provisions for uncertain tax positions | -2,526 | 160 | -3,004 |
Proceeds from insurance settlements | 7,841 | 2,524 | 2,428 |
Effect of exchange rates on net losses | -3,839 | -1,104 | -6,213 |
Change in assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts receivable | 414 | 8,546 | 3,667 |
Due from unconsolidated companies | -2,414 | -3,232 | -3,519 |
Prepaid expense and other | -1,000 | 4,498 | 3,307 |
Inventories | -1,742 | 611 | -2,600 |
Escrow, prepaid customer deposits and security for package travel | 3,839 | -1,221 | -664 |
Accounts payable | -1,320 | -4,891 | 3,548 |
Accrued liabilities | -3,628 | -9,345 | 13,000 |
Deferred revenue | 3,629 | 4,401 | 1,286 |
Other, net | 551 | -6,803 | 6,399 |
Net cash provided by operating activities from continuing operations | 65,217 | 45,065 | 46,025 |
Net cash provided by/(used in) operating activities from discontinued operations | 1,907 | 144 | -3,451 |
Net cash provided by operating activities | 67,124 | 45,209 | 42,574 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -66,646 | -97,048 | -59,909 |
Acquisitions, net of cash acquired | 0 | -3,296 | -1,605 |
Investments in unconsolidated companies | -5,532 | -4,858 | -1,541 |
Increase in restricted cash | -4,705 | -7,523 | -5,805 |
Release of restricted cash | 8,580 | 1,013 | 1,558 |
Deposits received for sale of assets | 4,000 | 0 | 0 |
Government grants received | 1,043 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 291 | 0 | 42,036 |
Net cash used in investing activities from continuing operations | -62,969 | -111,712 | -25,266 |
Net cash provided by investing activities from discontinued operations | 18,812 | 88,655 | 12,058 |
Net cash used in investing activities | -44,157 | -23,057 | -13,208 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from working capital facilities | 133 | 0 | 0 |
Payments on working capital facilities | 0 | 0 | -1,072 |
Issuance costs of common shares | 0 | 0 | -157 |
Exercised stock options and vested share awards | 7 | 3 | 3 |
Excess share-based compensation tax benefit | 267 | 0 | 0 |
Issuance of long-term debt | 135,388 | 105,008 | 125,209 |
Debt issuance costs | -4,305 | -2,613 | -4,036 |
Principal payments under long-term debt | -124,444 | -121,372 | -209,794 |
Net cash provided by/(used in) financing activities from continuing operations | 7,046 | -18,974 | -89,847 |
Net cash provided by financing activities from discontinued operations | 0 | 0 | 0 |
Net cash provided by/(used in) financing activities | 7,046 | -18,974 | -89,847 |
Effect of exchange rate changes on cash and cash equivalents | 302 | -303 | 898 |
Net increase/(decrease) in cash and cash equivalents | 30,315 | 2,875 | -59,583 |
Cash and cash equivalents at beginning of year | 92,844 | 89,969 | 149,552 |
Cash and cash equivalents at end of year | $123,159 | $92,844 | $89,969 |
Statements_of_Consolidated_Tot
Statements of Consolidated Total Equity (USD $) | Total | Preferred shares at par value | Common shares at par value | Common shares at par value | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Class B common shares held by a subsidiary | Non-controlling interests |
In Thousands, unless otherwise specified | Class A common shares at par value | Class B common shares at par value | |||||||
Balance at Dec. 31, 2010 | $1,066,895 | $0 | $1,023 | $181 | $968,492 | $134,043 | ($38,585) | ($181) | $1,922 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of class A common shares in public offering, net of issuance costs | -157 | ' | 0 | ' | -157 | ' | ' | ' | ' |
Share based compensation | 6,995 | ' | ' | ' | 6,995 | ' | ' | ' | ' |
Exercised stock options and vested awards | 3 | ' | 3 | ' | ' | ' | ' | ' | ' |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses attributable to common shares | -87,596 | ' | ' | ' | ' | -87,780 | ' | ' | 184 |
Other comprehensive loss | -33,615 | ' | ' | ' | ' | ' | -33,704 | ' | 89 |
Balance at Dec. 31, 2011 | 952,525 | 0 | 1,026 | 181 | 975,330 | 46,263 | -72,289 | -181 | 2,195 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation | 6,776 | ' | ' | ' | 6,776 | ' | ' | ' | ' |
Exercised stock options and vested awards | 3 | ' | 3 | ' | ' | ' | ' | ' | ' |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses attributable to common shares | -6,888 | ' | ' | ' | ' | -7,061 | ' | ' | 173 |
Other comprehensive loss | -14,093 | ' | ' | ' | ' | ' | -14,092 | ' | -1 |
Balance at Dec. 31, 2012 | 938,323 | 0 | 1,029 | 181 | 982,106 | 39,202 | -86,381 | -181 | 2,367 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation | 10,754 | ' | ' | ' | 10,754 | ' | ' | ' | ' |
Exercised stock options and vested awards | 7 | ' | 7 | ' | ' | ' | ' | ' | ' |
Comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses attributable to common shares | -31,496 | ' | ' | ' | ' | -31,559 | ' | ' | 63 |
Other comprehensive loss | -6,943 | ' | ' | ' | ' | ' | -6,936 | ' | -7 |
Balance at Dec. 31, 2013 | $910,645 | $0 | $1,036 | $181 | $992,860 | $7,643 | ($93,317) | ($181) | $2,423 |
Basis_of_financial_statement_p
Basis of financial statement presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of financial statement presentation | ' |
Basis of financial statement presentation | |
Business | |
In this report Orient-Express Hotels Ltd. is referred to as the “Company”, and the Company and its consolidated subsidiaries are referred to collectively as “OEH”. | |
At December 31, 2013, OEH owned, invested in or managed 35 deluxe hotels and resort properties operating in the United States, Mexico, Caribbean, Europe, Southern Africa, South America, and Southeast Asia, one stand-alone restaurant in New York, six tourist trains in Europe, Southeast Asia and Peru, two river cruise businesses in Myanmar (Burma) and one canal boat business in France. | |
Following the appointment of a new Chief Executive Officer in late 2012, the Company conducted and completed effective October 1, 2013 a re-evaluation of its reportable segments. OEH's operating segments are now aggregated into six reportable segments, namely owned hotels in each of Europe, North America and Rest of World, part-owned/managed hotels, owned trains and cruises, and part-owned/managed trains. The changes are that the former trains and cruises segment has been disaggregated into owned operations and part-owned/managed operations, the former hotels and restaurants segment has been disaggregated to show the hotels in their geographic areas, OEH's only stand-alone restaurant is now part of owned hotels in North America, and the former real estate segment has been eliminated. The historical financial information in Note 22 has been restated as if OEH's six reportable segments had been effective at the beginning of the earliest period presented. | |
Basis of presentation | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the results of operations, financial position and cash flows of the Company and all its majority-owned subsidiaries and variable interest entities in which OEH is the primary beneficiary. The consolidated financial statements have been prepared using the historical basis in the assets and liabilities and the historical results of operations directly attributable to OEH, and all intercompany accounts and transactions between the Company and its subsidiaries have been eliminated. For entities where the Company does not have a controlling financial interest, the investments in those entities are accounted for using the equity or cost method, as appropriate. | |
Reclassifications | |
Discontinued operations and assets and liabilities held for sale were reclassified in the consolidated financial statements for all periods presented. See Note 4 for a summary of the results of discontinued operations and assets and liabilities held for sale. |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of significant accounting policies | ' | ||
Summary of significant accounting policies | |||
“FASB” means Financial Accounting Standards Board. “ASC” means the Accounting Standards Codification of the FASB and “ASU” means an Accounting Standards Update of the FASB. | |||
Cash and cash equivalents | |||
Cash and cash equivalents include all cash balances and highly-liquid investments having original maturities of three months or less. | |||
Restricted cash | |||
Restricted cash is the carrying amount of cash and cash equivalents which are bindingly restricted as to withdrawal or usage. These include deposits held as compensating balances against borrowing arrangements or under contracts entered into with others, but exclude compensating balance arrangements that do not legally restrict the use of cash amounts shown on the balance sheet. | |||
Concentration of credit risk | |||
Due to the nature of the leisure industry, concentration of credit risk with respect to trade receivables is limited. OEH’s customer base is comprised of numerous customers across different geographic areas. | |||
Inventories | |||
Inventories include food, beverages, certain operating stocks and retail goods. Inventories are valued at the lower of cost or market value under the first-in, first-out method. | |||
Assets held for sale and discontinued operations | |||
Assets held for sale represent assets of an operating entity that are to be disposed of, together as a group in a single transaction, and liabilities directly associated with the assets that will be transferred in the transaction. OEH considers properties to be assets held for sale when management approves and commits to a formal plan actively to market a property for sale and OEH has a signed sales contract and received a significant non-refundable deposit. Upon designation as an asset held for sale, OEH records the carrying value of each property at the lower of its carrying value which includes allocable segment goodwill or its estimated fair value, less estimated costs to sell, and OEH stops recording depreciation expense. Where there is no significant ongoing involvement, the gain from the sale is recorded at the date of sale. | |||
The results of operations of an entity that either has been disposed of or is classified as held for sale are reported in discontinued operations where the operations and cash flows of the entity will be eliminated from continuing operations as a result of the disposal transaction and OEH will not have any significant continuing involvement in the operations of the entity after the disposal transaction. | |||
Property, plant and equipment | |||
Property, plant and equipment is stated at cost less accumulated depreciation. The cost of significant renewals and betterments is capitalized and depreciated, while expenditures for normal maintenance and repairs are expensed as incurred. | |||
Depreciation expense is computed using the straight-line method over the following estimated useful lives: | |||
Description | Useful lives | ||
Buildings | Up to 60 years and 10% residual value | ||
Trains | Up to 75 years | ||
River cruise ship and canal boats | 25 years | ||
Furniture, fixtures and equipment | 5 to 25 years | ||
Equipment under capital lease and leasehold improvements | Lesser of initial lease term or economic life | ||
Land and certain art and antiques are not depreciated. | |||
Impairment of long-lived assets | |||
OEH management evaluates the carrying value of long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets if certain trigger events occur. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to current earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, sales of similar assets, appraisals and, if appropriate, current estimated net sales proceeds from pending offers. OEH evaluates the carrying value of long-lived assets based on its plans, at the time, for those assets and such qualitative factors as future development in the surrounding area, status of expected local competition and projected incremental income from renovations. Changes to OEH’s plans, including a decision to dispose of or change the intended use of an asset, can have a material impact on the carrying value of the asset. | |||
Investments | |||
Investments include equity interests in and advances to unconsolidated companies and are accounted for under the equity method of accounting when OEH has a 20% to 50% ownership interest or exercises significant influence over the investee. Under the equity method, the investment in the equity method investee or joint venture is initially recognized in the consolidated balance sheet at cost and adjusted thereafter to recognize OEH’s share of net earnings or losses and other comprehensive income or loss of the investee. OEH continues to report losses up to its investment carrying amount, including any additional financial support made or committed to by OEH. OEH’s share of earnings or losses is included in the determination of net earnings, and net investment in investees and joint ventures is included within investments in unconsolidated companies in the consolidated balance sheets. | |||
Investments accounted for using the equity method are considered impaired when a loss in the value of the equity method investment is other than temporary. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain its earnings capacity that would justify the carrying amount of the investment. If OEH determines that the decline in value of its investment is other than temporary, the carrying amount of the investment is written down to its fair value through earnings. | |||
Goodwill | |||
Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. OEH's annual goodwill impairment testing date is October 1. To test goodwill for impairment, OEH first compares the carrying value of each reporting unit to its fair value to determine if an impairment is indicated. The fair value of reporting units is determined using internally developed discounted future cash flow models, which incorporate third party appraisals and industry/market data (to the extent available). If an impairment is indicated, OEH compares the implied fair value of the reporting unit's goodwill to its carrying amount. An impairment loss is measured as the excess of the carrying value of a reporting unit's goodwill over its implied fair value. | |||
When determining the fair value of a reporting unit, OEH is required to make significant judgments that OEH believes are reasonable and supportable considering all available internal and external evidence at the time. However, these estimates and assumptions are, by their nature, highly judgmental. Fair value determinations are sensitive to changes in the underlying assumptions and factors including those relating to estimating future operating cash flows to be generated from the reporting unit which are dependent upon internal forecasts and projections developed as part of OEH’s routine, long-term planning process, available industry/market data (to the extent available), OEH’s strategic plans, estimates of long-term growth rates taking into account OEH’s assessment of the current economic environment and the timing and degree of any economic recovery, estimation of the useful life over which the cash flows will occur, and market participant assumptions. The assumptions with the most significant impact to the fair value of the reporting unit are those related to future operating cash flows which are forecast for a five-year period from management’s budget and planning process, the terminal value which is included for the period beyond five years from the balance sheet date based on the estimated cash flow in the fifth year and a terminal growth rate ranging from 3.4% to 5.4% (December 31, 2012 - 3.0% to 5.9%), and pre-tax discount rates which for the year ended December 31, 2013 range from 9.6% to 16.4% (December 31, 2012 - 9.2% to 16.5%). | |||
Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair values of OEH’s reporting units may include such items as (i) a prolonged weakness in the general economic conditions in which the reporting units operate and therefore negatively impacting occupancy and room rates, (ii) an economic recovery that significantly differs from OEH’s assumptions in timing and/or degree, (iii) volatility in the equity and debt markets which could result in a higher discount rate, (iv) shifts or changes in future travel patterns from the OEH’s significant demographic markets that have not been anticipated, (v) changes in competitive supply, (vi) political and security instability in countries where OEH operates and (vii) deterioration of local economies due to the uncertainty over currencies or currency unions and other factors which could lead to changes in projected cash flows of OEH’s properties as customers reduce their discretionary spending. If the assumptions used in the impairment analysis are not met or materially change, OEH may be required to recognize additional goodwill impairment losses which may be material to the financial statements. | |||
Other intangible assets | |||
Trade names have an indefinite life and therefore are not amortized, but are assessed for impairment annually or when events indicate that impairment may have occurred. Other intangible assets with indefinite useful lives are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. OEH uses internally developed discounted future cash flow models in determining the fair value of indefinite-lived intangible assets. | |||
Favorable lease intangible assets are amortized over the terms of the leases, which are between 19 and 60 years. Internet sites are amortized over 10 years. | |||
Variable interest entities | |||
OEH analyzes its variable interests, including loans, guarantees and equity investments, to determine if an entity is a variable interest entity (“VIE”). In that assessment, OEH's analysis includes both quantitative and qualitative considerations. OEH bases its quantitative analysis on the forecast cash flows of the entity, and its qualitative analysis on a review of the design of the entity, organizational structure including decision-making ability, and relevant financial agreements. OEH also uses its quantitative and qualitative analysis to determine if OEH is the primary beneficiary and would therefore be required to consolidate the VIE. | |||
Fair value measurements | |||
Assets and liabilities carried at fair value are required to be classified and disclosed in one of three categories: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date, Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, and Level 3 — unobservable inputs for the asset or liability. OEH reviews its fair value hierarchy classifications quarterly. Changes in significant observable valuation inputs identified during these reviews may trigger reclassification of fair value hierarchy levels of financial assets and liabilities. These reclassifications are reported as transfers at their fair values at the beginning of the period in which the change occurs and as transfers out at their fair values at the end of the period. | |||
Derivatives are recorded in the consolidated balance sheets on a recurring basis at fair value. The fair value of OEH’s derivative financial instruments is computed based on an income approach using appropriate valuation techniques including discounting future cash flows and other methods that are consistent with accepted economic methodologies for pricing financial instruments. The valuation process for the derivatives uses observable market data provided by third-party sources. Interest rate swaps are valued by using yield curves derived from observable interest rates to project future swap cash flows and then discount these cash flows back to present values. Interest rate caps are valued using a model that projects the probability of various levels of interest rates occurring in the future using observable volatilities. | |||
In the determination of fair value of derivative instruments, a credit valuation adjustment is applied to OEH’s derivative exposures to take into account the risk of the counterparty defaulting with the derivative in an asset position and, when the derivative is in a liability position, the risk that OEH may default. The credit valuation adjustment is calculated by determining the total expected exposure of the derivatives (incorporating both the current and potential future exposure) and then applying each counterparty’s credit spread to the applicable exposure. For interest rate swaps, OEH’s own credit spread is applied to the counterparty’s exposure to OEH and the counterparties credit spread is applied to OEH’s exposure to the counterparty, and then the net credit valuation adjustment is reflected in the determination of the fair value of the derivative instrument. The credit spreads used as inputs in the fair value calculations represent implied credit default swaps obtained from a third-party credit data provider. Some of the inputs into the credit valuation adjustment are not observable and, therefore, they are considered to be Level 3 inputs. Where the credit valuation adjustment exceeds 20% of the fair value of the derivatives, Level 3 inputs are assumed to have a significant impact on the fair value of the derivatives in their entirety and the derivative is classified as Level 3. | |||
Derivative financial instruments | |||
OEH enters into derivative financial instruments with the objective to manage its exposures to future movements in interest rates on its borrowings. | |||
Derivative instruments are recorded on the consolidated balance sheets at fair value. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in other comprehensive income/(loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. If a derivative instrument is not designated as a hedge for accounting purposes, the fluctuations in the fair value of the derivative are recorded in earnings. | |||
OEH management formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. OEH links all hedges that are designated as fair value hedges to specific assets or liabilities on the consolidated balance sheets or to specific firm commitments. OEH links all hedges that are designated as cash flow hedges to forecasted transactions or to floating rate liabilities on the balance sheets. OEH management also assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are designated in hedging relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. OEH discontinues hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is terminated, or exercised. | |||
OEH is exposed to interest rate risk on its floating rate debt and management uses derivatives to manage the impact of interest rate changes on earnings and cash flows. OEH’s objective in using interest rate derivatives is to add certainty and stability to its interest expense and to manage its exposure to interest rate movements. To accomplish this objective, OEH primarily uses interest rate swaps as part of its interest rate risk management strategy. These swaps effectively convert the floating rate interest payments on a portion of the outstanding debt into fixed payments. | |||
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recorded in other comprehensive income/(loss) within foreign currency translation adjustment. The gain or loss relating to the ineffective portion will be recognized immediately in earnings within foreign currency, net. Gains and losses deferred in accumulated other comprehensive income/(loss) are recognized in earnings upon disposal of the foreign operation. OEH links all hedges that are designated as net investment hedges to specifically identified net investments in foreign subsidiaries. | |||
Pensions | |||
OEH’s primary defined benefit pension plan is accounted for using actuarial valuations. Net funded status is recognized on the consolidated balance sheets and any unrecognized prior service costs or actuarial gains and losses are reported as a component of other comprehensive income/(loss) in shareholders’ equity. | |||
In determining the expected long-term rate of return on assets, management has reviewed anticipated future long-term performance of individual asset classes and the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested. The projected returns are based on broad equity and bond indices, including fixed interest rate gilts (United Kingdom Government issued securities) of long-term duration since the plan operates in the U.K. | |||
Management continues to monitor and evaluate the level of pension contributions based on various factors that include investment performance, actuarial valuation and tax deductibility. | |||
Share-based compensation | |||
Equity-settled transactions | |||
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which equity instruments are granted and is recognized as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. | |||
Estimates of the grant date fair value of share options and the fair value of deferred shares and restricted shares without performance criteria on the grant date were made using the Black-Scholes option pricing model, and estimates of the grant date fair value of deferred shares with performance criteria and market conditions were made using the Monte Carlo valuation model. | |||
For awards with market conditions, the conditions are incorporated into the fair value measurement and the compensation value is not adjusted if the conditions are not met. For awards with performance conditions, compensation expense is recognized when it becomes probable that the performance criteria specified in the awards will be achieved and, accordingly, the compensation value is adjusted following the changes in the estimates of shares likely to vest based on the performance criteria. | |||
Expected volatilities are based on historical volatility of the Company’s class A common share price and other factors. The risk-free rate for periods within the expected life is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life represents the period that share-based awards are expected to be outstanding and was determined using historical experience, giving consideration to the contractual terms of the share-based awards and vesting schedules. | |||
At each balance sheet date before the share-based award vests, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognized in the consolidated statements of operations, with a corresponding entry in equity. | |||
Previously recognized compensation cost is not reversed if an employee share option for which the requisite service has been rendered expires unexercised (or unconverted). If stock options are forfeited, then the compensation expense accrued is reversed. OEH does not estimate a future forfeitures rate and does not incorporate it into the grant value on issue of the awards on the grounds of materiality. The forfeitures are recorded on date of occurrence. | |||
Cash-settled transactions | |||
The cost of cash-settled transactions is measured at fair value at each reporting date and recognized as an expense over the vesting period, with a corresponding liability recognized on the balance sheet. | |||
Estimates | |||
OEH bases its estimates on historical experience and also on assumptions that OEH believes are reasonable based on the relevant facts and circumstances of the estimate. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | |||
Estimates include, among others, the allowance for doubtful accounts, fair value of derivative instruments, estimates for determining the fair value of goodwill, long-lived and other intangible asset impairment, share-based compensation, depreciation and amortization, carrying value of assets including intangible assets, employee benefits, taxes, and contingencies. Actual results may differ from those estimates. | |||
Revenue recognition | |||
Hotel and restaurant revenue is recognized when the rooms are occupied and the services are performed. Train and cruise revenue is recognized upon commencement of the journey. Revenue under management contracts is recognized based upon on an agreed base fee and additional revenue is recognized on the attainment of certain financial results, primarily revenue and operating earnings, in each contract as defined. | |||
Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and restaurants and upon commencement of train and cruise journeys. | |||
Marketing costs | |||
Marketing costs are expensed as incurred, and are reported in selling, general and administrative expenses. Marketing costs include costs of advertising and other marketing activities. These costs were $40,612,000 in 2013 (2012 - $35,960,000; 2011 - $36,413,000). | |||
Interest expense | |||
Capitalized interest during the construction of qualifying assets is capitalized and included in the cost of the asset. Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are deferred and amortized to interest expense over the term of the related debt. | |||
Foreign currency | |||
The functional currency for each of OEH’s foreign subsidiaries is the applicable local currency, except for properties in French West Indies, Brazil, Peru, Cambodia, Myanmar and one property in Mexico, where the functional currency is U.S. dollars. | |||
For foreign subsidiaries with a functional currency other than the U.S. dollar, income and expenses are translated into U.S. dollars, the reporting currency of OEH, at the average rates of exchange prevailing during the year. The assets and liabilities are translated into U.S. dollars at the rates of exchange on the balance sheet date and the related translation adjustments are included in other comprehensive income/(loss). Translation adjustments arising from intercompany financing of a subsidiary that is considered to be long-term in nature are also recorded in other comprehensive income/(loss) as they are considered part of the net investment in the subsidiary. | |||
Transactions in currencies other than an entity’s functional currency (foreign currencies) are recorded at the exchange rates prevailing on the dates of the transactions. All monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the reporting date. Non-monetary items carried at historical cost are translated at the exchange rate prevailing on the date of transaction. Exchange differences arising from changes in exchange rates are recognized in earnings as they occur. | |||
Income taxes | |||
OEH accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of transactions and events that have been recognized in the financial statements but have not yet been reflected in OEH’s income tax returns, or vice versa. | |||
Deferred income taxes result from temporary differences between the carrying value of assets and liabilities recognized for financial reporting purposes and their respective tax bases. Deferred taxes are measured at enacted statutory rates and are adjusted as enacted rates change. Classification of deferred tax assets and liabilities corresponds with the classification of the underlying assets and liabilities giving rise to the temporary differences or the period of expected reversal, as applicable. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized based on available evidence. | |||
In evaluating OEH’s ability to recover deferred tax assets within the jurisdiction in which they arise, management considers all available evidence, both positive and negative, which includes reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. Management reassesses the need for valuation allowances at each reporting date. Any increase or decrease in a valuation allowance will increase or reduce respectively the income tax expense in the period in which there has been a change in judgment. | |||
Income tax positions must meet a more-likely-than-not threshold to be recognized in the financial statements. Management recognizes tax liabilities in accordance with U.S. GAAP applicable to uncertain tax positions, and adjusts these liabilities when judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from OEH’s current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the actual tax liabilities are determined or the statute of limitations has expired. OEH recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of operations. Liabilities for uncertain tax benefits are included in the consolidated balance sheets and classified as current or non-current liabilities depending on the expected timing of payment. | |||
Earnings from unconsolidated companies | |||
Earnings from unconsolidated companies include OEH’s share of the net earnings of its equity investments. | |||
Earnings per share | |||
Basic earnings per share are based upon net earnings/(losses) attributable to OEH divided by the weighted average number of class A and B common shares outstanding for the period. Diluted earnings/(losses) per share reflect the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares as if share options were exercised and share-based awards were converted into common shares. Potentially dilutive shares are excluded when the effect would be to increase diluted earnings per share or reduce diluted losses per share. | |||
Accounting pronouncements adopted during the year | |||
In July 2013, the FASB issued guidance to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. The ASU also eliminates the provision that prohibits the use of different benchmark rates for similar hedges except in rare and justifiable circumstances. The guidance is effective prospectively for qualifying new hedging relationships entered into on or after July 17, 2013 (the issuance date of the guidance), and for hedging relationships redesignated on or after that date. The adoption of this guidance did not have a material effect on OEH's consolidated financial position, results of operations and cash flows. | |||
In April 2013, the FASB issued guidance on applying the liquidation basis of accounting and the related disclosure requirements. Under this guidance, an entity must use the liquidation basis of accounting to present its financial statements when it determines that liquidation is imminent, unless the liquidation is the same as that under the plan specified in an entity's governing documents created at its inception. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). This guidance is effective for annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Early adoption is permitted. OEH has early adopted this guidance. This guidance does not have an effect on OEH's consolidated financial position, results of operations and cash flows as it expects to continue as a going concern. | |||
In February 2013, the FASB issued guidance which requires entities to disclose the following additional information about items reclassified out of accumulated other comprehensive income (“AOCI”): | |||
• | Changes in AOCI balances by component (e.g., unrealized gains or losses on available-for-sale securities or foreign-currency items). | ||
• | Significant items reclassified out of AOCI by component either on the face of the income statement or as a separate footnote to the consolidated financial statements. | ||
The amendments in the guidance should be applied prospectively. OEH adopted this guidance on January 1, 2013 for interim and annual periods in the fiscal year ending December 31, 2013. The disclosure required by this guidance is included in the consolidated financial statements included herein. | |||
In July 2012, the FASB issued guidance related to annual impairment assessment of intangible assets, other than goodwill, that gives companies the option to perform a qualitative assessment before calculating the fair value of the asset. Although the guidance revises the examples of events and circumstances that an entity should consider in interim periods, it does not revise the requirements to test indefinite-lived intangible assets (1) annually for impairment and (2) between annual tests if there is a change in events or circumstances that would indicate an impairment. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. OEH adopted this guidance on January 1, 2013 for interim and annual periods in the fiscal year ending December 31, 2013. The adoption of this guidance did not have a material effect on OEH’s consolidated financial position, results of operations and cash flows for the year ended December 31, 2013. | |||
In December 2011, the FASB issued accounting guidance that requires companies to provide new disclosures about offsetting assets and liabilities and related arrangements for financial instruments and derivatives. In January 2013, the FASB issued guidance clarifying the scope of the previously issued guidance. The guidance clarifies the disclosure requirements would apply to derivative instruments accounted for in accordance with ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. The provisions of this guidance were effective for annual reporting periods beginning on or after January 1, 2013. OEH adopted this guidance on January 1, 2013 for interim and annual periods in the fiscal year ending December 31, 2013. The disclosure required by this guidance is included in the consolidated financial statements included herein. | |||
Accounting pronouncements to be adopted | |||
In July 2013, the FASB issued guidance on financial statement presentation of an uncertain tax benefit (“UTB”) when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this guidance is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. Under the ASU, an entity must present a UTB, or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU’s amendments are effective for public entities for fiscal years beginning after December 15, 2013, and interim periods within those years. Early adoption is permitted for all entities. The amendments should be applied to all UTBs that exist as of the effective date. Entities may choose to apply the amendments retrospectively to each prior reporting period presented. OEH does not expect the adoption of this guidance will have a material effect on its consolidated financial position, results of operations and cash flows. | |||
In March 2013, the FASB issued guidance which indicates that the entire amount of a cumulative translation adjustment (“CTA”) related to an entity’s investment in a foreign entity should be released when there has been any of the following: | |||
• | Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity. | ||
• | Loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated). | ||
• | Step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | ||
The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. This guidance is effective for fiscal years (and interim periods within those fiscal years) beginning on or after December 15, 2013. Early adoption is permitted and the guidance should be applied prospectively from the beginning of the fiscal year of adoption. OEH does not expect the adoption of this guidance will have a material effect on its consolidated financial position, results of operations and cash flows. | |||
In February 2013, the FASB issued guidance which requires entities to measure obligations resulting from joint-and-several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors, and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Required disclosures include a description of the joint-and-several arrangement and the total outstanding amount of the obligation for all joint parties. The guidance permits entities to aggregate disclosures (as opposed to providing separate disclosures for each joint-and-several obligation). These disclosure requirements are incremental to the existing related party disclosure requirements. The guidance is effective for all prior periods in fiscal years beginning on or after December 15, 2013 (and interim reporting periods within those years). The guidance should be applied retrospectively to obligations with joint-and-several liability existing at the beginning of an entity’s fiscal year of adoption. Entities that elect to use hindsight in measuring their obligations during the comparative periods must disclose that fact. Early adoption is permitted. OEH does not expect the adoption of this guidance will have a material effect on its consolidated financial position, results of operations and cash flows. |
Earnings_per_share
Earnings per share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings per share | ' | |||||||||
Earnings per share | ||||||||||
The calculation of basic and diluted earnings per share including a reconciliation of the numerator and denominator is as follows: | ||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||
Numerator ($'000) | ||||||||||
Net earnings/(losses) from continuing operations | (26,178 | ) | (11,426 | ) | (19,891 | ) | ||||
Net earnings/(losses) from discontinued operations | (5,318 | ) | 4,538 | (67,705 | ) | |||||
Net losses/(earnings) attributable to non-controlling interests | (63 | ) | (173 | ) | (184 | ) | ||||
Net earnings/(losses) attributable to Orient-Express Hotels Ltd. | (31,559 | ) | (7,061 | ) | (87,780 | ) | ||||
Denominator (shares '000) | ||||||||||
Basic weighted average shares outstanding | 103,226 | 102,849 | 102,531 | |||||||
Effect of dilution | — | — | — | |||||||
Diluted weighted average shares outstanding | 103,226 | 102,849 | 102,531 | |||||||
$ | $ | $ | ||||||||
Basic earnings per share | ||||||||||
Net earnings/(losses) from continuing operations | (0.254 | ) | (0.111 | ) | (0.194 | ) | ||||
Net earnings/(losses) from discontinued operations | (0.052 | ) | 0.044 | (0.660 | ) | |||||
Net losses/(earnings) attributable to non-controlling interests | (0.001 | ) | (0.002 | ) | (0.002 | ) | ||||
Net earnings/(losses) attributable to Orient-Express Hotels Ltd. | (0.307 | ) | (0.069 | ) | (0.856 | ) | ||||
Diluted earnings per share | ||||||||||
Net earnings/(losses) from continuing operations | (0.254 | ) | (0.111 | ) | (0.194 | ) | ||||
Net earnings/(losses) from discontinued operations | (0.052 | ) | 0.044 | (0.660 | ) | |||||
Net losses/(earnings) attributable to non-controlling interests | (0.001 | ) | (0.002 | ) | (0.002 | ) | ||||
Net earnings/(losses) attributable to Orient-Express Hotels Ltd. | (0.307 | ) | (0.069 | ) | (0.856 | ) | ||||
For each year ended December 31, 2013, 2012 and 2011, all share options and share-based awards were excluded from the calculation of the diluted weighted average number of shares because OEH incurred a net loss in those annual periods and the effect of their inclusion would be anti-dilutive. | ||||||||||
The total number of share options and share-based awards excluded from computing diluted earnings per share were as follows: | ||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||
Share options | 3,058,300 | 3,430,800 | 3,074,450 | |||||||
Share-based awards | 1,481,827 | 1,343,648 | 657,249 | |||||||
Total | 4,540,127 | 4,774,448 | 3,731,699 | |||||||
The number of share options and share-based awards unexercised at December 31, 2013 was 4,540,127 (2012 - 4,774,448; 2011 - 3,731,699). |
Assets_held_for_sale_and_disco
Assets held for sale and discontinued operations | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||||||||||
Assets held for sale and discontinued operations | ' | |||||||||||||||||||||||||||
Assets held for sale and discontinued operations | ||||||||||||||||||||||||||||
At December 31, 2013, The Inn at Perry Cabin, St Michaels, Maryland was classified as held for sale. In addition, one condominium unit at Porto Cupecoy, Sint Maarten was held for sale at December 31, 2013 as it was excluded from the disposal of the Porto Cupecoy development because it was already under a separate sales contract at the time. During the year ended December 31, 2013, Porto Cupecoy was sold, and the results of its operations have been presented as discontinued operations for the period. In addition, for the year ended December 31, 2013, the results of operations of Ubud Hanging Gardens, Bali, Indonesia have been presented as discontinued operations, following the unannounced dispossession of OEH from the hotel by the owner in November 2013. | ||||||||||||||||||||||||||||
At December 31, 2012, Porto Cupecoy was classified as held for sale. During the year ended December 31, 2012, The Westcliff, Johannesburg, South Africa; The Observatory Hotel, Sydney, Australia; Bora Bora Lagoon Resort, French Polynesia; and Keswick Hall, Charlottesville, Virginia were sold. For the year ended December 31, 2012, the results of operations of Ubud Hanging Gardens, Porto Cupecoy, The Westcliff, The Observatory Hotel, Bora Bora Lagoon Resort, and Keswick Hall have been presented as discontinued operations. | ||||||||||||||||||||||||||||
At December 31, 2011, Keswick Hall and Bora Bora Lagoon Resort were classified as held for sale. During the year ended December 31, 2011, Hôtel de la Cité, Carcassonne, France was sold. For the year ended December 31, 2011, the results of operations of Ubud Hanging Gardens, Porto Cupecoy, The Westcliff, The Observatory Hotel, Bora Bora Lagoon Resort, Keswick Hall and Hôtel de la Cité have been presented as discontinued operations. | ||||||||||||||||||||||||||||
(a) Properties sold: Porto Cupecoy, The Westcliff, The Observatory Hotel, Bora Bora Lagoon Resort, Keswick Hall and Hôtel de la Cité | ||||||||||||||||||||||||||||
On January 31, 2013, OEH completed the sale of the property and operations of Porto Cupecoy for cash consideration of $19,000,000. The property was a part of OEH’s former real estate segment. The disposal resulted in a gain of $439,000, which is reported within net earnings/(losses) from discontinued operations, net of tax. | ||||||||||||||||||||||||||||
On December 14, 2012, OEH completed the sale of the property, operations and shares of The Westcliff for cash consideration of $26,000,000. The hotel was a part of OEH’s Rest of world owned hotels segment. The disposal resulted in a gain on sale of $5,406,000, which is reported within net earnings/(losses) from discontinued operations, net of tax. | ||||||||||||||||||||||||||||
On August 8, 2012, OEH completed the sale of the property and operations of The Observatory Hotel for a consideration of A$40,000,000 ($42,106,000), of which A$29,350,000 ($30,895,000) was paid in cash and A$10,650,000 ($11,211,000) was settled directly with the lender to repay the debt facility secured by the property. The hotel was a part of OEH’s Rest of world owned hotels segment. The disposal resulted in a gain on sale of $5,359,000 (including a $12,147,000 transfer of foreign currency translation amounts from accumulated other comprehensive loss), which is reported within net earnings/(losses) from discontinued operations, net of tax. | ||||||||||||||||||||||||||||
On June 1, 2012, OEH completed the sale of the shares of Bora Bora Lagoon Resort for a cash consideration of $3,000,000. The hotel was a part of OEH’s Rest of world owned hotels segment. The disposal resulted in a gain on sale of $662,000 (including a $13,074,000 transfer of foreign currency translation amounts from accumulated other comprehensive loss), which is reported within net earnings/(losses) from discontinued operations, net of tax. | ||||||||||||||||||||||||||||
On January 23, 2012, OEH completed the sale of the property and operations of Keswick Hall for consideration of $22,000,000, of which $12,000,000 was paid in cash and $10,000,000 was settled directly with the lender as a reduction in the debt facility secured by the property. The hotel was a part of OEH’s North American owned hotels segment. The disposal resulted in a gain of $3,957,000, which is reported within net earnings/(losses) from discontinued operations, net of tax. | ||||||||||||||||||||||||||||
On August 1, 2011, OEH completed the sale of the property and operations of Hôtel de la Cité for a cash consideration of €9,000,000 ($12,933,000). The hotel was a part of OEH’s European owned hotels segment. The disposal resulted in a gain on sale of $2,182,000 (including a $3,018,000 transfer of foreign currency translation amounts from accumulated other comprehensive loss), which is reported within net earnings/(losses) from discontinued operations, net of tax. | ||||||||||||||||||||||||||||
The following is a summary of net assets sold and the gain recorded on sale for Porto Cupecoy, The Westcliff, The Observatory Hotel, Bora Bora Lagoon Resort, Keswick Hall and Hôtel de la Cité: | ||||||||||||||||||||||||||||
Porto Cupecoy | The Westcliff | The Observatory Hotel | Bora Bora Lagoon Resort | Keswick Hall | Hôtel de la Cité | |||||||||||||||||||||||
January 31, | December 14, | August 8, | June 1, | January 23, | August 1, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |||||||||||||||||||||||
Property, plant & equipment | 38 | 17,911 | 48,096 | 15,827 | 18,590 | 13,147 | ||||||||||||||||||||||
Real estate assets | 18,512 | — | — | — | — | — | ||||||||||||||||||||||
Net working capital (deficit)/surplus | — | (207 | ) | (299 | ) | (720 | ) | 401 | 266 | |||||||||||||||||||
Other assets/(liabilities) | — | — | — | — | (1,891 | ) | — | |||||||||||||||||||||
Net assets | 18,550 | 17,704 | 47,797 | 15,107 | 17,100 | 13,413 | ||||||||||||||||||||||
Transfer of foreign currency translation loss/(gain) | — | 1,308 | (12,147 | ) | (13,074 | ) | — | (3,018 | ) | |||||||||||||||||||
18,550 | 19,012 | 35,650 | 2,033 | 17,100 | 10,395 | |||||||||||||||||||||||
Consideration: | ||||||||||||||||||||||||||||
Cash | 19,000 | 26,000 | 30,895 | 3,000 | 12,000 | 12,933 | ||||||||||||||||||||||
Reduction in debt facility on sale of hotel | — | — | 11,211 | — | 10,000 | — | ||||||||||||||||||||||
Less: Working capital adjustment | (11 | ) | (628 | ) | (447 | ) | — | (430 | ) | — | ||||||||||||||||||
Less: Costs to sell | — | (954 | ) | (650 | ) | (305 | ) | (513 | ) | (356 | ) | |||||||||||||||||
18,989 | 24,418 | 41,009 | 2,695 | 21,057 | 12,577 | |||||||||||||||||||||||
Gain on sale | 439 | 5,406 | 5,359 | 662 | 3,957 | 2,182 | ||||||||||||||||||||||
(b) Results of discontinued operations | ||||||||||||||||||||||||||||
OEH had been operating the hotel Ubud Hanging Gardens under a long-term lease arrangement with a third-party owner. The existing lease arrangement continues to 2030. Following an unannounced dispossession of OEH from the hotel by the owner in November 2013, however, OEH has been unable to continue to operate the hotel. OEH believes that the owner's actions are unlawful and constitute a wrongful dispossession and is pursuing its legal remedies under the lease. As OEH is unable to operate Ubud Hanging Gardens for the foreseeable future, the hotel has been presented as a discontinued operation for all periods shown. The assets and liabilities of the hotel have not been classified as held for sale, as the hotel has not been disposed of through a sale transaction. | ||||||||||||||||||||||||||||
Summarized results of the properties classified as discontinued operations for the years ended December 31, 2013, 2012 and 2011 (including residual transactions relating to properties disposed of in prior periods, which are recorded in “Other”) are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Ubud Hanging Gardens | Porto Cupecoy | The Westcliff | Keswick Hall | Total | ||||||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||||||||||||
Revenue | 5,124 | 1,932 | — | — | 7,056 | |||||||||||||||||||||||
Earnings/(losses) before tax, gain on sale and impairment | 591 | (3,228 | ) | — | — | (2,637 | ) | |||||||||||||||||||||
Impairment | (7,031 | ) | — | — | — | (7,031 | ) | |||||||||||||||||||||
Gain on sale | — | 439 | — | — | 439 | |||||||||||||||||||||||
Earnings/(losses) before tax | (6,440 | ) | (2,789 | ) | — | — | (9,229 | ) | ||||||||||||||||||||
Tax (provision)/benefit | 1,838 | — | 1,425 | 648 | 3,911 | |||||||||||||||||||||||
Net earnings/(losses) from discontinued operations | (4,602 | ) | (2,789 | ) | 1,425 | 648 | (5,318 | ) | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Ubud Hanging Gardens | Porto Cupecoy | The Westcliff | The Observatory Hotel | Bora Bora Lagoon Resort | Keswick Hall | Total | ||||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||||||||||
Revenue | 5,816 | 8,163 | 9,088 | 9,194 | — | 1,062 | 33,323 | |||||||||||||||||||||
Earnings/(losses) before tax, gain on sale and impairment | 1,757 | (5,187 | ) | 215 | (1,080 | ) | (166 | ) | (1,601 | ) | (6,062 | ) | ||||||||||||||||
Impairment | — | (3,166 | ) | — | — | — | — | (3,166 | ) | |||||||||||||||||||
Gain on sale | — | — | 5,406 | 5,359 | 662 | 3,957 | 15,384 | |||||||||||||||||||||
Earnings/(losses) before tax | 1,757 | (8,353 | ) | 5,621 | 4,279 | 496 | 2,356 | 6,156 | ||||||||||||||||||||
Tax (provision)/benefit | (336 | ) | — | (1,025 | ) | 426 | — | (683 | ) | (1,618 | ) | |||||||||||||||||
Net earnings/(losses) from discontinued operations | 1,421 | (8,353 | ) | 4,596 | 4,705 | 496 | 1,673 | 4,538 | ||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||
Ubud Hanging Gardens | Porto Cupecoy | The Westcliff | The Observatory Hotel | Bora Bora Lagoon Resort | Keswick Hall | Hôtel de la Cité | Other | Total | ||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||||||||
Revenue | 5,381 | 7,871 | 9,523 | 16,429 | — | 15,359 | 3,743 | — | 58,306 | |||||||||||||||||||
Earnings/(losses) before tax, gain on sale and impairment | 1,527 | (6,169 | ) | (585 | ) | (726 | ) | (403 | ) | (1,330 | ) | (212 | ) | (11 | ) | (7,909 | ) | |||||||||||
Impairment | — | (38,545 | ) | (515 | ) | — | (2,150 | ) | (23,934 | ) | — | — | (65,144 | ) | ||||||||||||||
Gain on sale | — | — | — | — | — | — | 2,182 | — | 2,182 | |||||||||||||||||||
Earnings/(losses) before tax | 1,527 | (44,714 | ) | (1,100 | ) | (726 | ) | (2,553 | ) | (25,264 | ) | 1,970 | (11 | ) | (70,871 | ) | ||||||||||||
Tax (provision)/benefit | (469 | ) | — | (87 | ) | — | — | 4,506 | (784 | ) | — | 3,166 | ||||||||||||||||
Net earnings/(losses) from discontinued operations | 1,058 | (44,714 | ) | (1,187 | ) | (726 | ) | (2,553 | ) | (20,758 | ) | 1,186 | (11 | ) | (67,705 | ) | ||||||||||||
The results of discontinued operations for the year ended December 31, 2013 include tax credits of $1,425,000 in relation to The Westcliff and $648,000 in relation to Keswick Hall, which were sold in December and January 2013, respectively. These tax credits arise following the submission of prior year tax returns in the current period. | ||||||||||||||||||||||||||||
As OEH is unable to operate Ubud Hanging Gardens for the foreseeable future, a non-cash impairment charge of $7,031,000 was identified and recorded in the year ended December 31, 2013. The carrying values of long-lived assets were written down to a fair value of $Nil. | ||||||||||||||||||||||||||||
In the year ended December 31, 2012, OEH identified and recorded a non-cash real estate assets impairment charge of $3,166,000 (2011 - $36,868,000) in relation to Porto Cupecoy. The carrying values of the assets were written down to their fair value. Additionally, in the year ended December 31, 2011, OEH identified and recorded a non-cash property, plant and equipment impairment charge at the Porto Cupecoy development of $1,677,000. | ||||||||||||||||||||||||||||
The results of operations for Keswick Hall in the years ended December 31, 2012 and 2011 include revenue and costs relating to the sale of model homes in the Keswick Hall property development. | ||||||||||||||||||||||||||||
In the year ended December 31, 2011, OEH identified and recorded non-cash property, plant and equipment impairment charges of $23,934,000 in respect of Keswick Hall and $2,150,000 in respect of Bora Bora Lagoon Resort. The carrying values of the assets were written down to the fair value to reflect the level of offers received at the time for the purchase of each hotel. | ||||||||||||||||||||||||||||
In the year ended December 31, 2011, OEH identified a non-cash goodwill impairment of $515,000 at The Westcliff. Management’s estimates at the time considered future profitability of the business, future growth rates and the related discount rates. OEH determined this impairment was triggered due to performance that required a reassessment. | ||||||||||||||||||||||||||||
(c) Assets and liabilities held for sale | ||||||||||||||||||||||||||||
In December 2013, OEH entered into an agreement to sell The Inn at Perry Cabin as an asset non-core to its future business, with the sale releasing funds for debt reduction, cash reserves and reinvestment in other OEH properties. OEH will continue to manage the hotel for the new owner after the sale has completed. The property has been reclassified as held for sale for all periods shown. Due to OEH's continuing involvement in managing the hotel, its results are presented within continuing operations. | ||||||||||||||||||||||||||||
Assets and liabilities of the properties classified as held for sale consist of the following: | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
The Inn at Perry Cabin | Porto Cupecoy | Total | The Inn at Perry Cabin | Porto Cupecoy | Total | |||||||||||||||||||||||
$’000 | $’000 | $'000 | $’000 | $’000 | $'000 | |||||||||||||||||||||||
Current assets | 1,503 | — | 1,503 | 1,473 | — | 1,473 | ||||||||||||||||||||||
Real estate assets | — | 720 | 720 | — | 22,040 | 22,040 | ||||||||||||||||||||||
Property, plant and equipment, net | 32,193 | — | 32,193 | 33,489 | 38 | 33,527 | ||||||||||||||||||||||
Total assets held for sale | 33,696 | 720 | 34,416 | 34,962 | 22,078 | 57,040 | ||||||||||||||||||||||
Current liabilities | (1,611 | ) | — | (1,611 | ) | (1,363 | ) | (2,174 | ) | (3,537 | ) | |||||||||||||||||
Total liabilities held for sale | (1,611 | ) | — | (1,611 | ) | (1,363 | ) | (2,174 | ) | (3,537 | ) | |||||||||||||||||
Assets of Porto Cupecoy at December 31, 2013 relate to one condominium which was excluded from the disposal of the Porto Cupecoy development as it was already under a separate sales contract at the time. |
Variable_interest_entities
Variable interest entities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Variable interest entities | ' | ||||||||||||
Variable interest entities | |||||||||||||
(a) VIEs of which OEH is the primary beneficiary | |||||||||||||
OEH holds a 19.9% equity investment in Charleston Center LLC, owner of Charleston Place Hotel. OEH has also made a number of loans to the hotel. OEH concluded that Charleston Center LLC is a variable interest entity because the total equity at risk is insufficient for the entity to fund its operations without additional subordinated financial support, the majority of which has been provided by OEH. OEH is the primary beneficiary of this VIE because it is expected to absorb a majority of the VIE's expected losses and residual gains through the subordinated financial support it has provided, and has the power to direct the activities that impact the VIE's performance, based on the current organizational structure. | |||||||||||||
The carrying amount of consolidated assets and liabilities of Charleston Center LLC included within OEH’s consolidated balance sheets as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | $’000 | $’000 | |||||||||||
Current assets | 10,517 | 18,511 | |||||||||||
Property, plant and equipment | 187,856 | 183,793 | |||||||||||
Goodwill | 40,395 | 40,395 | |||||||||||
Other assets | 1,893 | 2,114 | |||||||||||
Total assets | 240,661 | 244,813 | |||||||||||
Current liabilities | 6,722 | 6,382 | |||||||||||
Third-party debt, including $1,805 and $1,795 current portion | 96,150 | 97,945 | |||||||||||
Long-term accrued interest on subordinated debt | 15,340 | 14,740 | |||||||||||
Deferred income taxes | 60,892 | 60,326 | |||||||||||
Total liabilities | 179,104 | 179,393 | |||||||||||
Net assets (before amounts payable to OEH of $92,692 and $90,807) | 61,557 | 65,420 | |||||||||||
The third-party debt of Charleston Center LLC is secured by its net assets and is non-recourse to its members, including OEH. The hotel's separate assets are not available to pay the debts of OEH and the hotel's separate liabilities do not constitute obligations of OEH. This non-recourse obligation is presented separately on the consolidated balance sheet of OEH. | |||||||||||||
(b) VIEs of which OEH is not the primary beneficiary | |||||||||||||
OEH holds a 50% equity investment in its rail joint venture in Peru which operates the infrastructure, rolling stock, stations and services on a portion of the state-owned railways in Peru. OEH concluded that the Peru rail joint venture is a variable interest entity because the total equity at risk is insufficient for it to fund its operations without additional subordinated financial support. The joint venture is under joint control as all the budgetary and capital decisions require a majority of approval of the joint venture's board of directors. The joint venture is accounted for under the equity method of accounting and included in earnings/(losses) before income taxes and earnings from unconsolidated companies in the statements of consolidated operations. | |||||||||||||
The carrying amounts and maximum exposures to loss as a result of OEH's involvement with its Peru rail joint venture are as follows: | |||||||||||||
Carrying amounts | Maximum exposure | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
December 31, | $’000 | $’000 | $’000 | $’000 | |||||||||
Investment | 38,095 | 32,973 | 38,095 | 32,973 | |||||||||
Due from unconsolidated company | 4,957 | 4,803 | 4,957 | 4,803 | |||||||||
Guarantees | — | — | 5,920 | 7,558 | |||||||||
Contingent guarantees | — | — | 14,731 | 17,149 | |||||||||
Total | 43,052 | 37,776 | 63,703 | 62,483 | |||||||||
The maximum exposure to loss for the Peru rail joint venture exceeds the carrying amount due to guarantees, discussed below, which are not recognized in the consolidated financial statements. The contingent guarantees may only be enforced in the event there is a change in control in the joint venture, which would occur only if OEH’s ownership of the economic and voting interests in the joint venture falls below 50%, an event which has not occurred. As at December 31, 2013, OEH does not expect that it will be required to fund these guarantees relating to this joint venture as the entity has the ability to repay the loans. | |||||||||||||
OEH has guaranteed $5,920,000 and contingently guaranteed $7,755,000 of the debt obligations of the rail joint venture in Peru through 2017. OEH has also guaranteed the rail joint venture’s contingent obligations relating to the performance of its governmental rail concessions, currently in the amount of $6,976,000, through May 2014. | |||||||||||||
Long-term debt obligations of the rail joint venture in Peru at December 31, 2013 totaling $5,920,000 have been classified within current liabilities of the joint venture in its stand-alone financial statements, as it was out of compliance with a debt service coverage ratio covenant in its loan facilities. Discussions with the lenders to bring the joint venture into compliance are continuing, although this non-compliance is not expected to have a material impact on OEH's financial flexibility. |
Investments_in_unconsolidated_
Investments in unconsolidated companies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
Investments in unconsolidated companies | ' | |||||||||
Investments in unconsolidated companies | ||||||||||
Investments in unconsolidated companies represent equity interests of 50% or less and in which OEH exerts significant influence, but does not have effective control of these unconsolidated companies and, therefore, accounts for these investments using the equity method. These investments include the 50% ownership in rail and hotel joint venture operations in Peru and in Hotel Ritz, Madrid, the 25% ownership in Eastern and Oriental Express Ltd, and the Buzios land joint venture which is 50% owned and further described below. | ||||||||||
In June 2007, OEH acquired 50% of a company holding real estate in Buzios, Brazil for a cash consideration of $5,000,000. OEH planned to build a hotel and villas on the acquired land and to purchase the remaining share of the company when the building permits were obtained from the local authorities. In February 2009, the Municipality of Buzios commenced a process for the compulsory purchase of the land by the municipality in exchange for a payment of fair compensation to the owners. In April 2011, the State of Rio de Janeiro declared the land an area of public interest, with the intention that it will become part of a State Environmental Park which is being created in the area. The compulsory purchase of the land is therefore expected to be carried out by the State of Rio de Janeiro. OEH is currently in negotiation to recover its investment in the project and fully expects to do so. | ||||||||||
Summarized financial data for OEH’s unconsolidated companies are as follows: | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Current assets | 64,145 | 75,339 | ||||||||
Property, plant and equipment, net | 342,731 | 333,374 | ||||||||
Other assets | 24,142 | 25,072 | ||||||||
Non-current assets | 366,873 | 358,446 | ||||||||
Total assets | 431,018 | 433,785 | ||||||||
Current liabilities | 154,213 | 165,413 | ||||||||
Long-term debt | 37,043 | 45,985 | ||||||||
Other liabilities | 127,002 | 115,763 | ||||||||
Non-current liabilities | 164,045 | 161,748 | ||||||||
Total shareholders’ equity | 112,760 | 106,624 | ||||||||
Total liabilities and shareholders’ equity | 431,018 | 433,785 | ||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Revenue | 168,839 | 157,270 | 145,254 | |||||||
Gross profit1 | 91,357 | 89,303 | 82,600 | |||||||
Net earnings2 | 13,549 | 4,181 | 7,694 | |||||||
1 Gross profit is defined as revenues less cost of services of the unconsolidated companies. | ||||||||||
2 There were no discontinued operations, extraordinary items or cumulative effects of a change in an accounting principle in the unconsolidated companies. | ||||||||||
Included in unconsolidated companies are OEH’s hotel and rail joint ventures in Peru, under which OEH and the other 50% participant must contribute equally additional equity needed for the businesses. If the other participant does not meet this obligation, OEH has the right to dilute the other participant and obtain a majority equity interest in the affected joint venture company. OEH also has rights to purchase the other participant’s interests, which rights are exercisable in limited circumstances such as the other participant’s bankruptcy. | ||||||||||
There are guarantees and contingent guarantees to unconsolidated companies which are not recognized in the consolidated financial statements. The contingent guarantees for each Peruvian joint venture may only be enforced in the event there is a change in control of the relevant joint venture, which would occur only if OEH’s ownership of the economic and voting interests in the joint venture falls below 50%, an event which has not occurred. As at December 31, 2013, OEH does not expect that it will be required to fund these guarantees relating to these joint venture companies. | ||||||||||
The Company has contingently guaranteed, through 2018, $17,775,000 of debt obligations of the joint venture in Peru that operates four hotels and, through 2014, a further $1,353,000 of its debt obligations. See Note 5 for information regarding guarantees and long-term debt of the rail joint venture in Peru. | ||||||||||
At December 31, 2013, long-term debt obligations totaling $83,368,000 of the Hotel Ritz, Madrid, in which OEH has a 50% equity investment, have been classified within current liabilities in the joint venture’s stand-alone financial statements as it was out of compliance with the debt service coverage ratio covenant in its first mortgage loan facility. Discussions with the lender to bring the hotel into long-term compliance are continuing, although this non-compliance is not expected to have a material impact on OEH's financial flexibility. OEH and its joint venture partner have each guaranteed $10,335,000 of the debt obligations, and $789,000 of a working capital loan facility. |
Property_plant_and_equipment
Property, plant and equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Property, plant and equipment | ' | ||||||
Property, plant and equipment | |||||||
The major classes of property, plant and equipment are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Land and buildings | 1,013,015 | 1,020,570 | |||||
Machinery and equipment | 210,992 | 193,839 | |||||
Fixtures, fittings and office equipment | 209,050 | 197,862 | |||||
River cruise ship and canal boats | 19,082 | 18,255 | |||||
1,452,139 | 1,430,526 | ||||||
Less: Accumulated depreciation | (330,390 | ) | (292,412 | ) | |||
Total property, plant and equipment | 1,121,749 | 1,138,114 | |||||
The major classes of assets under capital leases included above are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Land and buildings | — | — | |||||
Machinery and equipment | 889 | 918 | |||||
Fixtures, fittings and office equipment | 108 | 103 | |||||
997 | 1,021 | ||||||
Less: Accumulated depreciation | (905 | ) | (829 | ) | |||
Total assets under capital leases | 92 | 192 | |||||
The depreciation charge on property, plant and equipment of continuing operations for the year ended December 31, 2013 was $48,346,000 (2012 - $43,263,000; 2011 - $43,133,000). | |||||||
In the year ended December 31, 2013, OEH identified a non-cash property, plant and equipment impairment charge of $1,029,000 in respect of Ubud Hanging Gardens. This impairment was recorded in discontinued operations, as the results of operations of this hotel have been presented as discontinued operations for the years ended December 31, 2013, 2012 and 2011. Its assets and liabilities, however, are not accounted for as held for sale at December 31, 2013 and 2012. See Note 4. | |||||||
Also in the year ended December 31, 2013, OEH identified a non-cash property, plant and equipment impairment charge of $35,680,000 in respect of La Samanna, St. Martin, French West Indies, based on a strategic review of its assets. The carrying value was written down to the hotel's fair value. | |||||||
Also in the year ended December 31, 2013, OEH identified a non-cash property, plant and equipment impairment charge of $750,000 in respect of Grand Hotel Europe, St Petersburg, Russia, as the carrying value of assets were written down to fair value based on management's best estimate of the net recoverable amount. | |||||||
In the year ended December 31, 2012, OEH identified a non-cash property, plant and equipment and other assets impairment charge of $3,837,000 relating to the write-down to fair value of train carriages of OEH's former Great South Pacific Express train, which are held in Australia and not in service. | |||||||
In the year ended December 31, 2011, OEH identified a non-cash property, plant and equipment impairment charge of $8,153,000 in respect of Casa de Sierra Nevada, San Miguel de Allende, Mexico. The carrying value was written down to the hotel’s fair value. | |||||||
The impairments above, other than that of Ubud Hanging Gardens, are included in impairment of other intangible assets, other assets and property, plant and equipment in the statements of consolidated operations. | |||||||
The property, plant and equipment of Charleston Center LLC, a consolidated VIE, of $187,854,000 (2012 - $183,793,000) is separately disclosed on the consolidated balance sheets. See Note 5. | |||||||
For the year ended December 31, 2013, OEH capitalized interest in the amount of $1,088,000 (2012 - $4,193,000; 2011 - $863,000). All amounts capitalized were recorded in property, plant and equipment. | |||||||
New York hotel project | |||||||
In March 2011, OEH agreed to assign its purchase and development agreements previously made with the New York Public Library relating to the site of the Donnell branch of the Library adjacent to OEH’s ‘21’ Club restaurant to an affiliate (the “Assignee”) of Tribeca Associates, LLC and Starwood Capital Group Global LLC. The Assignee agreed to assume all the terms and obligations of the contracts and to reimburse all previous deposit payments made by OEH and a $2,000,000 contribution toward fees incurred by OEH. The transaction closed in April 2011, resulting in gross proceeds received by OEH of $25,500,000. This transaction resulted in a gain, net of costs, of $492,000 in the year ended December 31, 2011. Based on the terms under negotiations with interested parties in 2010, OEH recorded a non-cash impairment charge of $6,386,000 at December 31, 2010 on land and buildings for the capitalized pre-development expenses incurred in the period. | |||||||
As part of this assignment, OEH entered into an option agreement which granted the Assignee a “call” option to acquire 45,000 square feet of the approximately 52,000 square feet of excess development rights held by ‘21’ Club at a price to the Assignee of $13,500,000 and, alternatively, a “put” option to sell to OEH the excess development rights (approximately 65,000 square feet) of the Donnell branch site at a price to OEH of $16,000,000. The option agreement expiration date was extended several times and included a further call option on approximately 4,800 additional square feet of excess development rights at a price to the Assignee of approximately $2,850,000. The Assignee exercised the call option in December 2011 for $16,350,000. Of these proceeds, $4,514,000 was used to repay a portion of the existing loan facility secured by ‘21’ Club, and the gain realized by OEH was taxable in the U.S. Cumulative gain on the sale of the purchase and development agreements as well as the exercise of the call option is $16,544,000. |
Goodwill
Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill | ' | ||||||||||||
Goodwill | |||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||
Beginning balance at January 1, 2013 | Impairment | Foreign currency translation adjustment | Ending balance at December 31, 2013 | ||||||||||
Year ended December 31, 2013 | $'000 | $'000 | $'000 | $'000 | |||||||||
Owned hotels: | |||||||||||||
Europe | 77,319 | — | 462 | 77,781 | |||||||||
North America | 49,991 | — | — | 49,991 | |||||||||
Rest of world | 25,977 | (3,187 | ) | (1,683 | ) | 21,107 | |||||||
Owned trains and cruises | 7,991 | — | 46 | 8,037 | |||||||||
Total | 161,278 | (3,187 | ) | (1,175 | ) | 156,916 | |||||||
Beginning balance at January 1, 2012 | Impairment | Foreign currency translation adjustment | Ending balance at December 31, 2012 | ||||||||||
Year ended December 31, 2012 | $'000 | $'000 | $'000 | $'000 | |||||||||
Owned hotels: | |||||||||||||
Europe | 77,089 | (2,055 | ) | 2,285 | 77,319 | ||||||||
North America | 49,991 | — | — | 49,991 | |||||||||
Rest of world | 26,525 | — | (548 | ) | 25,977 | ||||||||
Owned trains and cruises | 7,855 | — | 136 | 7,991 | |||||||||
Total | 161,460 | (2,055 | ) | 1,873 | 161,278 | ||||||||
The gross goodwill amount at January 1, 2013 was $192,418,000 (2012 - $190,545,000) and the accumulated impairment at that date was $31,140,000 (2012 - $29,085,000). All impairments to that date related to hotel and restaurant operations. | |||||||||||||
During the year ended December 31, 2013, OEH identified a non-cash goodwill impairment of $3,187,000 at Ubud Hanging Gardens. This impairment was recorded in discontinued operations, as the results of operations of this hotel have been presented as discontinued operations for the years ended December 31, 2013, 2012 and 2011. Its assets and liabilities, however, are not accounted for as held for sale at December 31, 2013 and 2012. See Note 4. There were no impairments to goodwill of continuing operations for the year ended December 31, 2013. | |||||||||||||
During the year ended December 31, 2012, OEH identified a non-cash goodwill impairment of $2,055,000 at Reid's Palace, Madeira, Portugal. Management’s estimates considered future profitability of the business, future growth rates and the related discount rates. OEH determined this impairment was triggered due to performance that required a reassessment. | |||||||||||||
During the year ended December 31, 2011, OEH identified non-cash goodwill impairments of $11,907,000 at three hotels. Management’s estimates considered future profitability of the businesses, future growth rates and the related discount rates. OEH determined these impairments were triggered in each case due to performance that required a reassessment. The impairment loss consisted of the following: | |||||||||||||
Year ended December 31, 2011 | $’000 | ||||||||||||
Maroma Resort and Spa | 7,904 | ||||||||||||
La Residencia | 2,779 | ||||||||||||
Mount Nelson Hotel | 1,224 | ||||||||||||
11,907 | |||||||||||||
Other_intangible_assets
Other intangible assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||
Other intangible assets | ' | ||||||||||||
Other intangible assets | |||||||||||||
Other intangible assets consist of the following as of December 31, 2013 and 2012: | |||||||||||||
Favorable lease assets | Internet sites | Trade names | Total | ||||||||||
$'000 | $'000 | $'000 | $'000 | ||||||||||
Carrying amount: | |||||||||||||
Balance at January 1, 2012 | 13,460 | 1,609 | 7,100 | 22,169 | |||||||||
Foreign currency translation adjustment | (489 | ) | 83 | — | (406 | ) | |||||||
Balance at December 31, 2012 | 12,971 | 1,692 | 7,100 | 21,763 | |||||||||
Impairment of intangible assets of discontinued operations | (2,815 | ) | — | — | (2,815 | ) | |||||||
Foreign currency translation adjustment | (1,496 | ) | 31 | — | (1,465 | ) | |||||||
Balance at December 31, 2013 | 8,660 | 1,723 | 7,100 | 17,483 | |||||||||
Accumulated amortization: | |||||||||||||
Balance at January 1, 2012 | 1,972 | 732 | 2,704 | ||||||||||
Charge for the year | 354 | 136 | 490 | ||||||||||
Foreign currency translation adjustment | (78 | ) | 39 | (39 | ) | ||||||||
Balance at December 31, 2012 | 2,248 | 907 | 3,155 | ||||||||||
Charge for the year | 311 | 137 | 448 | ||||||||||
Foreign currency translation adjustment | (291 | ) | 19 | (272 | ) | ||||||||
Balance at December 31, 2013 | 2,268 | 1,063 | 3,331 | ||||||||||
Net book value: | |||||||||||||
31-Dec-11 | 11,488 | 877 | 7,100 | 19,465 | |||||||||
31-Dec-12 | 10,723 | 785 | 7,100 | 18,608 | |||||||||
31-Dec-13 | 6,392 | 660 | 7,100 | 14,152 | |||||||||
An impairment of $2,815,000 was recognized for the year ended December 31, 2013. The intangible lease assets of Ubud Hanging Gardens were written down to $Nil. This impairment was recorded in discontinued operations, as the results of operations of this hotel have been presented as discontinued operations for the years ended December 31, 2013, 2012 and 2011. Its assets and liabilities, however, are not accounted for as held for sale at December 31, 2013 and 2012. See Note 4. There were no impairments of intangible assets in the years ended December 31, 2012 and 2011. | |||||||||||||
Amortization charge in the table above for the year ended December 31, 2013 includes an amount of $54,000 (2012 - $81,000) relating to Ubud Hanging Gardens, which is included in results of discontinued operations. | |||||||||||||
Amortization expense from continuing operations for the year ended December 31, 2013 was $394,000 (2012 - $409,000; 2011 - $413,000). Estimated amortization expense for each of the years ending December 31, 2014 to December 31, 2018 is $394,000. |
Debt_and_obligations_under_cap
Debt and obligations under capital lease | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Debt and obligations under capital lease | ' | ||||||
Debt and obligations under capital lease | |||||||
(a) Long-term debt and obligations under capital lease | |||||||
Long-term debt and obligations under capital lease consists of the following: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Loans from banks and other parties collateralized by property, plant and equipment payable over periods of one to nine years (2012 - one to 20 years), with a weighted average interest rate of 4.22% (2012 - 4.14%) | 543,567 | 521,494 | |||||
Obligations under capital lease | 14 | 66 | |||||
Total long-term debt and obligations under capital lease | 543,581 | 521,560 | |||||
Less: Current portion | 71,011 | 90,115 | |||||
Non-current portion of long-term debt and obligations under capital lease | 472,570 | 431,445 | |||||
For the renovation of El Encanto, Santa Barbara, California, OEH entered into a loan agreement in August 2011 for $45,000,000 to be drawn as construction progressed. At December 31, 2013, OEH had borrowed $43,988,000 (2012 - $25,749,000) under this facility. The loan has a maturity of three years, with two one year extensions, at an annual interest rate based on monthly LIBOR plus 3.65%. | |||||||
In June 2012, OEH renewed a loan secured by Napasai, Koh Samui, Thailand. The loan consists of two tranches, a $9,000,000 facility and a THB135,000,000 ($4,251,000) facility. Annual interest on both tranches is 3.00% over LIBOR and BIBOR, the respective reference rates, and both mature in July 2017. | |||||||
In September 2012, OEH drew a new loan facility of €35,000,000 ($44,400,000) to refinance €36,844,000 ($46,757,000) of long-term debt maturing in 2013 secured by the two Sicilian hotels. The loan matures in three years and bears interest at a rate of EURIBOR plus 5.00% per annum. OEH has entered into interest rate swaps to fix the variable interest rate of the full amount on the loan at 5.59%. | |||||||
In December 2012, OEH entered into a $50,000,000 loan secured by Grand Hotel Europe, St. Petersburg, Russia. The first tranche of $24,000,000 was drawn in the year ended December 31, 2013 and used for general corporate purposes, including repayment of $4,000,000 of existing debt secured by the hotel. The second tranche of $26,000,000 is being used for the hotel's refurbishment project. From this second tranche, $2,000,000 has been drawn in the year ended December 31, 2013. Annual interest on both tranches is 7.00% over LIBOR and the facility has a maturity of five years. A capital lease on the hotel was extinguished as part of the refinancing, resulting in a gain of $1,514,000 in the year ended December 31, 2012. | |||||||
In July 2013, OEH entered into a new loan facility for $24,000,000 secured by The Inn at Perry Cabin and ‘21’ Club. Annual interest is 3.00% over LIBOR and the facility has a maturity of five years. Of these loan proceeds, $17,130,000 was used to repay existing debt secured by these properties. | |||||||
In August 2013, OEH signed a new loan facility secured by Le Manoir aux Quat’Saisons, Oxfordshire, England, and Reid’s Palace. The loan consists of two tranches – €15,000,000 (equivalent to $19,925,000 at the date drawn) which is secured by Reid’s Palace and £12,981,000 (equivalent to $19,826,000 at the date drawn) secured by Le Manoir aux Quat’Saisons. The euro tranche has annual interest of 4.00% above EURIBOR and a maturity of 18 months, and the sterling tranche has annual interest of 3.75% over LIBOR and a maturity of five years. The loan proceeds were used to repay existing debt secured by these properties. | |||||||
In October 2013, OEH entered into a new loan facility for £20,000,000 (equivalent to $32,334,000 on October 31, 2013) secured by OEH's European train assets. The first tranche of £16,000,000 (equivalent to $25,867,000 on October 31, 2013) was used to refinance the previous loan secured on the trains. The second tranche of £4,000,000 (equivalent to $6,467,000 on October 31, 2013) was undrawn at December 31, 2013 and is available to finance future expansion. The facility has a maturity of five years and bears interest at a rate of LIBOR plus 4.00% per annum. | |||||||
In addition, the maturities of two further loans were extended subsequent to December 31, 2013 and have been classified as long-term debt. See Note 24. | |||||||
At December 31, 2013, one of OEH’s subsidiaries had not complied with certain financial covenants in a loan facility. The $556,000 outstanding on this loan is due to be repaid in the first quarter of 2014. | |||||||
Most of OEH’s loan facilities relate to specific hotel or other properties and are secured by a mortgage on the particular property. In most cases, the Company is either the borrower or the subsidiary owning the property is the borrower, with the loan guaranteed by the Company. | |||||||
The loan facilities generally place restrictions on the property-owning company’s ability to incur additional debt and limit liens, and restrict mergers and asset sales, and include financial covenants. Where the property-owning subsidiary is the borrower, the financial covenants relate to the financial performance of the property financed and generally include covenants relating to interest coverage, debt service, and loan-to-value and debt-to-EBITDA tests. Most of the facilities under which the Company is the borrower or the guarantor also contain financial covenants which are based on the performance of OEH on a consolidated basis. The covenants include a quarterly interest coverage test, minimum cash requirement test and a quarterly net worth test. | |||||||
Many of OEH's bank loan facilities include cross-default provisions under which a failure to pay principal or interest by the borrower or guarantor under other indebtedness in excess of a specified threshold amount would cause a default under the facilities. Under OEH's largest loan facility, the specified cross-default threshold amount is $25,000,000. At December 31, 2013, no cross-default provision in a loan facility had been triggered. | |||||||
The following is a summary of the aggregate maturities of long-term debt, including obligations under capital lease, at December 31, 2013: | |||||||
Year ended December 31, | $’000 | ||||||
2014 | 71,011 | ||||||
2015 | 380,388 | ||||||
2016 | 28,510 | ||||||
2017 | 22,839 | ||||||
2018 | 38,112 | ||||||
2019 and thereafter | 2,721 | ||||||
Total long-term debt and obligations under capital lease | 543,581 | ||||||
The Company has guaranteed $384,818,000 of the long-term debt of its subsidiary companies as at December 31, 2013 (2012 -$341,078,000). | |||||||
Deferred financing costs related to the above outstanding long-term debt were $11,080,000 at December 31, 2013 (2012 - $13,694,000) and are amortized to interest expense over the term of the corresponding long-term debt. | |||||||
The debt of Charleston Center LLC, a consolidated VIE, of $96,150,000 at December 31, 2013 (2012 - $97,945,000) is non-recourse to OEH and separately disclosed on the consolidated balance sheet. The debt was entered into in October 2010 and has a maturity of three years, with two one year extensions and the interest rate is at LIBOR plus a margin of 3.50% per annum. See Note 5. | |||||||
(b) Working capital loans | |||||||
OEH had approximately $3,021,000 of working capital lines of credit at December 31, 2013 (2012 - $4,473,000) repayable within one year issued by various financial institutions and having various expiration dates, of which $2,883,000 was undrawn (2012 - $4,473,000). The weighted average interest rate on the amount of $138,000 drawn at December 31, 2013 was 6.24%. | |||||||
(c) Obligations under capital leases | |||||||
The following is a summary of future minimum lease payments under capital leases together with the present value of the minimum lease payments at December 31, 2013: | |||||||
Year ended December 31, | $’000 | ||||||
2014 | 14 | ||||||
Minimum lease payments | 14 | ||||||
Less: Amount of interest contained in above payments | — | ||||||
Present value of minimum lease payments | 14 | ||||||
The amount of interest deducted from minimum lease payments to arrive at the present value is the interest contained in each of the leases. |
Other_liabilities
Other liabilities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||
Other liabilities | ' | ||||||
Other liabilities | |||||||
The major balances in other liabilities are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Interest rate swaps (see Note 20) | 1,878 | 5,021 | |||||
Long-term accrued interest on subordinated debt at Charleston Place | 15,340 | 14,740 | |||||
Cash-settled stock appreciation rights plan | — | 96 | |||||
Deferred lease incentive | 393 | 468 | |||||
Contingent consideration on acquisition of Grand Hotel Timeo and Villa Sant’Andrea (see Note 18) | 1,240 | 1,186 | |||||
Total other liabilities | 18,851 | 21,511 | |||||
Pensions
Pensions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Pensions | ' | ||||||||||||
Pensions | |||||||||||||
From January 1, 2003, a number of non-U.S. OEH employees participated in a funded defined benefit pension plan in the United Kingdom called Orient-Express Services 2003 Pension Scheme. On May 31, 2006, the plan was closed for future benefit accruals. | |||||||||||||
The significant weighted-average assumptions used to determine net periodic costs of the plan during the year were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | % | % | % | ||||||||||
Discount rate | 4.5 | 4.7 | 5.4 | ||||||||||
Expected long-term rate of return on plan assets | 4.7 | 5.3 | 6.4 | ||||||||||
The significant weighted-average assumptions used to determine benefit obligations of the plan at year end were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | % | % | |||||||||||
Discount rate | 4.5 | 4.5 | |||||||||||
The discount rate effectively represents the average rate of return on high quality corporate bonds at the end of the year in the country in which the benefit obligations arise. | |||||||||||||
The expected rate of return on the pension fund assets, net of expenses has been determined by considering the actual asset classes held by the plan at December 31, 2013 and the yields available on U.K. government bonds at that date. | |||||||||||||
For equities and corporate bonds, management has assumed that long-term returns will exceed those expected on U.K. government bonds by a risk premium. This is based on historical equity and bond returns over the long term. As these returns are long-term expected returns, the total returns on equities and corporate bonds only vary in line with the U.K. government bond yields and are not further adjusted for current market trends. | |||||||||||||
The expected returns on annuities are set equal to the end of year discount rate as the value of annuities is tied to that rate. | |||||||||||||
The fair value of OEH’s pension plan assets at December 31, 2013 and 2012 by asset category is as follows: | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
31-Dec-13 | $’000 | $’000 | $’000 | $’000 | |||||||||
Cash | 1,583 | 1,583 | — | — | |||||||||
Equity securities: | |||||||||||||
U.K. managed funds | 6,459 | 6,459 | — | — | |||||||||
Overseas managed funds | 5,402 | 5,402 | — | — | |||||||||
Fixed income securities: | |||||||||||||
U.K. government bonds | 1,549 | 1,549 | — | — | |||||||||
Corporate bonds | 6,124 | 6,124 | — | — | |||||||||
Other types of investments: | |||||||||||||
Annuities | 2,045 | — | — | 2,045 | |||||||||
23,162 | 21,117 | — | 2,045 | ||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
31-Dec-12 | $’000 | $’000 | $’000 | $’000 | |||||||||
Cash | 87 | 87 | — | — | |||||||||
Equity securities: | |||||||||||||
U.K. managed funds | 5,232 | 5,232 | — | — | |||||||||
Overseas managed funds | 4,869 | 4,869 | — | — | |||||||||
Fixed income securities: | |||||||||||||
U.K. government bonds | 1,651 | 1,651 | — | — | |||||||||
Corporate bonds | 4,233 | 4,233 | — | — | |||||||||
Other types of investments: | |||||||||||||
Hedge funds | 1,534 | — | 1,534 | — | |||||||||
Annuities | 2,046 | — | — | 2,046 | |||||||||
19,652 | 16,072 | 1,534 | 2,046 | ||||||||||
Reconciliations of fair value measurements using significant unobservable inputs (Level 3) at December 31, 2013 and 2012 are as follows: | |||||||||||||
Annuities | Total | ||||||||||||
Year ended December 31, 2013 | $’000 | $’000 | |||||||||||
Beginning balance at January 1, 2013 | 2,046 | 2,046 | |||||||||||
Foreign exchange | 37 | 37 | |||||||||||
Actual return on plan assets: | |||||||||||||
Assets still held at the reporting date | 42 | 42 | |||||||||||
Purchases, sales and settlements, net | (80 | ) | (80 | ) | |||||||||
Transfers into or out of Level 3 | — | — | |||||||||||
Ending balance at December 31, 2013 | 2,045 | 2,045 | |||||||||||
Annuities | Total | ||||||||||||
Year ended December 31, 2012 | $’000 | $’000 | |||||||||||
Beginning balance at January 1, 2012 | 1,871 | 1,871 | |||||||||||
Foreign exchange | 92 | 92 | |||||||||||
Actual return on plan assets: | |||||||||||||
Assets still held at the reporting date | 158 | 158 | |||||||||||
Purchases, sales and settlements, net | (75 | ) | (75 | ) | |||||||||
Transfers into or out of Level 3 | — | — | |||||||||||
Ending balance at December 31, 2012 | 2,046 | 2,046 | |||||||||||
The allocation of the assets was in compliance with the target allocation set out in the plan investment policy, the principal objectives of which are to deliver returns above those of government and corporate bonds and to minimize the cost of providing pension benefits. The scheme trustees are currently purchasing annuities to match the benefits of pensioners and allocating a majority of the plan’s assets to equities as they have historically outperformed bonds over the long term. The scheme trustees will allocate plan assets to bonds and cash to help reduce the volatility of the portfolio and reflect the age profile of the membership. | |||||||||||||
The changes in the benefit obligation, the plan assets and the funded status for the plan were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | 27,927 | 24,189 | 20,074 | ||||||||||
Service cost | — | — | — | ||||||||||
Interest cost | 1,200 | 1,154 | 1,062 | ||||||||||
Plan participants’ contributions | — | — | — | ||||||||||
Net transfer in | — | — | — | ||||||||||
Actuarial (gain)/loss | (4,093 | ) | 1,869 | 4,259 | |||||||||
Benefits paid | (573 | ) | (560 | ) | (839 | ) | |||||||
Curtailment gain | — | — | — | ||||||||||
Settlement | — | — | — | ||||||||||
Foreign currency translation | 307 | 1,275 | (367 | ) | |||||||||
Benefit obligation at end of year | 24,768 | 27,927 | 24,189 | ||||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | 19,652 | 15,547 | 14,457 | ||||||||||
Actual return on plan assets | 1,665 | 1,958 | 347 | ||||||||||
Employer contributions | 1,880 | 1,854 | 1,770 | ||||||||||
Plan participants’ contributions | — | — | — | ||||||||||
Net transfer in | — | — | — | ||||||||||
Benefits paid | (573 | ) | (560 | ) | (839 | ) | |||||||
Settlement | — | — | — | ||||||||||
Foreign currency translation | 538 | 853 | (188 | ) | |||||||||
Fair value of plan assets at end of year | 23,162 | 19,652 | 15,547 | ||||||||||
Funded status at end of year | (1,606 | ) | (8,275 | ) | (8,642 | ) | |||||||
Net actuarial (gain)/loss recognized in other comprehensive loss | (5,763 | ) | (141 | ) | 4,310 | ||||||||
Amounts recognized in the consolidated balance sheets consist of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | $’000 | $’000 | |||||||||||
Non-current assets | — | — | |||||||||||
Current liabilities | — | — | |||||||||||
Non-current liabilities | 1,606 | 8,275 | |||||||||||
Amounts recognized in accumulated other comprehensive income/(loss) consist of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | $’000 | $’000 | |||||||||||
Net loss | (8,212 | ) | (13,975 | ) | |||||||||
Prior service cost | — | — | |||||||||||
Net transitional obligation | — | — | |||||||||||
Total amount recognized in other comprehensive loss | (8,212 | ) | (13,975 | ) | |||||||||
The following table details certain information with respect to OEH’s U.K. defined benefit pension plan: | |||||||||||||
2013 | 2012 | ||||||||||||
Year ended December 31, | $’000 | $’000 | |||||||||||
Projected benefit obligation | 24,768 | 27,927 | |||||||||||
Accumulated benefit obligation | 24,768 | 27,927 | |||||||||||
Fair value of plan assets | 23,162 | 19,652 | |||||||||||
Components of net periodic benefit cost are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Service cost | — | — | — | ||||||||||
Interest cost on projected benefit obligation | 1,200 | 1,154 | 1,062 | ||||||||||
Expected return on assets | (926 | ) | (846 | ) | (1,006 | ) | |||||||
Net amortization and deferrals | 930 | 899 | 608 | ||||||||||
Net periodic benefit cost | 1,204 | 1,207 | 664 | ||||||||||
OEH expects to contribute $2,327,000 to the U.K. defined benefit pension plan in 2014. The following benefit payments, which reflect assumed future service, are expected to be paid: | |||||||||||||
Year ended December 31, | $’000 | ||||||||||||
2014 | 632 | ||||||||||||
2015 | 463 | ||||||||||||
2016 | 549 | ||||||||||||
2017 | 657 | ||||||||||||
2018 | 533 | ||||||||||||
Next five years | 3,929 | ||||||||||||
The estimated net loss amortized from accumulated other comprehensive income/(loss) into net periodic pension cost in the next fiscal year is $554,000. | |||||||||||||
Certain employees of OEH were members of defined contribution pension plans. Total contributions to the plans were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Employers’ contributions | 2,542 | 2,719 | 3,023 | ||||||||||
Income_taxes
Income taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income taxes | ' | ||||||||||||
Income taxes | |||||||||||||
The Company is incorporated in Bermuda, which does not impose an income tax. OEH’s effective tax rate is significantly affected by its mix of income and loss in various jurisdictions as there is significant variation in the income tax rate imposed and also by the effect of losses in jurisdictions where the tax benefit is not recognized. | |||||||||||||
Accordingly, the income tax provision is attributable to income tax charges incurred by subsidiaries operating in jurisdictions that impose an income tax, and is impacted by the effect of valuation allowances and uncertain tax positions. The income tax provision is also affected by certain items that may occur in any given year, but are not consistent from year to year. Items which had the most significant impact on the tax rate include an income tax credit of $3,207,000 in the year ended December 31, 2013 (2012 - charge of $83,000) arising in respect of foreign exchange differences on the measurement of deferred taxes on temporary differences in subsidiaries operating in jurisdictions where the local currency differs from the functional currency. | |||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
Provision for income taxes | |||||||||||||
Year ended December 31, 2013 | Pre-tax | Current | Deferred | Total | |||||||||
(loss)/ | $’000 | $’000 | $’000 | ||||||||||
income | |||||||||||||
$’000 | |||||||||||||
Bermuda | (17,696 | ) | — | — | — | ||||||||
United States | (3,955 | ) | (369 | ) | 100 | (269 | ) | ||||||
Rest of the world | 6,659 | 17,538 | 359 | 17,897 | |||||||||
(14,992 | ) | 17,169 | 459 | 17,628 | |||||||||
Provision for income taxes | |||||||||||||
Year ended December 31, 2012 | Pre-tax | Current | Deferred | Total | |||||||||
(loss)/ | $’000 | $’000 | $’000 | ||||||||||
income | |||||||||||||
$’000 | |||||||||||||
Bermuda | (8,244 | ) | — | — | — | ||||||||
United States | 1,903 | 3,656 | (647 | ) | 3,009 | ||||||||
Rest of the world | 14,442 | 16,540 | 2,102 | 18,642 | |||||||||
8,101 | 20,196 | 1,455 | 21,651 | ||||||||||
Provision for income taxes | |||||||||||||
Year ended December 31, 2011 | Pre-tax | Current | Deferred | Total | |||||||||
(loss)/ | $’000 | $’000 | $’000 | ||||||||||
income | |||||||||||||
$’000 | |||||||||||||
Bermuda | (23,436 | ) | — | — | — | ||||||||
United States | 13,918 | 3,986 | (561 | ) | 3,425 | ||||||||
Rest of the world | 4,881 | 16,663 | (477 | ) | 16,186 | ||||||||
(4,637 | ) | 20,649 | (1,038 | ) | 19,611 | ||||||||
The reconciliation of earnings/(losses) before provision for income taxes and earnings from unconsolidated companies, net of tax at the statutory tax rate to the provision for income taxes is shown in the table below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $'000 | $'000 | $'000 | ||||||||||
Earnings/(losses) before provision for income taxes and earnings from unconsolidated companies, net of tax | (14,992 | ) | 8,101 | (4,637 | ) | ||||||||
Tax charge at statutory tax rate of Nil%(1) | — | — | — | ||||||||||
Exchange rate movements on deferred tax | (3,207 | ) | 83 | (2,094 | ) | ||||||||
Other permanent items | 674 | 2,943 | 106 | ||||||||||
Change in valuation allowance | 13,015 | 6,093 | 11,795 | ||||||||||
Difference in taxation rates | 7,353 | 11,421 | 9,067 | ||||||||||
Change in provisions for uncertain tax positions | (1,788 | ) | (174 | ) | 817 | ||||||||
Change in tax rates | (276 | ) | 600 | (222 | ) | ||||||||
Deferred tax charge for derivatives | 2,119 | — | — | ||||||||||
Other | (262 | ) | 685 | 142 | |||||||||
Provision for income taxes | 17,628 | 21,651 | 19,611 | ||||||||||
(1) The Company is resident in Bermuda, which does not impose an income tax. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following represents OEH’s net deferred tax liabilities: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Operating loss carry-forwards | 122,500 | 93,466 | 61,708 | ||||||||||
Pensions | 321 | 1,899 | 2,161 | ||||||||||
Share-based compensation | 3,146 | 2,813 | 1,647 | ||||||||||
Trademarks | 5,075 | 5,563 | 3,868 | ||||||||||
Other | 9,173 | 9,197 | 2,897 | ||||||||||
Less: Valuation allowance | (110,780 | ) | (97,376 | ) | (50,746 | ) | |||||||
Net deferred tax assets | 29,435 | 15,562 | 21,535 | ||||||||||
Other | (7,962 | ) | (5,267 | ) | (4,609 | ) | |||||||
Property, plant and equipment | (183,174 | ) | (171,016 | ) | (172,643 | ) | |||||||
Deferred tax liabilities | (191,136 | ) | (176,283 | ) | (177,252 | ) | |||||||
Net deferred tax liabilities | (161,701 | ) | (160,721 | ) | (155,717 | ) | |||||||
Current deferred tax assets are included in "Prepaid expenses and other" and current deferred tax liabilities are included in "Accrued liabilities" on the face of the consolidated balance sheets. Non-current deferred income taxes and deferred income taxes of consolidated variable interest entities are presented separately on the face of the consolidated balance sheets. | |||||||||||||
The gross amount of tax loss carry-forwards is $429,461,000 at December 31, 2013 (2012 - $350,926,000). Of this amount, $10,742,000 will expire in the five years ending December 31, 2018 and a further $121,144,000 will expire in the five years ending December 31, 2023. The remaining losses of $297,575,000 will expire after December 31, 2023 or have no expiry date. After weighing all positive and negative evidence, a valuation allowance has been provided against deferred tax assets where management believes it is more likely than not that the benefits associated with these assets will not be realized. | |||||||||||||
A deferred tax liability of $1,509,000 (2012 - $Nil) has been recognized in respect of income taxes and foreign withholding taxes on the excess of the amount for financial reporting purposes over the tax basis of the investments in foreign joint ventures. Except for earnings that are currently distributed, income taxes and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting purposes over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. The cumulative amount of such unremitted earnings is approximately $970,000,000 at December 31, 2013 (2012 - $1,075,000,000). The determination of the additional deferred taxes that have not been provided is not practical. | |||||||||||||
OEH’s 2013 tax provision of $17,628,000 (2012 - $21,651,000; 2011 - $19,611,000) included a benefit of $1,593,000 (2012 - benefit of $174,000; 2011 - benefit of $3,439,000) in respect of the provision for uncertain tax positions, of which a benefit of $1,654,000 (2012 - charge of $121,000; 2011 - benefit of $2,058,000) related to the potential interest and penalty costs associated with the uncertain tax positions. | |||||||||||||
The 2013 provision for income taxes included a deferred tax provision of $13,015,000 in respect of valuation allowances due to a change in judgment concerning OEH’s ability to realize loss carry-forwards and other deferred tax assets in certain jurisdictions compared to a $6,093,000 provision in 2012. | |||||||||||||
At December 31, 2013, the total amounts of unrecognized tax benefits included the following: | |||||||||||||
Total | Principal | Interest | Penalties | ||||||||||
Year ended December 31, 2013 | $’000 | $’000 | $’000 | $’000 | |||||||||
Balance, January 1, 2013 | 4,581 | 2,874 | 1,174 | 533 | |||||||||
Additional uncertain tax provision identified during the year | 2,720 | 2,716 | (4 | ) | 8 | ||||||||
Increase to uncertain tax provision on prior year positions | 737 | 559 | 138 | 40 | |||||||||
Uncertain tax provisions paid during the year | (737 | ) | (559 | ) | (138 | ) | (40 | ) | |||||
Decrease to uncertain tax provisions on prior year positions | (3,924 | ) | (2,302 | ) | (1,127 | ) | (495 | ) | |||||
Decreases as a result of expiration of the statute of limitations | (387 | ) | (351 | ) | (36 | ) | — | ||||||
Foreign exchange | (2 | ) | (2 | ) | — | — | |||||||
Balance at December 31, 2013 | 2,988 | 2,935 | 7 | 46 | |||||||||
At December 31, 2013, OEH recognized a $2,988,000 liability in respect of its uncertain tax positions. Of the unrecognized tax benefit at December 31, 2013, if recognized, $2,054,000 would affect the effective tax rate. | |||||||||||||
At December 31, 2012, the total amounts of unrecognized tax benefits included the following: | |||||||||||||
Total | Principal | Interest | Penalties | ||||||||||
Year ended December 31, 2012 | $’000 | $’000 | $’000 | $’000 | |||||||||
Balance at January 1, 2012 | 4,755 | 3,169 | 1,148 | 438 | |||||||||
Additional uncertain tax provision identified during the year | 403 | 401 | 2 | — | |||||||||
Increase to uncertain tax provision on prior year positions | 444 | 151 | 168 | 125 | |||||||||
Uncertain tax provisions paid during the year | — | — | — | — | |||||||||
Decrease to uncertain tax provisions on prior year positions | — | — | — | — | |||||||||
Decreases as a result of expiration of the statute of limitations | (686 | ) | (622 | ) | (64 | ) | — | ||||||
Foreign exchange | (335 | ) | (225 | ) | (80 | ) | (30 | ) | |||||
Balance at December 31, 2012 | 4,581 | 2,874 | 1,174 | 533 | |||||||||
At December 31, 2012, OEH recognized a $4,581,000 liability in respect of its uncertain tax positions. The entire balance of unrecognized tax benefit at December 31, 2012, if recognized, would affect the effective tax rate. | |||||||||||||
At December 31, 2011, the total amounts of unrecognized tax benefits included the following: | |||||||||||||
Total | Principal | Interest | Penalties | ||||||||||
Year ended December 31, 2011 | $’000 | $’000 | $’000 | $’000 | |||||||||
Balance, January 1, 2011 | 8,194 | 4,550 | 1,627 | 2,017 | |||||||||
Additional uncertain tax provision identified during the year | — | — | — | — | |||||||||
Increase to uncertain tax provision on prior year positions | 817 | 600 | 132 | 85 | |||||||||
Uncertain tax provisions paid during the year | (642 | ) | (306 | ) | (192 | ) | (144 | ) | |||||
Decrease to uncertain tax provisions on prior year positions | (3,178 | ) | (1,500 | ) | (358 | ) | (1,320 | ) | |||||
Decreases as a result of expiration of the statute of limitations | — | — | — | — | |||||||||
Foreign exchange | (436 | ) | (175 | ) | (61 | ) | (200 | ) | |||||
Balance, December 31, 2011 | 4,755 | 3,169 | 1,148 | 438 | |||||||||
At December 31, 2011, OEH recognized a $4,755,000 liability in respect of its uncertain tax positions. The entire balance of unrecognized tax benefit at December 31, 2011, if recognized, would affect the effective tax rate. | |||||||||||||
Certain subsidiaries of the Company are subject to taxation in the United States and various states and other non-U.S. jurisdictions. As of December 31, 2013, all tax years after 2003 are open to examination by the tax authorities. | |||||||||||||
OEH believes that it is reasonably possible that within the next 12 months the uncertain tax provision will decrease by approximately $20,000 as a result of expiration of uncertain tax positions in certain jurisdictions in which OEH operates. These amounts relate | |||||||||||||
primarily to transfer pricing inquiries with the tax authorities. |
Supplemental_cash_flow_informa
Supplemental cash flow information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||
Supplemental cash flow information | ' | |||||||||
Supplemental cash flow information | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Cash paid for: | ||||||||||
Interest | 27,320 | 29,756 | 37,233 | |||||||
Income taxes, net of refunds | 22,275 | 28,967 | 16,413 | |||||||
To reflect the actual cash paid for capital expenditures, increases in accounts payable for capital expenditures are non-cash and excluded from capital expenditure, while decreases are cash payments and included. The changes in accounts payable were an increase of $186,000 and $709,000 for the years ended December 31, 2013 and 2012, respectively. |
Restricted_cash
Restricted cash | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||
Restricted cash | ' | ||||||
Restricted cash | |||||||
The major balances in restricted cash are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Cash deposit held with a bank pending completion of sale of Inn at Perry Cabin | 4,000 | — | |||||
Cash deposits required to be held with lending banks for the duration of the debt to support OEH’s payment of interest and principal | 8,391 | 16,013 | |||||
Escrow deposits and other restricted cash at Porto Cupecoy | 355 | 4,079 | |||||
Prepaid customer deposits which will be released to OEH under its revenue recognition policy | 681 | 788 | |||||
Security required under the European Union Package Travel Directive | 209 | 200 | |||||
Total restricted cash | 13,636 | 21,080 | |||||
Restricted cash classified as long-term and included in other assets on the consolidated balance sheet at December 31, 2013 was $7,633,000 (December 31, 2012 - $Nil). |
Shareholders_equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Shareholders' equity | ' |
Shareholders’ equity | |
(a) Dual common share capitalization | |
The Company has been capitalized with class A common shares, of which there are 240,000,000 authorized, and class B common shares, of which there are 120,000,000 authorized, each convertible at any time into one class A common share. In general, holders of class A and class B common shares vote together as a single class, with holders of class B shares having one vote per share and holders of class A shares having one-tenth of one vote per share. In all other substantial respects, the class A and class B common shares are the same. | |
(b) Shareholder rights agreement | |
The Company has in place a shareholder rights agreement which will be implemented not earlier than the tenth day following the first to occur of (i) the public announcement of the acquisition by a person (other than a subsidiary of the Company) of 15% or more of the outstanding class A common shares or 15% or more of the outstanding class B common shares, and (ii) the commencement or announcement of a tender offer or exchange offer by a person for 30% or more of the outstanding class A common shares or 30% or more of the outstanding class B common shares. At that time, the rights will detach from the class A and class B common shares, and the holders of the rights will be entitled to purchase, for each right held, one one hundredth of a series A junior participating preferred share of the Company at an exercise price of $70 (the “Purchase Price”) for each one one hundredth of such junior preferred share, subject to adjustment in certain events. From and after the date on which any person acquires beneficial ownership of 15% or more of the outstanding class A common shares or 15% or more of the outstanding class B common shares, each holder of a right (other than the acquiring person) will be entitled upon exercise to receive, at the then current Purchase Price and in lieu of the junior preferred shares, that number of class A or class B common shares (depending on whether the right was previously attached to a class A or B share) having a market value of twice the Purchase Price. If the Company is acquired or 50% or more of its consolidated assets or earning power is sold, each holder of a right will be entitled to receive, upon exercise at the then current Purchase Price, that amount of common equity of the acquiring company which at the time of such transaction would have a market value of two times the Purchase Price. Also, the Company’s board of directors may exchange all or some of the rights for class A and class B common shares (depending on whether the right was previously attached to a class A or B share) if any person acquires 15% beneficial ownership as described above, but less than 50% beneficial ownership. The rights will expire on June 1, 2020 but may be redeemed at a price of $0.05 per right at any time prior to the tenth day following the date on which a person acquires beneficial ownership of 15% or more of the outstanding class A common shares or 15% or more of the outstanding class B common shares. | |
(c) Acquired shares | |
Included in shareholders’ equity is a reduction for 18,044,478 class B common shares of the Company that a subsidiary of the Company acquired in 2002. Under applicable Bermuda law, these shares are outstanding and may be voted, although in computing earnings per share these shares are treated as a reduction to outstanding shares. | |
(d) Preferred shares | |
The Company has 30,000,000 authorized preferred shares, par value $0.01 each, 500,000 of which have been reserved for issuance as series A junior participating preferred shares upon exercise of preferred share purchase rights held by class A and B common shareholders in connection with the shareholder rights agreement. |
Sharebased_compensation_plans
Share-based compensation plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Share-based compensation plans | ||||||||||||||||
At December 31, 2013, OEH had four share-based compensation plans plus one plan that had expired by that date, which are described below. The compensation cost that has been charged to selling, general and administrative expense for these plans was $10,388,000 for the year ended December 31, 2013 (2012 - $6,834,000; 2011 - $6,752,000). Cash received from exercised options and vested awards was $7,000 for the year ended December 31, 2013 (2012 - $3,000; 2011 - $3,000). The total compensation cost related to unexercised options and unvested share awards at December 31, 2013 to be recognized over the period January 1, 2014 to December 31, 2016, was $10,884,000 and the weighted average period over which it is expected to be recognized is 28 months. Measured from the grant date, substantially all awards of deferred shares, restricted shares and stock appreciation rights have a maximum term of three years, and substantially all awards of share options have a maximum term of ten years. | ||||||||||||||||
(a) 2000 and 2004 stock option plans | ||||||||||||||||
Under the Company’s 2000 and 2004 stock option plans, options to purchase up to 750,000 and 1,000,000 class A common shares, respectively, could be awarded to employees of OEH at fair market value at the date of grant. Options are exercisable three years after award and must be exercised ten years from the date of grant. At December 31, 2013, 23,500 class A common shares were reserved under the 2000 plan, and 453,950 class A common shares were reserved under the 2004 plan. At December 31, 2013, no shares remain available for future grants under the 2000 and 2004 plans as these have been transferred to the 2009 plan described below which became effective in 2009. | ||||||||||||||||
Details of share option transactions under the 2000 and 2004 stock option plans are as follows: | ||||||||||||||||
Number of shares | Weighted average | Weighted average | Aggregate intrinsic | |||||||||||||
subject to options | exercise price | remaining | value | |||||||||||||
$ | contractual life in | $’000 | ||||||||||||||
years | ||||||||||||||||
Outstanding — January 1, 2012 | 538,850 | 23.05 | ||||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (4,206 | ) | 5.89 | |||||||||||||
Forfeited, cancelled or expired | (57,194 | ) | 21.09 | |||||||||||||
Outstanding — December 31, 2012 | 477,450 | 23.44 | ||||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (77,294 | ) | 5.89 | |||||||||||||
Forfeited, cancelled or expired | (113,356 | ) | 19.03 | |||||||||||||
Outstanding — December 31, 2013 | 286,800 | 29.91 | 3.5 | 807 | ||||||||||||
Exercisable — December 31, 2013 | 286,800 | 29.91 | 3.5 | 807 | ||||||||||||
The options outstanding under the 2000 and 2004 plans at December 31, 2013 were as follows: | ||||||||||||||||
Exercise | Outstanding at | Exercisable at | Remaining | Exercise prices | Exercise prices | |||||||||||
prices | 12/31/13 | 12/31/13 | contractual | for outstanding | for exercisable | |||||||||||
$ | lives | options | options | |||||||||||||
$ | $ | |||||||||||||||
5.89 | 86,400 | 86,400 | 4.9 | 5.89 | 5.89 | |||||||||||
14.7 | 24,500 | 24,500 | 0.6 | 14.7 | 14.7 | |||||||||||
28.4 | 15,000 | 15,000 | 1.7 | 28.4 | 28.4 | |||||||||||
28.5 | 13,000 | 13,000 | 1.5 | 28.5 | 28.5 | |||||||||||
34.88 | 3,200 | 3,200 | 2.2 | 34.88 | 34.88 | |||||||||||
34.9 | 7,600 | 7,600 | 2.6 | 34.9 | 34.9 | |||||||||||
35.85 | 15,450 | 15,450 | 4.7 | 35.85 | 35.85 | |||||||||||
36.5 | 19,350 | 19,350 | 2.5 | 36.5 | 36.5 | |||||||||||
42.87 | 7,000 | 7,000 | 2.9 | 42.87 | 42.87 | |||||||||||
46.08 | 13,150 | 13,150 | 4.4 | 46.08 | 46.08 | |||||||||||
51.9 | 11,550 | 11,550 | 4.2 | 51.9 | 51.9 | |||||||||||
52.51 | 6,750 | 6,750 | 3.2 | 52.51 | 52.51 | |||||||||||
52.51 | 46,350 | 46,350 | 3.7 | 52.51 | 52.51 | |||||||||||
52.59 | 8,250 | 8,250 | 3.5 | 52.59 | 52.59 | |||||||||||
59.23 | 9,250 | 9,250 | 3.9 | 59.23 | 59.23 | |||||||||||
286,800 | 286,800 | |||||||||||||||
The fair value of options which were exercised in the year to December 31, 2013 was $161,000. No options vested and no options were granted under the plans during the year ended December 31, 2013. | ||||||||||||||||
(b) 2007 performance share plan | ||||||||||||||||
Under the Company’s former 2007 performance share plan, awards of up to 500,000 class A common shares could be granted to OEH employees. The shares covered by the awards were to be issued after at least one year from the grant date upon payment of a nominal amount ($0.01 per share), subject to meeting performance criteria set forth in the awards. Awards were also granted under the plan without any specified performance criteria. When the shares were issued under the awards, the grantees were also entitled to receive a cash equivalent of the dividends, if any, which would have been paid on the shares in respect of dividend record dates occurring during the period between the award grant date and the share issue date. At December 31, 2013, no shares remain available for future grants as these have been transferred to the 2009 plan described below and the 2007 performance share plan had expired. | ||||||||||||||||
The status of the awards as of December 31, 2013 and 2012 and changes during the years then ended are presented as follows: | ||||||||||||||||
Number of shares | Weighted average | Aggregate intrinsic | ||||||||||||||
subject to awards | exercise price | value | ||||||||||||||
$ | $’000 | |||||||||||||||
Outstanding — January 1, 2012 | 172,229 | 0.01 | ||||||||||||||
Granted | — | — | ||||||||||||||
Vested and issued | (108,802 | ) | 0.01 | |||||||||||||
Forfeited, cancelled or expired | (63,427 | ) | 0.01 | |||||||||||||
Outstanding — December 31, 2012 | — | — | ||||||||||||||
Granted | — | — | ||||||||||||||
Vested and issued | — | — | ||||||||||||||
Forfeited, cancelled or expired | — | — | ||||||||||||||
Outstanding — December 31, 2013 | — | — | — | |||||||||||||
(c) 2007 stock appreciation rights plan | ||||||||||||||||
Under the Company’s 2007 stock appreciation rights plan, stock appreciation rights (“SARs”) may be awarded to eligible employees. Each award is to be settled in cash measured by the increase (if any) of the publicly-quoted price of the Company’s class A common shares between the date of the award and the third anniversary of that date, multiplied by the number of SARs granted in the individual award. | ||||||||||||||||
In the years ended December 31, 2013, 2012 and 2011, no SARs were awarded. The third anniversary of the date of the award of SARs in the year ended December 31, 2010 occurred during 2013 so that at December 31, 2013 there was no liability remaining. | ||||||||||||||||
Estimates of fair values of the awards were made using the Black-Scholes valuation model based on the following assumptions: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected share price volatility | 42% | 47% | 51%-59% | |||||||||||||
Risk-free interest rate | 0.11% | 0.16 | % | 0.28%-0.45% | ||||||||||||
Expected annual dividends per share | $ | — | $ | — | $ | — | ||||||||||
Expected life of awards | 8 months | 11 months | 1 year | |||||||||||||
(d) 2009 share award and incentive plan | ||||||||||||||||
The Company's 2009 share award and incentive plan became effective in June 2009 and replaced the 2000 stock option plan, 2004 stock option plan and 2007 performance share plan (the “Pre-existing Plans”). A total of 1,084,550 class A common shares plus the number of class A common shares subject to outstanding awards under the Pre-existing Plans which become available after June 2009 as a result of expirations, cancellations, forfeitures or terminations, were reserved for issuance for awards under the 2009 share award and incentive plan. In 2010, the 2009 plan was amended to increase by 4,000,000 the number of class A shares authorized for issuance under the plan, and in 2012 by another 5,000,000 class A shares. | ||||||||||||||||
The 2009 plan permits awards of stock options, stock appreciation rights, restricted shares, deferred shares, bonus shares and awards in lieu of obligations, dividend equivalents, other share-based awards, performance-based awards, or any combination of the foregoing. Each type of award is granted and vests based on its own terms, as determined by the Compensation Committee of the Company’s board of directors. | ||||||||||||||||
During 2013, the following awards were made under the 2009 plan on the following dates: | ||||||||||||||||
February 21, 2013: | ||||||||||||||||
• | share options on 31,700 class A common shares vesting on March 9, 2015 at an exercise price of $9.95 per share, | |||||||||||||||
• | deferred shares without performance criteria covering 6,600 class A common shares vesting on March 9, 2015 at a purchase price of $0.01 per share, and | |||||||||||||||
• | deferred shares with performance criteria and market conditions on up to 24,600 class A common shares vesting on March 9, 2015 at a purchase price of $0.01 per share. | |||||||||||||||
March 15, 2013: | ||||||||||||||||
• | deferred shares without performance criteria covering 114,000 class A common shares vesting on March 15, 2016 at a purchase price of $0.01 per share, and | |||||||||||||||
• | deferred shares with performance criteria and market conditions on up to 290,400 class A common shares vesting on March 15, 2016 at a purchase price of $0.01 per share. | |||||||||||||||
April 22, 2013: | ||||||||||||||||
• | deferred shares without performance criteria covering 29,370 class A common shares vesting on July 22, 2013 at a purchase price of $0.01 per share. | |||||||||||||||
June 10, 2013: | ||||||||||||||||
• | share options on 289,000 class A common shares vesting on June 10, 2016 at an exercise price of $11.74 per share, and | |||||||||||||||
• | deferred shares without performance criteria covering 34,400 class A common shares vesting on June 10, 2016 at a purchase price of $0.01 per share. | |||||||||||||||
June 28, 2013: | ||||||||||||||||
• | deferred shares without performance criteria covering 33,200 class A common shares vesting on June 28, 2016 at a purchase price of $0.01 per share, | |||||||||||||||
• | restricted shares without performance criteria covering 33,200 class A common shares vesting on June 28, 2016 at a purchase price of $0.01 per share, and | |||||||||||||||
• | restricted shares without performance criteria covering 12,400 class A common shares vesting on the earlier of June 28, 2014 or the day before the 2014 annual general meeting of the Company at a purchase price of $0.01 per share. | |||||||||||||||
August 14, 2013: | ||||||||||||||||
• | deferred shares without performance criteria covering 40,000 class A common shares vesting on August 14, 2016 at a purchase price of $0.01 per share. | |||||||||||||||
December 12, 2013 | ||||||||||||||||
• | share options on 435,950 class A common shares vesting on December 12, 2016 at an exercise price of $14.51 per share. | |||||||||||||||
Transactions relating to share options under the 2009 plan have been as follows: | ||||||||||||||||
Number of shares | Weighted average | Weighted average | Aggregate intrinsic | |||||||||||||
subject to options | exercise price | remaining | value | |||||||||||||
$ | contractual life in | $’000 | ||||||||||||||
years | ||||||||||||||||
Outstanding — January 1, 2012 | 2,535,600 | 9.35 | ||||||||||||||
Granted | 811,450 | 10.09 | ||||||||||||||
Exercised | (29,477 | ) | 8.44 | |||||||||||||
Forfeited, cancelled or expired | (364,223 | ) | 9.55 | |||||||||||||
Outstanding — December 31, 2012 | 2,953,350 | 9.54 | ||||||||||||||
Granted | 756,650 | 13.26 | ||||||||||||||
Exercised | (236,322 | ) | 8.77 | |||||||||||||
Forfeited, cancelled or expired | (702,178 | ) | 8.57 | |||||||||||||
Outstanding — December 31, 2013 | 2,771,500 | 10.67 | 8.3 | 12,309 | ||||||||||||
Exercisable — December 31, 2013 | 526,750 | 9.79 | 6.4 | 7,959 | ||||||||||||
The options outstanding under the 2009 plan at December 31, 2013 were as follows: | ||||||||||||||||
Exercise | Outstanding at | Exercisable at | Remaining | Exercise prices | Exercise prices | |||||||||||
prices | 12/31/13 | 12/31/13 | contractual | for outstanding | for exercisable | |||||||||||
$ | lives | options | options | |||||||||||||
$ | $ | |||||||||||||||
8.38 | 76,500 | 76,500 | 5.4 | 8.38 | 8.38 | |||||||||||
7.71 | 5,000 | 5,000 | 5.5 | 7.71 | 7.71 | |||||||||||
8.91 | 98,200 | 98,200 | 5.9 | 8.91 | 8.91 | |||||||||||
9.93 | 5,000 | 5,000 | 6.1 | 9.93 | 9.93 | |||||||||||
8.37 | 117,400 | 117,400 | 6.5 | 8.37 | 8.37 | |||||||||||
11.44 | 224,650 | 224,650 | 6.9 | 11.44 | 11.44 | |||||||||||
11.69 | 251,500 | — | 7.4 | 11.69 | — | |||||||||||
8.06 | 520,150 | — | 7.9 | 8.06 | — | |||||||||||
9.95 | 31,700 | — | 8.2 | 9.95 | — | |||||||||||
8.42 | 283,200 | — | 8.5 | 8.42 | — | |||||||||||
11.32 | 401,550 | — | 8.9 | 11.32 | — | |||||||||||
9.95 | 31,700 | — | 9.1 | 9.95 | — | |||||||||||
11.74 | 289,000 | — | 9.4 | 11.74 | — | |||||||||||
14.51 | 435,950 | — | 9.9 | 14.51 | — | |||||||||||
2,771,500 | 526,750 | |||||||||||||||
The fair value of option grants made in the year to December 31, 2013 was $5,048,000. The fair value of options which became exercisable in the year to December 31, 2013 was $3,938,000. The fair value of options which were exercised in the year was $1,025,000. The number of options which vested during the year was 696,850. | ||||||||||||||||
Transactions relating to deferred shares and restricted shares under the 2009 plan have been as follows: | ||||||||||||||||
Number of shares | Weighted average | Aggregate intrinsic | ||||||||||||||
subject to awards | exercise price | value | ||||||||||||||
$ | $'000 | |||||||||||||||
Outstanding — January 1, 2012 | 485,020 | 0.01 | ||||||||||||||
Granted | 1,042,900 | 0.01 | ||||||||||||||
Vested and issued | (130,134 | ) | 0.01 | |||||||||||||
Forfeited, cancelled or expired | (54,137 | ) | 0.01 | |||||||||||||
Outstanding — December 31, 2012 | 1,343,649 | 0.01 | ||||||||||||||
Granted | 618,170 | 0.01 | ||||||||||||||
Vested and issued | (344,388 | ) | 0.01 | |||||||||||||
Forfeited, cancelled or expired | (135,604 | ) | 0.01 | |||||||||||||
Outstanding — December 31, 2013 | 1,481,827 | 0.01 | 17,323 | |||||||||||||
At December 31, 2013, awards of deferred shares and restricted shares on 1,481,827 class A common shares were reserved under the 2009 plan. Of these awards, 800,400 deferred shares and restricted shares do not specify any performance criteria and will vest up to August 2016. The remaining awards of up to 681,427 deferred shares will vest up to March 2016 and are subject to performance and market criteria. Half of the 681,427 deferred share awards are subject to performance criteria based on OEH’s earnings before tax for the three years ending December 31, 2013, 2014 or 2015, and the other half are subject to market criteria based on OEH’s total shareholder return compared to the average total shareholder return of a specified group of other hotel and leisure companies over the period of three years. | ||||||||||||||||
The fair value of deferred shares and restricted shares awarded in the year to December 31, 2013 was $4,227,000. The fair value of deferred shares vested in the year to December 31, 2013 was $3,193,000. | ||||||||||||||||
There were no vested and unissued deferred share or restricted shares awards as of December 31, 2013. | ||||||||||||||||
Estimates of the fair value of the share options on the grant date using the Black-Scholes options pricing model were based on the following assumptions: | ||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Expected share price volatility | 50%-60% | 58%-60% | 56%-58% | |||||||||||||
Risk-free interest rate | 1.30%-1.74% | 1.03%-1.69% | 0.97%-1.40% | |||||||||||||
Expected annual dividends per share | $— | $— | $— | |||||||||||||
Expected life of share options | 4.5-8 years | 8 years | 5 years | |||||||||||||
Estimates of fair values of deferred shares and restricted shares without performance criteria on the grant date using the Black-Scholes options pricing model were based on the following assumptions: | ||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Expected share price volatility | 33%-51% | 52%-67% | 37%-82% | |||||||||||||
Risk-free interest rate | 0.04%-0.67% | 0.10%-0.40% | 0.13%-1.20% | |||||||||||||
Expected annual dividends per share | $— | $— | $— | |||||||||||||
Expected life of awards | 18 days - 3 years | 2 months - 3 years | 4 months - 3 years | |||||||||||||
Estimates of fair values of deferred shares with performance and market conditions were made using the Monte Carlo valuation model based on the following assumptions: | ||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Expected share price volatility | 52% | 59% | 88% | |||||||||||||
Risk-free interest rate | 0.26%-0.39% | 0.47% | 0.97%-1.40% | |||||||||||||
Expected annual dividends per share | $— | $— | $— | |||||||||||||
Expected life of awards | 2-3 years | 3 years | 3 years |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and contingencies | ' | |||
Commitments and contingencies | ||||
Outstanding contracts to purchase property, plant and equipment were approximately $21,867,000 at December 31, 2013 (December 31, 2012 - $9,650,000). | ||||
As part of the consideration for the acquisition in January 2010 of Grand Hotel Timeo and Villa Sant’Andrea in Taormina, Sicily, OEH agreed to pay the vendor a further €5,000,000 (equivalent to $7,064,000 at date of acquisition) if, by 2015, additional rooms were constructed at Grand Hotel Timeo and certain required permits were granted to expand and add a swimming pool to Villa Sant’Andrea. At December 31, 2013, €4,000,000 has been paid (equivalent to $5,250,000 at the dates paid) as the Villa Sant'Andrea permits have been granted. See Note 11. | ||||
In February 2013, the State of Rio de Janeiro Court of Justice affirmed a 2011 decision of a Rio state trial court against Sea Containers Ltd (“SCL”) in lawsuits brought against SCL by minority shareholders in Companhia Hoteis Palace (“CHP”), the company that owns Copacabana Palace, relating to the recapitalization of CHP in 1995, but reduced the total award against SCL to approximately $27,000,000. SCL further appealed the judgments during the second quarter of 2013 to the Superior Court of Justice in Brasilia. SCL sold its shares in CHP to the Company in 2000. Years later, in 2006, SCL entered insolvency proceedings in the U.S. and Bermuda which are continuing in Bermuda. Possible claims could be asserted against the Company or CHP in connection with this Brazilian litigation, although no claims have been asserted to date. In order to defend the hotel, in December 2013, CHP commenced a declaratory lawsuit in the Rio state court seeking judicial declarations that no fraud was committed against the SCL plaintiffs when the shares in CHP were sold to the Company in 2000 and that the sale of the shares did not render SCL insolvent. Pending rulings on those declarations, the court granted CHP an injunction preventing the SCL plaintiffs from provisionally enforcing their 2011 judgments against CHP. Management cannot estimate the range of possible loss if the SCL plaintiffs assert claims against the Company or CHP, and OEH has made no reserves in respect of this matter. If any such claims were brought, OEH would continue to defend its interests vigorously. | ||||
In November 2013, the third-party owner of Ubud Hanging Gardens dispossessed OEH from the hotel under long-term lease to OEH without prior notice. As a result, OEH has been unable to continue operating the hotel and accordingly, to prevent any confusion to its guests, OEH has ceased referring to the property in its sales and marketing materials, including all electronic marketing, for the time being. OEH believes that the owner's actions are unlawful and in breach of the lease arrangement and constitute a wrongful dispossession. OEH is pursuing its legal remedies under the lease which provides for resolution of disputes by arbitration in Singapore, where OEH has sought emergency arbitral orders to return the hotel to OEH's possession and management and to stay court proceedings in Indonesia brought by the owner seeking annulment of the lease and damages from OEH. In December 2013, the arbitrator ordered the owner to suspend the Indonesian court proceedings on an interim basis while the Singapore arbitration continues. While OEH believes it has a strong case on the merits, it may ultimately be unsuccessful in recovering the hotel or otherwise in pursuing its remedies against the owner, and therefore OEH has recorded Ubud Hanging Gardens as a discontinued operation and recorded a non-cash impairment charge relating to long-lived assets and goodwill of the hotel as well as a write-off of net current assets of the hotel. See Notes 4, 7, 8 and 9. Management cannot estimate the range of possible additional loss to OEH which has made no reserves in respect of this matter. | ||||
The Company and certain of its subsidiaries are parties to various legal proceedings arising in the normal course of business. These proceedings generally include matters relating to labor disputes, tax claims, personal injury cases, lease negotiations and ownership disputes. The outcome of each of these matters cannot be determined with certainty, and the liability that the relevant parties may ultimately incur with respect to any one of these matters in the event of a negative outcome may be in excess of amounts currently accrued for with respect to these matters. Where a reasonable estimate can be made, the additional losses or range of loss that may be incurred in excess of the amount recognized from the various legal proceedings arising in the normal course of business are disclosed separately for each claim, including a reference to where it is disclosed. However, for certain of the legal proceedings, management is unable to estimate the loss or range of loss that may result from these claims due to the highly complex nature or early stage of the legal proceedings. | ||||
In May 2010, OEH settled litigation for infringement of its “Cipriani” trademark in Europe. An amount of $3,947,000 was paid by the defendants to OEH on March 2, 2010 with the balance of $9,833,000 being payable in installments over five years with interest. The remaining payments, totaling $2,830,000 at December 31, 2013, have not been recognized by OEH because of the uncertainty of collectability. | ||||
Future rental payments under operating leases in respect of equipment rentals and leased premises are payable as follows: | ||||
Year ended December 31, | $’000 | |||
2014 | 11,356 | |||
2015 | 11,246 | |||
2016 | 11,146 | |||
2017 | 11,201 | |||
2018 | 10,454 | |||
2019 and thereafter | 87,191 | |||
142,594 | ||||
Rental expense for the year ended December 31, 2013 amounted to $12,054,000 (2012 - $10,538,000; 2011 - $9,865,000). | ||||
OEH has granted to James Sherwood, a former director of the Company, a right of first refusal to purchase the Hotel Cipriani in Venice, Italy in the event OEH proposes to sell it. The purchase price would be the offered sale price in the case of a cash sale or the fair market value of the hotel, as determined by an independent valuer, in the case of a non-cash sale. Mr. Sherwood has also been granted an option to purchase the hotel at fair market value if a change in control of the Company occurs. Mr. Sherwood may elect to pay 80% of the purchase price if he exercises his right of first refusal, or 100% of the purchase price if he exercises his purchase option, by a non-recourse promissory note secured by the hotel payable in ten equal annual installments with interest at LIBOR. This right of first refusal and purchase option are not assignable and expire one year after Mr. Sherwood’s death. These agreements relating to the Hotel Cipriani between Mr. Sherwood and OEH and its predecessor companies have been in place since 1983 and were last amended and restated in 2005. |
Fair_value_measurements
Fair value measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements | ' | |||||||||||||||
Fair value measurements | ||||||||||||||||
(a) Financial instruments recorded at fair value | ||||||||||||||||
The following tables summarize the valuation of OEH’s assets and liabilities by the fair value hierarchy at December 31, 2013 and 2012: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Dec-13 | $'000 | $'000 | $'000 | $'000 | ||||||||||||
Assets at fair value: | ||||||||||||||||
Derivative financial instruments | — | 2 | — | 2 | ||||||||||||
Total assets | — | 2 | — | 2 | ||||||||||||
Liabilities at fair value: | ||||||||||||||||
Derivative financial instruments | — | (4,890 | ) | — | (4,890 | ) | ||||||||||
Total net liabilities | — | (4,888 | ) | — | (4,888 | ) | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Dec-12 | $'000 | $'000 | $'000 | $'000 | ||||||||||||
Assets at fair value: | ||||||||||||||||
Derivative financial instruments | — | 6 | — | 6 | ||||||||||||
Total assets | — | 6 | — | 6 | ||||||||||||
Liabilities at fair value: | ||||||||||||||||
Derivative financial instruments | — | (8,879 | ) | — | (8,879 | ) | ||||||||||
Total net liabilities | — | (8,873 | ) | — | (8,873 | ) | ||||||||||
During the years ended December 31, 2013 and 2012, there were no transfers between levels of the fair value hierarchy. | ||||||||||||||||
The amount of total losses for the year ended December 31, 2013 included in earnings that are attributable to the change in unrealized gains or losses relating to those liabilities still held was $Nil (2012 - $Nil; 2011 - $Nil). | ||||||||||||||||
(b) Other financial instruments | ||||||||||||||||
Certain methods and assumptions are used to estimate the fair value of each class of financial instruments. The carrying amount of current assets and current liabilities as disclosed on the consolidated balance sheets approximate their fair value due to the short-term nature of those instruments. | ||||||||||||||||
The fair value of OEH's long-term debt, excluding interest rate swaps and caps, is determined using the contractual cash flows and credit-adjusted discount curves. The fair value of the debt is the present value of those contractual cash flows which are discounted at the current market cost of debt and adjusted for the credit spreads. Credit spreads take into consideration general market conditions, maturity and collateral. | ||||||||||||||||
The estimated carrying values, fair values, and levels of the fair value hierarchy of OEH's long-term debt as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Carrying | Fair value | Carrying | Fair value | |||||||||||||
amounts | $’000 | amounts | $’000 | |||||||||||||
$’000 | $’000 | |||||||||||||||
Long-term debt, including current portion, excluding obligations under capital leases | Level 3 | 543,567 | 562,588 | 521,494 | 533,783 | |||||||||||
Long-term debt, including current portion, held by consolidated variable interest entities | Level 3 | 96,150 | 97,775 | 97,945 | 99,656 | |||||||||||
(c) Non-financial assets measured at fair value on a non-recurring basis | ||||||||||||||||
The estimated fair values of OEH’s non-financial assets measured on a non-recurring basis for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||
Fair value measurement inputs | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Total losses | ||||||||||||
$’000 | $’000 | $’000 | $’000 | in year | ||||||||||||
ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | ||||||||||||||||
$’000 | ||||||||||||||||
Property, plant and equipment | 45,000 | — | — | 45,000 | (36,430 | ) | ||||||||||
Property, plant and equipment of discontinued operations | — | — | — | — | (1,029 | ) | ||||||||||
Goodwill of discontinued operations | — | — | — | — | (3,187 | ) | ||||||||||
Intangible assets of discontinued operations | — | — | — | — | (2,815 | ) | ||||||||||
Fair value measurement inputs | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Total losses | ||||||||||||
$’000 | $’000 | $’000 | $’000 | in year | ||||||||||||
ended | ||||||||||||||||
December 31, | ||||||||||||||||
2012 | ||||||||||||||||
$’000 | ||||||||||||||||
Assets of discontinued operations held for sale | 22,040 | — | — | 22,040 | (3,166 | ) | ||||||||||
Property, plant and equipment | 3,521 | — | — | 3,521 | (2,538 | ) | ||||||||||
Goodwill | 7,515 | — | — | 7,515 | (2,055 | ) | ||||||||||
Other assets | — | — | — | — | (1,299 | ) | ||||||||||
Fair value measurement inputs | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Total losses | ||||||||||||
$’000 | $’000 | $’000 | $’000 | in year | ||||||||||||
ended | ||||||||||||||||
December 31, | ||||||||||||||||
2011 | ||||||||||||||||
$’000 | ||||||||||||||||
Assets of discontinued operations held for sale | 63,522 | — | — | 63,522 | (65,144 | ) | ||||||||||
Property, plant and equipment | 6,000 | — | — | 6,000 | (8,153 | ) | ||||||||||
Goodwill | — | — | — | — | (11,907 | ) | ||||||||||
Assets of discontinued operations held for sale | ||||||||||||||||
There were no impairments of assets held for sale in the year ended December 31, 2013. The assets and liabilities of Ubud Hanging Gardens, the results of which have been presented as a discontinued operation, have not been classified as held for sale as the hotel has not been disposed of through a sale transaction. See Note 4. | ||||||||||||||||
For the year ended December 31, 2012, assets of discontinued operations held for sale related to Porto Cupecoy real estate assets with a carrying value of $25,206,000 were written down to fair value of $22,040,000, resulting in a non-cash impairment charge of $3,166,000. | ||||||||||||||||
For the year ended December 31, 2011, assets of discontinued operations held for sale related to Keswick Hall with a carrying value of $43,934,000 (including the value of land held for property development) were written down to fair value of $20,000,000, resulting in a non-cash impairment charge of $23,934,000; assets of discontinued operations held for sale at Bora Bora Lagoon Resort were written down to fair value of $2,850,000, resulting in a non-cash impairment charge of $2,150,000; real estate assets held for sale at the Porto Cupecoy development were written down to their fair value, resulting in a non-cash impairment charge of $36,868,000 and, as part of an overall impairment calculation, property, plant and equipment at Porto Cupecoy with a carrying value of $1,677,000 were written down to fair value of $Nil; and goodwill of The Westcliff with a carrying value of $515,000 was written down to fair value of $Nil, resulting in a non-cash impairment charge of $515,000. | ||||||||||||||||
Any gains or losses on movements are included in earnings/(losses) from discontinued operations in the period incurred. | ||||||||||||||||
Property, plant and equipment | ||||||||||||||||
For the year ended December 31, 2013, property, plant and equipment at La Samanna with a carrying value of $80,680,000 was written down to fair value of $45,000,000, resulting in a non-cash impairment charge of $35,680,000, and property, plant and equipment at Grand Hotel Europe with a carrying value of $750,000 was written down to fair value of $Nil, resulting in a non-cash impairment charge of $750,000. | ||||||||||||||||
For the year ended December 31, 2012, train carriages of OEH's former Great South Pacific Express train which are held in Australia and not in service with a carrying value of $6,059,000 were written down to fair value of $3,521,000, resulting in a non-cash impairment charge of $2,538,000. | ||||||||||||||||
For the year ended December 31, 2011, property, plant and equipment at Casa de Sierra Nevada with a carrying value of $14,153,000 was written down to fair value of $6,000,000, resulting in a non-cash impairment charge of $8,153,000. | ||||||||||||||||
These impairments are included in earnings from continuing operations in the period incurred. | ||||||||||||||||
Property, plant and equipment of discontinued operations | ||||||||||||||||
For the year ended December 31, 2013, property, plant and equipment of Ubud Hanging Gardens with a carrying value of $1,029,000 was written down to fair value of $Nil, resulting in a non-cash impairment charge of $1,029,000. | ||||||||||||||||
This impairment is included in losses from discontinued operations in the period incurred. | ||||||||||||||||
Goodwill | ||||||||||||||||
For the year ended December 31, 2012, goodwill of Reid's Palace with a carrying value of $9,570,000 was written down to fair value of $7,515,000, resulting in a non-cash impairment charge of $2,055,000. | ||||||||||||||||
For the year ended December 31, 2011, goodwill of Maroma Resort and Spa, La Residencia and Mount Nelson Hotel with a carrying value of $11,907,000 was written down to fair value of $Nil, resulting in a non-cash impairment charge of $11,907,000. | ||||||||||||||||
These impairments are included in earnings from continuing operations in the period incurred. | ||||||||||||||||
Goodwill of discontinued operations | ||||||||||||||||
For the year ended December 31, 2013, goodwill at Ubud Hanging Gardens with a carrying value of $3,187,000 was written down to fair value of $Nil, resulting in a non-cash impairment charge of $3,187,000. | ||||||||||||||||
This impairment is included in losses from discontinued operations in the period incurred. | ||||||||||||||||
Intangible assets of discontinued operations | ||||||||||||||||
For the year ended December 31, 2013, intangible lease assets at Ubud Hanging Gardens with a carrying value of $2,815,000 were written down to a fair value of $Nil, resulting in a non-cash impairment charge of $2,815,000. | ||||||||||||||||
This impairment is included in losses from discontinued operations in the period incurred. | ||||||||||||||||
Other assets | ||||||||||||||||
For the year ended December 31, 2012, deferred costs associated with Great South Pacific Express with a carrying value of $1,299,000 were written down to fair value of $Nil resulting in a non-cash impairment charge of $1,299,000. These costs were written off as part of OEH's review of the uses of train carriage assets currently not in service in Australia, as described in the property, plant and equipment section above. | ||||||||||||||||
This impairment is included in earnings from continuing operations in the period incurred. |
Derivatives_and_hedging_activi
Derivatives and hedging activities | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivatives and hedging activities | ' | |||||||||
Derivatives and hedging activities | ||||||||||
Cash flow hedges of interest rate risk | ||||||||||
As of December 31, 2013 and 2012, OEH had the following outstanding interest rate derivatives stated at their notional amounts in local currency that were designated as cash flow hedges of interest rate risk: | ||||||||||
2013 | 2012 | |||||||||
December 31, | ’000 | ’000 | ||||||||
Interest Rate Swaps | € | 137,469 | € | 142,094 | ||||||
Interest Rate Swaps | $ | 63,700 | $ | 104,259 | ||||||
Non-designated hedges of interest rate risk | ||||||||||
Derivatives not designated as hedges are used to manage OEH’s exposure to interest rate movements but do not meet the strict hedge accounting requirements prescribed in the authoritative accounting guidance. As of December 31, 2013, OEH had interest rate options with a fair value of $2,000 (2012 - $6,000) and a notional amount of €73,344,000 and $59,080,000 (2012 - €76,469,000 and $53,760,000) that were non-designated hedges of OEH’s exposure to interest rate risk. | ||||||||||
The table below presents the fair value of OEH’s derivative financial instruments and their classification as of December 31, 2013 and 2012: | ||||||||||
Fair value as of | Fair value as of | |||||||||
31-Dec-13 | 31-Dec-12 | |||||||||
Balance sheet location | $’000 | $’000 | ||||||||
Derivatives designated in a cash flow hedging relationship: | ||||||||||
Interest Rate Swaps | Accrued liabilities | (3,012 | ) | (3,858 | ) | |||||
Interest Rate Swaps | Other liabilities | (1,878 | ) | (5,021 | ) | |||||
Total | (4,890 | ) | (8,879 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest Rate Options | Other Assets | 2 | 6 | |||||||
Interest Rate Swaps | Accrued liabilities | — | — | |||||||
Interest Rate Swaps | Other liabilities | — | — | |||||||
Total | 2 | 6 | ||||||||
Offsetting | ||||||||||
There was no offsetting within derivative assets or derivative liabilities at December 31, 2013 and 2012. However, these derivatives are subject to master netting arrangements. | ||||||||||
Other comprehensive income | ||||||||||
Information concerning the movements in other comprehensive income for cash flow hedges of interest rate risk is shown in Note | ||||||||||
21. At December 31, 2013, the amount accounted for in other comprehensive income/(loss) which is expected to be reclassified | ||||||||||
to interest expense in the next 12 months is $3,003,000. Movement in other comprehensive income/(loss) for net investment hedges recorded through foreign currency translation adjustments for the year ended December 31, 2013 was a $1,016,000 loss (2012 - $806,000 loss; 2011 - $2,748,000 gain). | ||||||||||
Derivative movements not included in other comprehensive income for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Amount of gain/(loss) recognized in interest expense for the ineffective portion of derivatives | (37 | ) | 218 | (353 | ) | |||||
Amount of gain/(loss) recognized in interest expense for derivatives not designated as hedging instruments | (4 | ) | (54 | ) | 484 | |||||
Credit-risk-related contingent features | ||||||||||
OEH has agreements with some of its derivative counterparties that contain provisions under which, if OEH defaults on the debt associated with the hedging instrument, OEH could also be declared in default in respect of its derivative obligations. | ||||||||||
As of December 31, 2013, the fair value of derivatives in a net liability position, which included accrued interest and an adjustment for non-performance risk, related to these agreements was $4,890,000 (2012 - $8,879,000). If OEH breached any of the provisions, it would be required to settle its obligations under the agreements at their termination value of $4,899,000 (2012 - $8,946,000). | ||||||||||
Non-derivative financial instruments — net investment hedges | ||||||||||
OEH uses certain of its debt denominated in foreign currency to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. OEH’s designates its euro-denominated indebtedness as a net investment hedge of long-term investments in its euro-functional subsidiaries. These contracts are included in non-derivative hedging instruments. The fair value of non-derivative hedging instruments was $26,249,000 at December 31, 2013 (2012 - $44,166,000), both being liabilities of OEH. |
Accumulated_other_comprehensiv
Accumulated other comprehensive income/(loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Other comprehensive income/(loss) | ' | ||||||||||||
Accumulated other comprehensive loss | |||||||||||||
Changes in accumulated other comprehensive income/(loss) (“AOCI”) by component (net of tax) for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||
Foreign currency translation adjustments | Derivative financial instruments | Pension liability | Total | ||||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||||
Balance at January 1, 2012 | (52,611 | ) | (6,440 | ) | (13,238 | ) | (72,289 | ) | |||||
Other comprehensive loss before reclassifications | (14,524 | ) | (5,665 | ) | (32 | ) | (20,221 | ) | |||||
Amounts reclassified from AOCI | — | 6,129 | — | 6,129 | |||||||||
Net current period other comprehensive income/(loss) | (14,524 | ) | 464 | (32 | ) | (14,092 | ) | ||||||
Balance at December 31, 2012 | (67,135 | ) | (5,976 | ) | (13,270 | ) | (86,381 | ) | |||||
Other comprehensive income/(loss) before reclassifications | (14,204 | ) | (986 | ) | 4,673 | (10,517 | ) | ||||||
Amounts reclassified from AOCI | — | 3,581 | — | 3,581 | |||||||||
Net current period other comprehensive income/(loss) | (14,204 | ) | 2,595 | 4,673 | (6,936 | ) | |||||||
Balance at December 31, 2013 | (81,339 | ) | (3,381 | ) | (8,597 | ) | (93,317 | ) | |||||
Reclassifications out of AOCI (net of tax) were as follows: | |||||||||||||
Amount reclassified from AOCI | |||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
Details about AOCI components | $’000 | $’000 | Affected line item in the statement of operations | ||||||||||
Derivative financial instruments: | |||||||||||||
Cash flows from derivative financial instruments related to interest payments made for the hedged debt instrument | 3,581 | 6,129 | Interest expense | ||||||||||
Total reclassifications for the period | 3,581 | 6,129 | |||||||||||
Segment_information
Segment information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Segment information | ' | |||||||||
Segment information | ||||||||||
Following the appointment of a new Chief Executive Officer in late 2012, the Company has completed a re-evaluation of its reportable segments in the fourth quarter of 2013. | ||||||||||
OEH’s operating segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Typically each hotel, restaurant, train or cruise operation meets the definition of an operating segment. The chief operating decision maker is the Chief Executive Officer. | ||||||||||
Segment performance is evaluated by the chief operating decision maker based upon segment earnings before gains/(losses) on disposal, impairments, central overheads, interest income, interest expense, foreign currency, tax (including tax on earnings from unconsolidated companies), depreciation and amortization (“segment profit”). | ||||||||||
OEH's operating segments are aggregated into six reportable segments primarily around the type of service being provided—hotels, trains and cruises, and management business/part ownership interests—and are secondarily organized by geography for the hotels, as follows: | ||||||||||
• | Owned hotels in each of Europe, North America and Rest of world which derive earnings from the hotels that OEH owns including its one stand-alone restaurant; | |||||||||
• | Part-owned/managed hotels which derive earnings from hotels that OEH jointly owns or manages; | |||||||||
• | Owned trains and cruises which derive earnings from the train and cruise businesses that OEH owns; and | |||||||||
• | Part-owned/managed trains which derive earnings from the train businesses that OEH jointly owns or manages. | |||||||||
The changes in OEH's reportable segments from what was previously reported are (i) the previous hotels and restaurants segment has been disaggregated to show the hotels in their geographic areas, (ii) the one owned stand-alone restaurant in New York has been aggregated in Owned hotels—North America, (iii) trains and cruises have been disaggregated into Owned trains and cruises and Part-owned/managed trains and (iv) the previous real estate segment has been eliminated. The previous real estate reporting segment comprised the development and sale of owned real estate, but at December 31, 2013, OEH had no remaining real estate assets under development. | ||||||||||
The following tables present financial information regarding these reportable segments. Prior periods have been restated to reflect the current period presentation. | ||||||||||
Revenue from external customers by segment: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Owned hotels: | ||||||||||
Europe | 222,047 | 202,342 | 213,232 | |||||||
North America | 146,491 | 123,516 | 118,967 | |||||||
Rest of world | 141,709 | 132,887 | 135,570 | |||||||
Total owned hotels | 510,247 | 458,745 | 467,769 | |||||||
Part-owned/ managed hotels | 5,861 | 5,482 | 5,809 | |||||||
Total hotels | 516,108 | 464,227 | 473,578 | |||||||
Owned trains & cruises | 73,728 | 70,897 | 72,461 | |||||||
Part-owned/ managed trains | 4,245 | 3,828 | 3,316 | |||||||
Total trains & cruises | 77,973 | 74,725 | 75,777 | |||||||
Total revenue | 594,081 | 538,952 | 549,355 | |||||||
Reconciliation of the total of segment profit to consolidated net earnings/(losses) from operations: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Owned hotels: | ||||||||||
Europe | 63,767 | 56,289 | 60,264 | |||||||
North America | 23,233 | 21,684 | 13,485 | |||||||
Rest of world | 35,958 | 32,726 | 31,624 | |||||||
Total owned hotels | 122,958 | 110,699 | 105,373 | |||||||
Part-owned/ managed hotels | 2,273 | 2,818 | 5,261 | |||||||
Total hotels | 125,231 | 113,517 | 110,634 | |||||||
Owned trains & cruises | 8,467 | 9,689 | 11,014 | |||||||
Part-owned/ managed trains | 14,390 | 12,546 | 9,934 | |||||||
Total trains & cruises | 22,857 | 22,235 | 20,948 | |||||||
Reconciliation to net earnings/(losses): | ||||||||||
Total segment profit | 148,088 | 135,752 | 131,582 | |||||||
Gain on disposal | — | 1,514 | 16,544 | |||||||
Impairment of goodwill | — | (2,055 | ) | (11,907 | ) | |||||
Impairment of other intangible assets, other assets and property, plant and equipment | (36,430 | ) | (3,837 | ) | (8,153 | ) | ||||
Impairment of property, plant and equipment in unconsolidated company | — | — | (626 | ) | ||||||
Central overheads | (30,647 | ) | (32,140 | ) | (30,343 | ) | ||||
Share-based compensation | (10,388 | ) | (6,834 | ) | (6,752 | ) | ||||
Depreciation and amortization | (48,740 | ) | (43,753 | ) | (43,633 | ) | ||||
Gain on extinguishment of debt | 3,517 | — | — | |||||||
Interest income | 1,067 | 1,065 | 2,365 | |||||||
Interest expense | (34,326 | ) | (30,862 | ) | (42,549 | ) | ||||
Foreign currency, net | 1,000 | (2,854 | ) | (4,538 | ) | |||||
Provision for income taxes | (17,628 | ) | (21,651 | ) | (19,611 | ) | ||||
Share of provision for income taxes of unconsolidated companies | (1,691 | ) | (5,771 | ) | (2,270 | ) | ||||
Losses from continuing operations | (26,178 | ) | (11,426 | ) | (19,891 | ) | ||||
Earnings/(losses) from discontinued operations | (5,318 | ) | 4,538 | (67,705 | ) | |||||
Net losses | (31,496 | ) | (6,888 | ) | (87,596 | ) | ||||
Reconciliation of assets by segment to total assets: | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Owned hotels: | ||||||||||
Europe | 723,899 | 706,111 | ||||||||
North America | 494,919 | 544,957 | ||||||||
Rest of world | 342,831 | 320,541 | ||||||||
Total owned hotels | 1,561,649 | 1,571,609 | ||||||||
Part-owned/ managed hotels | 46,216 | 48,287 | ||||||||
Total hotels | 1,607,865 | 1,619,896 | ||||||||
Owned trains & cruises | 100,335 | 98,523 | ||||||||
Part-owned/ managed trains | 50,647 | 46,056 | ||||||||
Total trains & cruises | 150,982 | 144,579 | ||||||||
Real estate | — | 1,924 | ||||||||
Unallocated corporate | 86,603 | 68,588 | ||||||||
Discontinued operations held for sale | 34,416 | 57,040 | ||||||||
Total assets | 1,879,866 | 1,892,027 | ||||||||
Reconciliation of capital expenditure by segment: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Owned hotels: | ||||||||||
Europe | 13,238 | 17,187 | 18,660 | |||||||
North America | 32,635 | 47,659 | 17,690 | |||||||
Rest of world | 14,173 | 27,021 | 17,748 | |||||||
Total owned hotels | 60,046 | 91,867 | 54,098 | |||||||
Owned trains & cruises | 6,325 | 4,410 | 3,849 | |||||||
Unallocated corporate | 275 | 771 | 1,962 | |||||||
Total capital expenditure | 66,646 | 97,048 | 59,909 | |||||||
Carrying value of investment in equity method investees: | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Eastern & Oriental Express | 3,363 | 3,276 | ||||||||
Peru hotels | 16,619 | 15,543 | ||||||||
Peru Rail | 38,095 | 32,973 | ||||||||
Hotel Ritz Madrid | — | 1,736 | ||||||||
Buzios | 5,207 | 5,284 | ||||||||
Total investment in equity method investees | 63,284 | 58,812 | ||||||||
Earnings from unconsolidated companies, net of tax: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Part-owned/ managed hotels | (2,372 | ) | 1,517 | 35 | ||||||
Part-owned/ managed trains | 8,814 | 607 | 4,322 | |||||||
Total earnings from unconsolidated companies, net of tax | 6,442 | 2,124 | 4,357 | |||||||
Revenue from external customers in OEH's country of domicile and significant countries (based on the location of the property): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Bermuda | — | — | — | |||||||
Italy | 133,806 | 120,307 | 124,632 | |||||||
United Kingdom | 65,865 | 67,647 | 71,313 | |||||||
United States | 108,167 | 85,890 | 83,126 | |||||||
Brazil | 80,537 | 74,731 | 82,181 | |||||||
All other countries | 205,706 | 190,377 | 188,103 | |||||||
Total revenue | 594,081 | 538,952 | 549,355 | |||||||
Property, plant and equipment (net), at book value in OEH's country of domicile and significant countries (based on the location of the property): | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Bermuda | — | — | ||||||||
Italy | 381,718 | 369,756 | ||||||||
United Kingdom | 63,964 | 64,047 | ||||||||
United States | 342,168 | 318,672 | ||||||||
Brazil | 148,012 | 147,408 | ||||||||
All other countries | 373,741 | 422,024 | ||||||||
Total property, plant and equipment at book value | 1,309,603 | 1,321,907 | ||||||||
Related_party_transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related party transactions | ' |
Related party transactions | |
OEH manages, under long-term contract, the tourist train owned by Eastern and Oriental Express Ltd., in which OEH has a 25% ownership. In the year ended December 31, 2013, OEH earned management fees from Eastern and Oriental Express Ltd. of $463,000 (2012 - $389,000; 2011 - $279,000), which are recorded in revenue. The amount due to OEH from Eastern and Oriental Express Ltd. at December 31, 2013 was $4,232,000 (2012 - $5,005,000). | |
OEH manages, under long-term contracts in Peru, the Hotel Monasterio, Palacio Nazarenas, Machu Picchu Sanctuary Lodge, Hotel Rio Sagrado, Peru Rail and Ferrocarril Transandino, in all of which OEH has a 50% ownership. OEH provides loans, guarantees and other credit accommodation to these joint ventures. In the year ended December 31, 2013, OEH earned management and guarantee fees from its Peruvian joint ventures of $8,281,000 (2012 - $7,886,000; 2011 - $7,644,000) which are recorded in revenue. The amount due to OEH from its Peruvian joint ventures at December 31, 2013 was $5,726,000 (2012 - $6,398,000). | |
OEH manages, under long-term contract, the Hotel Ritz, Madrid in which OEH has a 50% ownership. For the year ended December 31, 2013, OEH earned $1,016,000 (2012 - $1,035,000; 2011 - $1,204,000) in management fees from the Hotel Ritz, Madrid which are recorded in revenue, and $684,000 (2012 - $631,000; 2011 - $560,000) in interest income. The amount due to OEH from the Hotel Ritz, Madrid at December 31, 2013 was $28,828,000 (2012 - $24,128,000). See Note 6 regarding a partial guarantee of the hotel’s bank indebtedness. |
Subsequent_events
Subsequent events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent events | ' |
Subsequent events | |
In February 2014, the maturity of the $106,000,000 loan secured on OEH's Brazilian assets was extended to February 2015. The loan bears interest at a rate of LIBOR plus 3.15% per annum. Also, in February 2014, the maturity of the $22,080,000 loan secured on La Residencia was extended to January 2015. The loan bears interest at a rate of EURIBOR plus 2.75% per annum. As a result, at December 31, 2013, $4,600,000 of these loans was reclassified in the current portion of long-term debt and the remaining principal amounts of $123,480,000 were classified in the non-current portion of long-term debt in the consolidated balance sheets. | |
On February 23, 2014, OEH announced that its board of directors has approved a proposal to operate OEH's portfolio of luxury hotels and travel experiences under a new brand name—"Belmond"—beginning in early March 2014, and to change its principal Internet website address to www.belmond.com. OEH will retain its long-term license agreement with SNCF, the French transportation company that owns the "Orient-Express" trademark, for the Venice Simplon-Orient-Express train. With the decision to introduce the "Belmond" brand, OEH also entered into an agreement with SNCF to terminate the existing "Orient-Express" license for hotel use without any cost or penalty. | |
On February 27, 2014, the Company announced that it is seeking to refinance all or substantially all of the funded debt of the Company and its subsidiaries (other than the debt of Charleston Place which is a consolidated variable interest entity) through a single corporate debt facility consisting of a term loan and a revolving credit facility. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | ||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
Additions | ||||||||||||||||||||
Balance at beginning of period | Charged to costs and expenses | Charged to | Deductions | Balance at end of period | ||||||||||||||||
other accounts | ||||||||||||||||||||
Description | $ | $ | $ | $ | $ | |||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts | 472,000 | 200,000 | 9,000 | (2) | (118,000 | ) | (1) | 563,000 | ||||||||||||
Valuation allowance on deferred tax assets | 97,376,000 | 13,015,000 | 389,000 | (3) | — | 110,780,000 | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts | 602,000 | 208,000 | 7,000 | (2) | (345,000 | ) | (1) | 472,000 | ||||||||||||
Valuation allowance on deferred tax assets | 50,746,000 | 6,093,000 | 40,537,000 | (3) | — | 97,376,000 | ||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts | 474,000 | 231,000 | (3,000 | ) | (2) | (100,000 | ) | (1) | 602,000 | |||||||||||
Valuation allowance on deferred tax assets | 28,201,000 | 11,795,000 | 10,750,000 | (3) | — | 50,746,000 | ||||||||||||||
(1) Bad debts written off, net of recoveries. | ||||||||||||||||||||
(2) Foreign currency translation adjustments. | ||||||||||||||||||||
(3) This amount was charged to income tax expense, but is fully offset by the income tax benefit generated when recording the corresponding deferred tax asset. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of presentation | ' | ||
Basis of presentation | |||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the results of operations, financial position and cash flows of the Company and all its majority-owned subsidiaries and variable interest entities in which OEH is the primary beneficiary. The consolidated financial statements have been prepared using the historical basis in the assets and liabilities and the historical results of operations directly attributable to OEH, and all intercompany accounts and transactions between the Company and its subsidiaries have been eliminated. For entities where the Company does not have a controlling financial interest, the investments in those entities are accounted for using the equity or cost method, as appropriate. | |||
Reclassifications | ' | ||
Reclassifications | |||
Discontinued operations and assets and liabilities held for sale were reclassified in the consolidated financial statements for all periods presented. See Note 4 for a summary of the results of discontinued operations and assets and liabilities held for sale. | |||
Cash and cash equivalents | ' | ||
Cash and cash equivalents | |||
Cash and cash equivalents include all cash balances and highly-liquid investments having original maturities of three months or less. | |||
Restricted cash | ' | ||
Restricted cash | |||
Restricted cash is the carrying amount of cash and cash equivalents which are bindingly restricted as to withdrawal or usage. These include deposits held as compensating balances against borrowing arrangements or under contracts entered into with others, but exclude compensating balance arrangements that do not legally restrict the use of cash amounts shown on the balance sheet. | |||
Concentration of credit risk | ' | ||
Concentration of credit risk | |||
Due to the nature of the leisure industry, concentration of credit risk with respect to trade receivables is limited. OEH’s customer base is comprised of numerous customers across different geographic areas. | |||
Inventories | ' | ||
Inventories | |||
Inventories include food, beverages, certain operating stocks and retail goods. Inventories are valued at the lower of cost or market value under the first-in, first-out method. | |||
Assets held for sale and discontinued operations | ' | ||
Assets held for sale and discontinued operations | |||
Assets held for sale represent assets of an operating entity that are to be disposed of, together as a group in a single transaction, and liabilities directly associated with the assets that will be transferred in the transaction. OEH considers properties to be assets held for sale when management approves and commits to a formal plan actively to market a property for sale and OEH has a signed sales contract and received a significant non-refundable deposit. Upon designation as an asset held for sale, OEH records the carrying value of each property at the lower of its carrying value which includes allocable segment goodwill or its estimated fair value, less estimated costs to sell, and OEH stops recording depreciation expense. Where there is no significant ongoing involvement, the gain from the sale is recorded at the date of sale. | |||
The results of operations of an entity that either has been disposed of or is classified as held for sale are reported in discontinued operations where the operations and cash flows of the entity will be eliminated from continuing operations as a result of the disposal transaction and OEH will not have any significant continuing involvement in the operations of the entity after the disposal transaction. | |||
Property, plant and equipment | ' | ||
Property, plant and equipment | |||
Property, plant and equipment is stated at cost less accumulated depreciation. The cost of significant renewals and betterments is capitalized and depreciated, while expenditures for normal maintenance and repairs are expensed as incurred. | |||
Depreciation expense is computed using the straight-line method over the following estimated useful lives: | |||
Description | Useful lives | ||
Buildings | Up to 60 years and 10% residual value | ||
Trains | Up to 75 years | ||
River cruise ship and canal boats | 25 years | ||
Furniture, fixtures and equipment | 5 to 25 years | ||
Equipment under capital lease and leasehold improvements | Lesser of initial lease term or economic life | ||
Land and certain art and antiques are not depreciated. | |||
Impairment of long-lived assets | ' | ||
Impairment of long-lived assets | |||
OEH management evaluates the carrying value of long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets if certain trigger events occur. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is charged to current earnings. Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, sales of similar assets, appraisals and, if appropriate, current estimated net sales proceeds from pending offers. OEH evaluates the carrying value of long-lived assets based on its plans, at the time, for those assets and such qualitative factors as future development in the surrounding area, status of expected local competition and projected incremental income from renovations. Changes to OEH’s plans, including a decision to dispose of or change the intended use of an asset, can have a material impact on the carrying value of the asset. | |||
Investments | ' | ||
Investments | |||
Investments include equity interests in and advances to unconsolidated companies and are accounted for under the equity method of accounting when OEH has a 20% to 50% ownership interest or exercises significant influence over the investee. Under the equity method, the investment in the equity method investee or joint venture is initially recognized in the consolidated balance sheet at cost and adjusted thereafter to recognize OEH’s share of net earnings or losses and other comprehensive income or loss of the investee. OEH continues to report losses up to its investment carrying amount, including any additional financial support made or committed to by OEH. OEH’s share of earnings or losses is included in the determination of net earnings, and net investment in investees and joint ventures is included within investments in unconsolidated companies in the consolidated balance sheets. | |||
Investments accounted for using the equity method are considered impaired when a loss in the value of the equity method investment is other than temporary. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain its earnings capacity that would justify the carrying amount of the investment. If OEH determines that the decline in value of its investment is other than temporary, the carrying amount of the investment is written down to its fair value through earnings. | |||
Goodwill | ' | ||
Goodwill | |||
Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. OEH's annual goodwill impairment testing date is October 1. To test goodwill for impairment, OEH first compares the carrying value of each reporting unit to its fair value to determine if an impairment is indicated. The fair value of reporting units is determined using internally developed discounted future cash flow models, which incorporate third party appraisals and industry/market data (to the extent available). If an impairment is indicated, OEH compares the implied fair value of the reporting unit's goodwill to its carrying amount. An impairment loss is measured as the excess of the carrying value of a reporting unit's goodwill over its implied fair value. | |||
When determining the fair value of a reporting unit, OEH is required to make significant judgments that OEH believes are reasonable and supportable considering all available internal and external evidence at the time. However, these estimates and assumptions are, by their nature, highly judgmental. Fair value determinations are sensitive to changes in the underlying assumptions and factors including those relating to estimating future operating cash flows to be generated from the reporting unit which are dependent upon internal forecasts and projections developed as part of OEH’s routine, long-term planning process, available industry/market data (to the extent available), OEH’s strategic plans, estimates of long-term growth rates taking into account OEH’s assessment of the current economic environment and the timing and degree of any economic recovery, estimation of the useful life over which the cash flows will occur, and market participant assumptions. The assumptions with the most significant impact to the fair value of the reporting unit are those related to future operating cash flows which are forecast for a five-year period from management’s budget and planning process, the terminal value which is included for the period beyond five years from the balance sheet date based on the estimated cash flow in the fifth year and a terminal growth rate ranging from 3.4% to 5.4% (December 31, 2012 - 3.0% to 5.9%), and pre-tax discount rates which for the year ended December 31, 2013 range from 9.6% to 16.4% (December 31, 2012 - 9.2% to 16.5%). | |||
Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair values of OEH’s reporting units may include such items as (i) a prolonged weakness in the general economic conditions in which the reporting units operate and therefore negatively impacting occupancy and room rates, (ii) an economic recovery that significantly differs from OEH’s assumptions in timing and/or degree, (iii) volatility in the equity and debt markets which could result in a higher discount rate, (iv) shifts or changes in future travel patterns from the OEH’s significant demographic markets that have not been anticipated, (v) changes in competitive supply, (vi) political and security instability in countries where OEH operates and (vii) deterioration of local economies due to the uncertainty over currencies or currency unions and other factors which could lead to changes in projected cash flows of OEH’s properties as customers reduce their discretionary spending. If the assumptions used in the impairment analysis are not met or materially change, OEH may be required to recognize additional goodwill impairment losses which may be material to the financial statements. | |||
Other intangible assets | ' | ||
Other intangible assets | |||
Trade names have an indefinite life and therefore are not amortized, but are assessed for impairment annually or when events indicate that impairment may have occurred. Other intangible assets with indefinite useful lives are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. OEH uses internally developed discounted future cash flow models in determining the fair value of indefinite-lived intangible assets. | |||
Favorable lease intangible assets are amortized over the terms of the leases, which are between 19 and 60 years. Internet sites are amortized over 10 years. | |||
Variable interest entities | ' | ||
Variable interest entities | |||
OEH analyzes its variable interests, including loans, guarantees and equity investments, to determine if an entity is a variable interest entity (“VIE”). In that assessment, OEH's analysis includes both quantitative and qualitative considerations. OEH bases its quantitative analysis on the forecast cash flows of the entity, and its qualitative analysis on a review of the design of the entity, organizational structure including decision-making ability, and relevant financial agreements. OEH also uses its quantitative and qualitative analysis to determine if OEH is the primary beneficiary and would therefore be required to consolidate the VIE. | |||
Fair value measurements | ' | ||
Fair value measurements | |||
Assets and liabilities carried at fair value are required to be classified and disclosed in one of three categories: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date, Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, and Level 3 — unobservable inputs for the asset or liability. OEH reviews its fair value hierarchy classifications quarterly. Changes in significant observable valuation inputs identified during these reviews may trigger reclassification of fair value hierarchy levels of financial assets and liabilities. These reclassifications are reported as transfers at their fair values at the beginning of the period in which the change occurs and as transfers out at their fair values at the end of the period. | |||
Derivatives are recorded in the consolidated balance sheets on a recurring basis at fair value. The fair value of OEH’s derivative financial instruments is computed based on an income approach using appropriate valuation techniques including discounting future cash flows and other methods that are consistent with accepted economic methodologies for pricing financial instruments. The valuation process for the derivatives uses observable market data provided by third-party sources. Interest rate swaps are valued by using yield curves derived from observable interest rates to project future swap cash flows and then discount these cash flows back to present values. Interest rate caps are valued using a model that projects the probability of various levels of interest rates occurring in the future using observable volatilities. | |||
In the determination of fair value of derivative instruments, a credit valuation adjustment is applied to OEH’s derivative exposures to take into account the risk of the counterparty defaulting with the derivative in an asset position and, when the derivative is in a liability position, the risk that OEH may default. The credit valuation adjustment is calculated by determining the total expected exposure of the derivatives (incorporating both the current and potential future exposure) and then applying each counterparty’s credit spread to the applicable exposure. For interest rate swaps, OEH’s own credit spread is applied to the counterparty’s exposure to OEH and the counterparties credit spread is applied to OEH’s exposure to the counterparty, and then the net credit valuation adjustment is reflected in the determination of the fair value of the derivative instrument. The credit spreads used as inputs in the fair value calculations represent implied credit default swaps obtained from a third-party credit data provider. Some of the inputs into the credit valuation adjustment are not observable and, therefore, they are considered to be Level 3 inputs. Where the credit valuation adjustment exceeds 20% of the fair value of the derivatives, Level 3 inputs are assumed to have a significant impact on the fair value of the derivatives in their entirety and the derivative is classified as Level 3. | |||
Derivative financial instruments | ' | ||
Derivative financial instruments | |||
OEH enters into derivative financial instruments with the objective to manage its exposures to future movements in interest rates on its borrowings. | |||
Derivative instruments are recorded on the consolidated balance sheets at fair value. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in other comprehensive income/(loss) and is subsequently reclassified into earnings in the period that the hedged forecast transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. If a derivative instrument is not designated as a hedge for accounting purposes, the fluctuations in the fair value of the derivative are recorded in earnings. | |||
OEH management formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. OEH links all hedges that are designated as fair value hedges to specific assets or liabilities on the consolidated balance sheets or to specific firm commitments. OEH links all hedges that are designated as cash flow hedges to forecasted transactions or to floating rate liabilities on the balance sheets. OEH management also assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are designated in hedging relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. OEH discontinues hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is terminated, or exercised. | |||
OEH is exposed to interest rate risk on its floating rate debt and management uses derivatives to manage the impact of interest rate changes on earnings and cash flows. OEH’s objective in using interest rate derivatives is to add certainty and stability to its interest expense and to manage its exposure to interest rate movements. To accomplish this objective, OEH primarily uses interest rate swaps as part of its interest rate risk management strategy. These swaps effectively convert the floating rate interest payments on a portion of the outstanding debt into fixed payments. | |||
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recorded in other comprehensive income/(loss) within foreign currency translation adjustment. The gain or loss relating to the ineffective portion will be recognized immediately in earnings within foreign currency, net. Gains and losses deferred in accumulated other comprehensive income/(loss) are recognized in earnings upon disposal of the foreign operation. OEH links all hedges that are designated as net investment hedges to specifically identified net investments in foreign subsidiaries. | |||
Pensions | ' | ||
Pensions | |||
OEH’s primary defined benefit pension plan is accounted for using actuarial valuations. Net funded status is recognized on the consolidated balance sheets and any unrecognized prior service costs or actuarial gains and losses are reported as a component of other comprehensive income/(loss) in shareholders’ equity. | |||
In determining the expected long-term rate of return on assets, management has reviewed anticipated future long-term performance of individual asset classes and the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested. The projected returns are based on broad equity and bond indices, including fixed interest rate gilts (United Kingdom Government issued securities) of long-term duration since the plan operates in the U.K. | |||
Management continues to monitor and evaluate the level of pension contributions based on various factors that include investment performance, actuarial valuation and tax deductibility. | |||
Share-based compensation | ' | ||
Share-based compensation | |||
Equity-settled transactions | |||
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which equity instruments are granted and is recognized as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. | |||
Estimates of the grant date fair value of share options and the fair value of deferred shares and restricted shares without performance criteria on the grant date were made using the Black-Scholes option pricing model, and estimates of the grant date fair value of deferred shares with performance criteria and market conditions were made using the Monte Carlo valuation model. | |||
For awards with market conditions, the conditions are incorporated into the fair value measurement and the compensation value is not adjusted if the conditions are not met. For awards with performance conditions, compensation expense is recognized when it becomes probable that the performance criteria specified in the awards will be achieved and, accordingly, the compensation value is adjusted following the changes in the estimates of shares likely to vest based on the performance criteria. | |||
Expected volatilities are based on historical volatility of the Company’s class A common share price and other factors. The risk-free rate for periods within the expected life is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life represents the period that share-based awards are expected to be outstanding and was determined using historical experience, giving consideration to the contractual terms of the share-based awards and vesting schedules. | |||
At each balance sheet date before the share-based award vests, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognized in the consolidated statements of operations, with a corresponding entry in equity. | |||
Previously recognized compensation cost is not reversed if an employee share option for which the requisite service has been rendered expires unexercised (or unconverted). If stock options are forfeited, then the compensation expense accrued is reversed. OEH does not estimate a future forfeitures rate and does not incorporate it into the grant value on issue of the awards on the grounds of materiality. The forfeitures are recorded on date of occurrence. | |||
Cash-settled transactions | |||
The cost of cash-settled transactions is measured at fair value at each reporting date and recognized as an expense over the vesting period, with a corresponding liability recognized on the balance sheet. | |||
Estimates | ' | ||
Estimates | |||
OEH bases its estimates on historical experience and also on assumptions that OEH believes are reasonable based on the relevant facts and circumstances of the estimate. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | |||
Estimates include, among others, the allowance for doubtful accounts, fair value of derivative instruments, estimates for determining the fair value of goodwill, long-lived and other intangible asset impairment, share-based compensation, depreciation and amortization, carrying value of assets including intangible assets, employee benefits, taxes, and contingencies. Actual results may differ from those estimates. | |||
Revenue recognition | ' | ||
Revenue recognition | |||
Hotel and restaurant revenue is recognized when the rooms are occupied and the services are performed. Train and cruise revenue is recognized upon commencement of the journey. Revenue under management contracts is recognized based upon on an agreed base fee and additional revenue is recognized on the attainment of certain financial results, primarily revenue and operating earnings, in each contract as defined. | |||
Deferred revenue | ' | ||
Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and restaurants and upon commencement of train and cruise journeys. | |||
Marketing costs | ' | ||
Marketing costs | |||
Marketing costs are expensed as incurred, and are reported in selling, general and administrative expenses. Marketing costs include costs of advertising and other marketing activities. | |||
Interest expense | ' | ||
Interest expense | |||
Capitalized interest during the construction of qualifying assets is capitalized and included in the cost of the asset. Direct and incremental costs incurred in obtaining loans or in connection with the issuance of long-term debt are deferred and amortized to interest expense over the term of the related debt. | |||
Foreign currency | ' | ||
Foreign currency | |||
The functional currency for each of OEH’s foreign subsidiaries is the applicable local currency, except for properties in French West Indies, Brazil, Peru, Cambodia, Myanmar and one property in Mexico, where the functional currency is U.S. dollars. | |||
For foreign subsidiaries with a functional currency other than the U.S. dollar, income and expenses are translated into U.S. dollars, the reporting currency of OEH, at the average rates of exchange prevailing during the year. The assets and liabilities are translated into U.S. dollars at the rates of exchange on the balance sheet date and the related translation adjustments are included in other comprehensive income/(loss). Translation adjustments arising from intercompany financing of a subsidiary that is considered to be long-term in nature are also recorded in other comprehensive income/(loss) as they are considered part of the net investment in the subsidiary. | |||
Transactions in currencies other than an entity’s functional currency (foreign currencies) are recorded at the exchange rates prevailing on the dates of the transactions. All monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the reporting date. Non-monetary items carried at historical cost are translated at the exchange rate prevailing on the date of transaction. Exchange differences arising from changes in exchange rates are recognized in earnings as they occur. | |||
Income taxes | ' | ||
Income taxes | |||
OEH accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of transactions and events that have been recognized in the financial statements but have not yet been reflected in OEH’s income tax returns, or vice versa. | |||
Deferred income taxes result from temporary differences between the carrying value of assets and liabilities recognized for financial reporting purposes and their respective tax bases. Deferred taxes are measured at enacted statutory rates and are adjusted as enacted rates change. Classification of deferred tax assets and liabilities corresponds with the classification of the underlying assets and liabilities giving rise to the temporary differences or the period of expected reversal, as applicable. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized based on available evidence. | |||
In evaluating OEH’s ability to recover deferred tax assets within the jurisdiction in which they arise, management considers all available evidence, both positive and negative, which includes reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. Management reassesses the need for valuation allowances at each reporting date. Any increase or decrease in a valuation allowance will increase or reduce respectively the income tax expense in the period in which there has been a change in judgment. | |||
Uncertain tax positions | ' | ||
Income tax positions must meet a more-likely-than-not threshold to be recognized in the financial statements. Management recognizes tax liabilities in accordance with U.S. GAAP applicable to uncertain tax positions, and adjusts these liabilities when judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from OEH’s current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the actual tax liabilities are determined or the statute of limitations has expired. OEH recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of operations. Liabilities for uncertain tax benefits are included in the consolidated balance sheets and classified as current or non-current liabilities depending on the expected timing of payment. | |||
Earnings from unconsolidated companies | ' | ||
Earnings from unconsolidated companies | |||
Earnings from unconsolidated companies include OEH’s share of the net earnings of its equity investments. | |||
Earnings per share | ' | ||
Earnings per share | |||
Basic earnings per share are based upon net earnings/(losses) attributable to OEH divided by the weighted average number of class A and B common shares outstanding for the period. Diluted earnings/(losses) per share reflect the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares as if share options were exercised and share-based awards were converted into common shares. Potentially dilutive shares are excluded when the effect would be to increase diluted earnings per share or reduce diluted losses per share. | |||
Accounting pronouncements adopted during the year and Accounting pronouncements to be adopted | ' | ||
Accounting pronouncements adopted during the year | |||
In July 2013, the FASB issued guidance to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. The ASU also eliminates the provision that prohibits the use of different benchmark rates for similar hedges except in rare and justifiable circumstances. The guidance is effective prospectively for qualifying new hedging relationships entered into on or after July 17, 2013 (the issuance date of the guidance), and for hedging relationships redesignated on or after that date. The adoption of this guidance did not have a material effect on OEH's consolidated financial position, results of operations and cash flows. | |||
In April 2013, the FASB issued guidance on applying the liquidation basis of accounting and the related disclosure requirements. Under this guidance, an entity must use the liquidation basis of accounting to present its financial statements when it determines that liquidation is imminent, unless the liquidation is the same as that under the plan specified in an entity's governing documents created at its inception. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). This guidance is effective for annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Early adoption is permitted. OEH has early adopted this guidance. This guidance does not have an effect on OEH's consolidated financial position, results of operations and cash flows as it expects to continue as a going concern. | |||
In February 2013, the FASB issued guidance which requires entities to disclose the following additional information about items reclassified out of accumulated other comprehensive income (“AOCI”): | |||
• | Changes in AOCI balances by component (e.g., unrealized gains or losses on available-for-sale securities or foreign-currency items). | ||
• | Significant items reclassified out of AOCI by component either on the face of the income statement or as a separate footnote to the consolidated financial statements. | ||
The amendments in the guidance should be applied prospectively. OEH adopted this guidance on January 1, 2013 for interim and annual periods in the fiscal year ending December 31, 2013. The disclosure required by this guidance is included in the consolidated financial statements included herein. | |||
In July 2012, the FASB issued guidance related to annual impairment assessment of intangible assets, other than goodwill, that gives companies the option to perform a qualitative assessment before calculating the fair value of the asset. Although the guidance revises the examples of events and circumstances that an entity should consider in interim periods, it does not revise the requirements to test indefinite-lived intangible assets (1) annually for impairment and (2) between annual tests if there is a change in events or circumstances that would indicate an impairment. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. OEH adopted this guidance on January 1, 2013 for interim and annual periods in the fiscal year ending December 31, 2013. The adoption of this guidance did not have a material effect on OEH’s consolidated financial position, results of operations and cash flows for the year ended December 31, 2013. | |||
In December 2011, the FASB issued accounting guidance that requires companies to provide new disclosures about offsetting assets and liabilities and related arrangements for financial instruments and derivatives. In January 2013, the FASB issued guidance clarifying the scope of the previously issued guidance. The guidance clarifies the disclosure requirements would apply to derivative instruments accounted for in accordance with ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. The provisions of this guidance were effective for annual reporting periods beginning on or after January 1, 2013. OEH adopted this guidance on January 1, 2013 for interim and annual periods in the fiscal year ending December 31, 2013. The disclosure required by this guidance is included in the consolidated financial statements included herein. | |||
Accounting pronouncements to be adopted | |||
In July 2013, the FASB issued guidance on financial statement presentation of an uncertain tax benefit (“UTB”) when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this guidance is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. Under the ASU, an entity must present a UTB, or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU’s amendments are effective for public entities for fiscal years beginning after December 15, 2013, and interim periods within those years. Early adoption is permitted for all entities. The amendments should be applied to all UTBs that exist as of the effective date. Entities may choose to apply the amendments retrospectively to each prior reporting period presented. OEH does not expect the adoption of this guidance will have a material effect on its consolidated financial position, results of operations and cash flows. | |||
In March 2013, the FASB issued guidance which indicates that the entire amount of a cumulative translation adjustment (“CTA”) related to an entity’s investment in a foreign entity should be released when there has been any of the following: | |||
• | Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity. | ||
• | Loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated). | ||
• | Step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | ||
The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. This guidance is effective for fiscal years (and interim periods within those fiscal years) beginning on or after December 15, 2013. Early adoption is permitted and the guidance should be applied prospectively from the beginning of the fiscal year of adoption. OEH does not expect the adoption of this guidance will have a material effect on its consolidated financial position, results of operations and cash flows. | |||
In February 2013, the FASB issued guidance which requires entities to measure obligations resulting from joint-and-several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors, and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Required disclosures include a description of the joint-and-several arrangement and the total outstanding amount of the obligation for all joint parties. The guidance permits entities to aggregate disclosures (as opposed to providing separate disclosures for each joint-and-several obligation). These disclosure requirements are incremental to the existing related party disclosure requirements. The guidance is effective for all prior periods in fiscal years beginning on or after December 15, 2013 (and interim reporting periods within those years). The guidance should be applied retrospectively to obligations with joint-and-several liability existing at the beginning of an entity’s fiscal year of adoption. Entities that elect to use hindsight in measuring their obligations during the comparative periods must disclose that fact. Early adoption is permitted. OEH does not expect the adoption of this guidance will have a material effect on its consolidated financial position, results of operations and cash flows. | |||
Segment reporting | ' | ||
OEH’s operating segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Typically each hotel, restaurant, train or cruise operation meets the definition of an operating segment. The chief operating decision maker is the Chief Executive Officer. | |||
Segment performance is evaluated by the chief operating decision maker based upon segment earnings before gains/(losses) on disposal, impairments, central overheads, interest income, interest expense, foreign currency, tax (including tax on earnings from unconsolidated companies), depreciation and amortization (“segment profit”). | |||
OEH's operating segments are aggregated into six reportable segments primarily around the type of service being provided—hotels, trains and cruises, and management business/part ownership interests—and are secondarily organized by geography for the hotels, as follows: | |||
• | Owned hotels in each of Europe, North America and Rest of world which derive earnings from the hotels that OEH owns including its one stand-alone restaurant; | ||
• | Part-owned/managed hotels which derive earnings from hotels that OEH jointly owns or manages; | ||
• | Owned trains and cruises which derive earnings from the train and cruise businesses that OEH owns; and | ||
• | Part-owned/managed trains which derive earnings from the train businesses that OEH jointly owns or manages. | ||
The changes in OEH's reportable segments from what was previously reported are (i) the previous hotels and restaurants segment has been disaggregated to show the hotels in their geographic areas, (ii) the one owned stand-alone restaurant in New York has been aggregated in Owned hotels—North America, (iii) trains and cruises have been disaggregated into Owned trains and cruises and Part-owned/managed trains and (iv) the previous real estate segment has been eliminated. The previous real estate reporting segment comprised the development and sale of owned real estate, but at December 31, 2013, OEH had no remaining real estate assets under development. |
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Property, Plant and Equipment | ' | ||||||
Depreciation expense is computed using the straight-line method over the following estimated useful lives: | |||||||
Description | Useful lives | ||||||
Buildings | Up to 60 years and 10% residual value | ||||||
Trains | Up to 75 years | ||||||
River cruise ship and canal boats | 25 years | ||||||
Furniture, fixtures and equipment | 5 to 25 years | ||||||
Equipment under capital lease and leasehold improvements | Lesser of initial lease term or economic life | ||||||
The major classes of property, plant and equipment are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Land and buildings | 1,013,015 | 1,020,570 | |||||
Machinery and equipment | 210,992 | 193,839 | |||||
Fixtures, fittings and office equipment | 209,050 | 197,862 | |||||
River cruise ship and canal boats | 19,082 | 18,255 | |||||
1,452,139 | 1,430,526 | ||||||
Less: Accumulated depreciation | (330,390 | ) | (292,412 | ) | |||
Total property, plant and equipment | 1,121,749 | 1,138,114 | |||||
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule of earnings per share, basic and diluted | ' | |||||||||
The calculation of basic and diluted earnings per share including a reconciliation of the numerator and denominator is as follows: | ||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||
Numerator ($'000) | ||||||||||
Net earnings/(losses) from continuing operations | (26,178 | ) | (11,426 | ) | (19,891 | ) | ||||
Net earnings/(losses) from discontinued operations | (5,318 | ) | 4,538 | (67,705 | ) | |||||
Net losses/(earnings) attributable to non-controlling interests | (63 | ) | (173 | ) | (184 | ) | ||||
Net earnings/(losses) attributable to Orient-Express Hotels Ltd. | (31,559 | ) | (7,061 | ) | (87,780 | ) | ||||
Denominator (shares '000) | ||||||||||
Basic weighted average shares outstanding | 103,226 | 102,849 | 102,531 | |||||||
Effect of dilution | — | — | — | |||||||
Diluted weighted average shares outstanding | 103,226 | 102,849 | 102,531 | |||||||
$ | $ | $ | ||||||||
Basic earnings per share | ||||||||||
Net earnings/(losses) from continuing operations | (0.254 | ) | (0.111 | ) | (0.194 | ) | ||||
Net earnings/(losses) from discontinued operations | (0.052 | ) | 0.044 | (0.660 | ) | |||||
Net losses/(earnings) attributable to non-controlling interests | (0.001 | ) | (0.002 | ) | (0.002 | ) | ||||
Net earnings/(losses) attributable to Orient-Express Hotels Ltd. | (0.307 | ) | (0.069 | ) | (0.856 | ) | ||||
Diluted earnings per share | ||||||||||
Net earnings/(losses) from continuing operations | (0.254 | ) | (0.111 | ) | (0.194 | ) | ||||
Net earnings/(losses) from discontinued operations | (0.052 | ) | 0.044 | (0.660 | ) | |||||
Net losses/(earnings) attributable to non-controlling interests | (0.001 | ) | (0.002 | ) | (0.002 | ) | ||||
Net earnings/(losses) attributable to Orient-Express Hotels Ltd. | (0.307 | ) | (0.069 | ) | (0.856 | ) | ||||
Schedule of antidilutive securities excluded from computation of earnings per share | ' | |||||||||
The total number of share options and share-based awards excluded from computing diluted earnings per share were as follows: | ||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||
Share options | 3,058,300 | 3,430,800 | 3,074,450 | |||||||
Share-based awards | 1,481,827 | 1,343,648 | 657,249 | |||||||
Total | 4,540,127 | 4,774,448 | 3,731,699 | |||||||
Assets_held_for_sale_and_disco1
Assets held for sale and discontinued operations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||||||||||
Net assets sold and gain on sale, summarized operating results of discontinued operations and assets and liabilities held for sale | ' | |||||||||||||||||||||||||||
The following is a summary of net assets sold and the gain recorded on sale for Porto Cupecoy, The Westcliff, The Observatory Hotel, Bora Bora Lagoon Resort, Keswick Hall and Hôtel de la Cité: | ||||||||||||||||||||||||||||
Porto Cupecoy | The Westcliff | The Observatory Hotel | Bora Bora Lagoon Resort | Keswick Hall | Hôtel de la Cité | |||||||||||||||||||||||
January 31, | December 14, | August 8, | June 1, | January 23, | August 1, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |||||||||||||||||||||||
Property, plant & equipment | 38 | 17,911 | 48,096 | 15,827 | 18,590 | 13,147 | ||||||||||||||||||||||
Real estate assets | 18,512 | — | — | — | — | — | ||||||||||||||||||||||
Net working capital (deficit)/surplus | — | (207 | ) | (299 | ) | (720 | ) | 401 | 266 | |||||||||||||||||||
Other assets/(liabilities) | — | — | — | — | (1,891 | ) | — | |||||||||||||||||||||
Net assets | 18,550 | 17,704 | 47,797 | 15,107 | 17,100 | 13,413 | ||||||||||||||||||||||
Transfer of foreign currency translation loss/(gain) | — | 1,308 | (12,147 | ) | (13,074 | ) | — | (3,018 | ) | |||||||||||||||||||
18,550 | 19,012 | 35,650 | 2,033 | 17,100 | 10,395 | |||||||||||||||||||||||
Consideration: | ||||||||||||||||||||||||||||
Cash | 19,000 | 26,000 | 30,895 | 3,000 | 12,000 | 12,933 | ||||||||||||||||||||||
Reduction in debt facility on sale of hotel | — | — | 11,211 | — | 10,000 | — | ||||||||||||||||||||||
Less: Working capital adjustment | (11 | ) | (628 | ) | (447 | ) | — | (430 | ) | — | ||||||||||||||||||
Less: Costs to sell | — | (954 | ) | (650 | ) | (305 | ) | (513 | ) | (356 | ) | |||||||||||||||||
18,989 | 24,418 | 41,009 | 2,695 | 21,057 | 12,577 | |||||||||||||||||||||||
Gain on sale | 439 | 5,406 | 5,359 | 662 | 3,957 | 2,182 | ||||||||||||||||||||||
Summarized results of the properties classified as discontinued operations for the years ended December 31, 2013, 2012 and 2011 (including residual transactions relating to properties disposed of in prior periods, which are recorded in “Other”) are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
Ubud Hanging Gardens | Porto Cupecoy | The Westcliff | Keswick Hall | Total | ||||||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||||||||||||
Revenue | 5,124 | 1,932 | — | — | 7,056 | |||||||||||||||||||||||
Earnings/(losses) before tax, gain on sale and impairment | 591 | (3,228 | ) | — | — | (2,637 | ) | |||||||||||||||||||||
Impairment | (7,031 | ) | — | — | — | (7,031 | ) | |||||||||||||||||||||
Gain on sale | — | 439 | — | — | 439 | |||||||||||||||||||||||
Earnings/(losses) before tax | (6,440 | ) | (2,789 | ) | — | — | (9,229 | ) | ||||||||||||||||||||
Tax (provision)/benefit | 1,838 | — | 1,425 | 648 | 3,911 | |||||||||||||||||||||||
Net earnings/(losses) from discontinued operations | (4,602 | ) | (2,789 | ) | 1,425 | 648 | (5,318 | ) | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||
Ubud Hanging Gardens | Porto Cupecoy | The Westcliff | The Observatory Hotel | Bora Bora Lagoon Resort | Keswick Hall | Total | ||||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||||||||||
Revenue | 5,816 | 8,163 | 9,088 | 9,194 | — | 1,062 | 33,323 | |||||||||||||||||||||
Earnings/(losses) before tax, gain on sale and impairment | 1,757 | (5,187 | ) | 215 | (1,080 | ) | (166 | ) | (1,601 | ) | (6,062 | ) | ||||||||||||||||
Impairment | — | (3,166 | ) | — | — | — | — | (3,166 | ) | |||||||||||||||||||
Gain on sale | — | — | 5,406 | 5,359 | 662 | 3,957 | 15,384 | |||||||||||||||||||||
Earnings/(losses) before tax | 1,757 | (8,353 | ) | 5,621 | 4,279 | 496 | 2,356 | 6,156 | ||||||||||||||||||||
Tax (provision)/benefit | (336 | ) | — | (1,025 | ) | 426 | — | (683 | ) | (1,618 | ) | |||||||||||||||||
Net earnings/(losses) from discontinued operations | 1,421 | (8,353 | ) | 4,596 | 4,705 | 496 | 1,673 | 4,538 | ||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||
Ubud Hanging Gardens | Porto Cupecoy | The Westcliff | The Observatory Hotel | Bora Bora Lagoon Resort | Keswick Hall | Hôtel de la Cité | Other | Total | ||||||||||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||||||||
Revenue | 5,381 | 7,871 | 9,523 | 16,429 | — | 15,359 | 3,743 | — | 58,306 | |||||||||||||||||||
Earnings/(losses) before tax, gain on sale and impairment | 1,527 | (6,169 | ) | (585 | ) | (726 | ) | (403 | ) | (1,330 | ) | (212 | ) | (11 | ) | (7,909 | ) | |||||||||||
Impairment | — | (38,545 | ) | (515 | ) | — | (2,150 | ) | (23,934 | ) | — | — | (65,144 | ) | ||||||||||||||
Gain on sale | — | — | — | — | — | — | 2,182 | — | 2,182 | |||||||||||||||||||
Earnings/(losses) before tax | 1,527 | (44,714 | ) | (1,100 | ) | (726 | ) | (2,553 | ) | (25,264 | ) | 1,970 | (11 | ) | (70,871 | ) | ||||||||||||
Tax (provision)/benefit | (469 | ) | — | (87 | ) | — | — | 4,506 | (784 | ) | — | 3,166 | ||||||||||||||||
Net earnings/(losses) from discontinued operations | 1,058 | (44,714 | ) | (1,187 | ) | (726 | ) | (2,553 | ) | (20,758 | ) | 1,186 | (11 | ) | (67,705 | ) | ||||||||||||
Assets and liabilities of the properties classified as held for sale consist of the following: | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
The Inn at Perry Cabin | Porto Cupecoy | Total | The Inn at Perry Cabin | Porto Cupecoy | Total | |||||||||||||||||||||||
$’000 | $’000 | $'000 | $’000 | $’000 | $'000 | |||||||||||||||||||||||
Current assets | 1,503 | — | 1,503 | 1,473 | — | 1,473 | ||||||||||||||||||||||
Real estate assets | — | 720 | 720 | — | 22,040 | 22,040 | ||||||||||||||||||||||
Property, plant and equipment, net | 32,193 | — | 32,193 | 33,489 | 38 | 33,527 | ||||||||||||||||||||||
Total assets held for sale | 33,696 | 720 | 34,416 | 34,962 | 22,078 | 57,040 | ||||||||||||||||||||||
Current liabilities | (1,611 | ) | — | (1,611 | ) | (1,363 | ) | (2,174 | ) | (3,537 | ) | |||||||||||||||||
Total liabilities held for sale | (1,611 | ) | — | (1,611 | ) | (1,363 | ) | (2,174 | ) | (3,537 | ) | |||||||||||||||||
Variable_interest_entities_Tab
Variable interest entities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Schedule of variable interest entities | ' | ||||||||||||
The carrying amount of consolidated assets and liabilities of Charleston Center LLC included within OEH’s consolidated balance sheets as of December 31, 2013 and 2012 are summarized as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | $’000 | $’000 | |||||||||||
Current assets | 10,517 | 18,511 | |||||||||||
Property, plant and equipment | 187,856 | 183,793 | |||||||||||
Goodwill | 40,395 | 40,395 | |||||||||||
Other assets | 1,893 | 2,114 | |||||||||||
Total assets | 240,661 | 244,813 | |||||||||||
Current liabilities | 6,722 | 6,382 | |||||||||||
Third-party debt, including $1,805 and $1,795 current portion | 96,150 | 97,945 | |||||||||||
Long-term accrued interest on subordinated debt | 15,340 | 14,740 | |||||||||||
Deferred income taxes | 60,892 | 60,326 | |||||||||||
Total liabilities | 179,104 | 179,393 | |||||||||||
Net assets (before amounts payable to OEH of $92,692 and $90,807) | 61,557 | 65,420 | |||||||||||
The carrying amounts and maximum exposures to loss as a result of OEH's involvement with its Peru rail joint venture are as follows: | |||||||||||||
Carrying amounts | Maximum exposure | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
December 31, | $’000 | $’000 | $’000 | $’000 | |||||||||
Investment | 38,095 | 32,973 | 38,095 | 32,973 | |||||||||
Due from unconsolidated company | 4,957 | 4,803 | 4,957 | 4,803 | |||||||||
Guarantees | — | — | 5,920 | 7,558 | |||||||||
Contingent guarantees | — | — | 14,731 | 17,149 | |||||||||
Total | 43,052 | 37,776 | 63,703 | 62,483 | |||||||||
Investments_in_unconsolidated_1
Investments in unconsolidated companies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
Summarized financial data for unconsolidated companies | ' | |||||||||
Summarized financial data for OEH’s unconsolidated companies are as follows: | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Current assets | 64,145 | 75,339 | ||||||||
Property, plant and equipment, net | 342,731 | 333,374 | ||||||||
Other assets | 24,142 | 25,072 | ||||||||
Non-current assets | 366,873 | 358,446 | ||||||||
Total assets | 431,018 | 433,785 | ||||||||
Current liabilities | 154,213 | 165,413 | ||||||||
Long-term debt | 37,043 | 45,985 | ||||||||
Other liabilities | 127,002 | 115,763 | ||||||||
Non-current liabilities | 164,045 | 161,748 | ||||||||
Total shareholders’ equity | 112,760 | 106,624 | ||||||||
Total liabilities and shareholders’ equity | 431,018 | 433,785 | ||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Revenue | 168,839 | 157,270 | 145,254 | |||||||
Gross profit1 | 91,357 | 89,303 | 82,600 | |||||||
Net earnings2 | 13,549 | 4,181 | 7,694 | |||||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Schedule of major classes of property plant and equipment | ' | ||||||
Depreciation expense is computed using the straight-line method over the following estimated useful lives: | |||||||
Description | Useful lives | ||||||
Buildings | Up to 60 years and 10% residual value | ||||||
Trains | Up to 75 years | ||||||
River cruise ship and canal boats | 25 years | ||||||
Furniture, fixtures and equipment | 5 to 25 years | ||||||
Equipment under capital lease and leasehold improvements | Lesser of initial lease term or economic life | ||||||
The major classes of property, plant and equipment are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Land and buildings | 1,013,015 | 1,020,570 | |||||
Machinery and equipment | 210,992 | 193,839 | |||||
Fixtures, fittings and office equipment | 209,050 | 197,862 | |||||
River cruise ship and canal boats | 19,082 | 18,255 | |||||
1,452,139 | 1,430,526 | ||||||
Less: Accumulated depreciation | (330,390 | ) | (292,412 | ) | |||
Total property, plant and equipment | 1,121,749 | 1,138,114 | |||||
Schedule of major classes of assets under capital leases | ' | ||||||
The major classes of assets under capital leases included above are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Land and buildings | — | — | |||||
Machinery and equipment | 889 | 918 | |||||
Fixtures, fittings and office equipment | 108 | 103 | |||||
997 | 1,021 | ||||||
Less: Accumulated depreciation | (905 | ) | (829 | ) | |||
Total assets under capital leases | 92 | 192 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of changes in carrying amount of goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||
Beginning balance at January 1, 2013 | Impairment | Foreign currency translation adjustment | Ending balance at December 31, 2013 | ||||||||||
Year ended December 31, 2013 | $'000 | $'000 | $'000 | $'000 | |||||||||
Owned hotels: | |||||||||||||
Europe | 77,319 | — | 462 | 77,781 | |||||||||
North America | 49,991 | — | — | 49,991 | |||||||||
Rest of world | 25,977 | (3,187 | ) | (1,683 | ) | 21,107 | |||||||
Owned trains and cruises | 7,991 | — | 46 | 8,037 | |||||||||
Total | 161,278 | (3,187 | ) | (1,175 | ) | 156,916 | |||||||
Beginning balance at January 1, 2012 | Impairment | Foreign currency translation adjustment | Ending balance at December 31, 2012 | ||||||||||
Year ended December 31, 2012 | $'000 | $'000 | $'000 | $'000 | |||||||||
Owned hotels: | |||||||||||||
Europe | 77,089 | (2,055 | ) | 2,285 | 77,319 | ||||||||
North America | 49,991 | — | — | 49,991 | |||||||||
Rest of world | 26,525 | — | (548 | ) | 25,977 | ||||||||
Owned trains and cruises | 7,855 | — | 136 | 7,991 | |||||||||
Total | 161,460 | (2,055 | ) | 1,873 | 161,278 | ||||||||
Schedule of non-cash goodwill impairments charges | ' | ||||||||||||
The impairment loss consisted of the following: | |||||||||||||
Year ended December 31, 2011 | $’000 | ||||||||||||
Maroma Resort and Spa | 7,904 | ||||||||||||
La Residencia | 2,779 | ||||||||||||
Mount Nelson Hotel | 1,224 | ||||||||||||
11,907 | |||||||||||||
Other_intangible_assets_Tables
Other intangible assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||
Schedule of other intangible assets | ' | ||||||||||||
Other intangible assets consist of the following as of December 31, 2013 and 2012: | |||||||||||||
Favorable lease assets | Internet sites | Trade names | Total | ||||||||||
$'000 | $'000 | $'000 | $'000 | ||||||||||
Carrying amount: | |||||||||||||
Balance at January 1, 2012 | 13,460 | 1,609 | 7,100 | 22,169 | |||||||||
Foreign currency translation adjustment | (489 | ) | 83 | — | (406 | ) | |||||||
Balance at December 31, 2012 | 12,971 | 1,692 | 7,100 | 21,763 | |||||||||
Impairment of intangible assets of discontinued operations | (2,815 | ) | — | — | (2,815 | ) | |||||||
Foreign currency translation adjustment | (1,496 | ) | 31 | — | (1,465 | ) | |||||||
Balance at December 31, 2013 | 8,660 | 1,723 | 7,100 | 17,483 | |||||||||
Accumulated amortization: | |||||||||||||
Balance at January 1, 2012 | 1,972 | 732 | 2,704 | ||||||||||
Charge for the year | 354 | 136 | 490 | ||||||||||
Foreign currency translation adjustment | (78 | ) | 39 | (39 | ) | ||||||||
Balance at December 31, 2012 | 2,248 | 907 | 3,155 | ||||||||||
Charge for the year | 311 | 137 | 448 | ||||||||||
Foreign currency translation adjustment | (291 | ) | 19 | (272 | ) | ||||||||
Balance at December 31, 2013 | 2,268 | 1,063 | 3,331 | ||||||||||
Net book value: | |||||||||||||
31-Dec-11 | 11,488 | 877 | 7,100 | 19,465 | |||||||||
31-Dec-12 | 10,723 | 785 | 7,100 | 18,608 | |||||||||
31-Dec-13 | 6,392 | 660 | 7,100 | 14,152 | |||||||||
Debt_and_obligations_under_cap1
Debt and obligations under capital lease (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule of long-term debt and obligations under capital lease | ' | ||||||
Long-term debt and obligations under capital lease consists of the following: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Loans from banks and other parties collateralized by property, plant and equipment payable over periods of one to nine years (2012 - one to 20 years), with a weighted average interest rate of 4.22% (2012 - 4.14%) | 543,567 | 521,494 | |||||
Obligations under capital lease | 14 | 66 | |||||
Total long-term debt and obligations under capital lease | 543,581 | 521,560 | |||||
Less: Current portion | 71,011 | 90,115 | |||||
Non-current portion of long-term debt and obligations under capital lease | 472,570 | 431,445 | |||||
Summary of the aggregate maturities of long-term debt including obligations under capital lease | ' | ||||||
The following is a summary of the aggregate maturities of long-term debt, including obligations under capital lease, at December 31, 2013: | |||||||
Year ended December 31, | $’000 | ||||||
2014 | 71,011 | ||||||
2015 | 380,388 | ||||||
2016 | 28,510 | ||||||
2017 | 22,839 | ||||||
2018 | 38,112 | ||||||
2019 and thereafter | 2,721 | ||||||
Total long-term debt and obligations under capital lease | 543,581 | ||||||
Schedule of future minimum lease payments under capital leases together with present value of minimum lease payments | ' | ||||||
The following is a summary of future minimum lease payments under capital leases together with the present value of the minimum lease payments at December 31, 2013: | |||||||
Year ended December 31, | $’000 | ||||||
2014 | 14 | ||||||
Minimum lease payments | 14 | ||||||
Less: Amount of interest contained in above payments | — | ||||||
Present value of minimum lease payments | 14 | ||||||
Other_liabilities_Tables
Other liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||
Schedule of major balances in other liabilities | ' | ||||||
The major balances in other liabilities are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Interest rate swaps (see Note 20) | 1,878 | 5,021 | |||||
Long-term accrued interest on subordinated debt at Charleston Place | 15,340 | 14,740 | |||||
Cash-settled stock appreciation rights plan | — | 96 | |||||
Deferred lease incentive | 393 | 468 | |||||
Contingent consideration on acquisition of Grand Hotel Timeo and Villa Sant’Andrea (see Note 18) | 1,240 | 1,186 | |||||
Total other liabilities | 18,851 | 21,511 | |||||
Pensions_Tables
Pensions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Schedule of significant weighted average assumptions | ' | ||||||||||||
The significant weighted-average assumptions used to determine net periodic costs of the plan during the year were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | % | % | % | ||||||||||
Discount rate | 4.5 | 4.7 | 5.4 | ||||||||||
Expected long-term rate of return on plan assets | 4.7 | 5.3 | 6.4 | ||||||||||
The significant weighted-average assumptions used to determine benefit obligations of the plan at year end were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | % | % | |||||||||||
Discount rate | 4.5 | 4.5 | |||||||||||
Schedule of fair value of plan assets | ' | ||||||||||||
The fair value of OEH’s pension plan assets at December 31, 2013 and 2012 by asset category is as follows: | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
31-Dec-13 | $’000 | $’000 | $’000 | $’000 | |||||||||
Cash | 1,583 | 1,583 | — | — | |||||||||
Equity securities: | |||||||||||||
U.K. managed funds | 6,459 | 6,459 | — | — | |||||||||
Overseas managed funds | 5,402 | 5,402 | — | — | |||||||||
Fixed income securities: | |||||||||||||
U.K. government bonds | 1,549 | 1,549 | — | — | |||||||||
Corporate bonds | 6,124 | 6,124 | — | — | |||||||||
Other types of investments: | |||||||||||||
Annuities | 2,045 | — | — | 2,045 | |||||||||
23,162 | 21,117 | — | 2,045 | ||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
31-Dec-12 | $’000 | $’000 | $’000 | $’000 | |||||||||
Cash | 87 | 87 | — | — | |||||||||
Equity securities: | |||||||||||||
U.K. managed funds | 5,232 | 5,232 | — | — | |||||||||
Overseas managed funds | 4,869 | 4,869 | — | — | |||||||||
Fixed income securities: | |||||||||||||
U.K. government bonds | 1,651 | 1,651 | — | — | |||||||||
Corporate bonds | 4,233 | 4,233 | — | — | |||||||||
Other types of investments: | |||||||||||||
Hedge funds | 1,534 | — | 1,534 | — | |||||||||
Annuities | 2,046 | — | — | 2,046 | |||||||||
19,652 | 16,072 | 1,534 | 2,046 | ||||||||||
Schedule of fair value measurements using significant unobservable inputs (Level 3) | ' | ||||||||||||
Reconciliations of fair value measurements using significant unobservable inputs (Level 3) at December 31, 2013 and 2012 are as follows: | |||||||||||||
Annuities | Total | ||||||||||||
Year ended December 31, 2013 | $’000 | $’000 | |||||||||||
Beginning balance at January 1, 2013 | 2,046 | 2,046 | |||||||||||
Foreign exchange | 37 | 37 | |||||||||||
Actual return on plan assets: | |||||||||||||
Assets still held at the reporting date | 42 | 42 | |||||||||||
Purchases, sales and settlements, net | (80 | ) | (80 | ) | |||||||||
Transfers into or out of Level 3 | — | — | |||||||||||
Ending balance at December 31, 2013 | 2,045 | 2,045 | |||||||||||
Annuities | Total | ||||||||||||
Year ended December 31, 2012 | $’000 | $’000 | |||||||||||
Beginning balance at January 1, 2012 | 1,871 | 1,871 | |||||||||||
Foreign exchange | 92 | 92 | |||||||||||
Actual return on plan assets: | |||||||||||||
Assets still held at the reporting date | 158 | 158 | |||||||||||
Purchases, sales and settlements, net | (75 | ) | (75 | ) | |||||||||
Transfers into or out of Level 3 | — | — | |||||||||||
Ending balance at December 31, 2012 | 2,046 | 2,046 | |||||||||||
Schedule of changes in the benefit obligation, the plan assets and funded status of the plan | ' | ||||||||||||
The changes in the benefit obligation, the plan assets and the funded status for the plan were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | 27,927 | 24,189 | 20,074 | ||||||||||
Service cost | — | — | — | ||||||||||
Interest cost | 1,200 | 1,154 | 1,062 | ||||||||||
Plan participants’ contributions | — | — | — | ||||||||||
Net transfer in | — | — | — | ||||||||||
Actuarial (gain)/loss | (4,093 | ) | 1,869 | 4,259 | |||||||||
Benefits paid | (573 | ) | (560 | ) | (839 | ) | |||||||
Curtailment gain | — | — | — | ||||||||||
Settlement | — | — | — | ||||||||||
Foreign currency translation | 307 | 1,275 | (367 | ) | |||||||||
Benefit obligation at end of year | 24,768 | 27,927 | 24,189 | ||||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | 19,652 | 15,547 | 14,457 | ||||||||||
Actual return on plan assets | 1,665 | 1,958 | 347 | ||||||||||
Employer contributions | 1,880 | 1,854 | 1,770 | ||||||||||
Plan participants’ contributions | — | — | — | ||||||||||
Net transfer in | — | — | — | ||||||||||
Benefits paid | (573 | ) | (560 | ) | (839 | ) | |||||||
Settlement | — | — | — | ||||||||||
Foreign currency translation | 538 | 853 | (188 | ) | |||||||||
Fair value of plan assets at end of year | 23,162 | 19,652 | 15,547 | ||||||||||
Funded status at end of year | (1,606 | ) | (8,275 | ) | (8,642 | ) | |||||||
Net actuarial (gain)/loss recognized in other comprehensive loss | (5,763 | ) | (141 | ) | 4,310 | ||||||||
Schedule of amounts recognized in the consolidated balance sheets | ' | ||||||||||||
Amounts recognized in the consolidated balance sheets consist of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | $’000 | $’000 | |||||||||||
Non-current assets | — | — | |||||||||||
Current liabilities | — | — | |||||||||||
Non-current liabilities | 1,606 | 8,275 | |||||||||||
Schedule of amounts recognized in other comprehensive income/(loss) | ' | ||||||||||||
Amounts recognized in accumulated other comprehensive income/(loss) consist of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
December 31, | $’000 | $’000 | |||||||||||
Net loss | (8,212 | ) | (13,975 | ) | |||||||||
Prior service cost | — | — | |||||||||||
Net transitional obligation | — | — | |||||||||||
Total amount recognized in other comprehensive loss | (8,212 | ) | (13,975 | ) | |||||||||
Schedule of accumulated benefit obligations in excess of fair value of plan assets | ' | ||||||||||||
The following table details certain information with respect to OEH’s U.K. defined benefit pension plan: | |||||||||||||
2013 | 2012 | ||||||||||||
Year ended December 31, | $’000 | $’000 | |||||||||||
Projected benefit obligation | 24,768 | 27,927 | |||||||||||
Accumulated benefit obligation | 24,768 | 27,927 | |||||||||||
Fair value of plan assets | 23,162 | 19,652 | |||||||||||
Schedule of components of net periodic pension benefit cost | ' | ||||||||||||
Components of net periodic benefit cost are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Service cost | — | — | — | ||||||||||
Interest cost on projected benefit obligation | 1,200 | 1,154 | 1,062 | ||||||||||
Expected return on assets | (926 | ) | (846 | ) | (1,006 | ) | |||||||
Net amortization and deferrals | 930 | 899 | 608 | ||||||||||
Net periodic benefit cost | 1,204 | 1,207 | 664 | ||||||||||
Schedule of future benefit payments | ' | ||||||||||||
The following benefit payments, which reflect assumed future service, are expected to be paid: | |||||||||||||
Year ended December 31, | $’000 | ||||||||||||
2014 | 632 | ||||||||||||
2015 | 463 | ||||||||||||
2016 | 549 | ||||||||||||
2017 | 657 | ||||||||||||
2018 | 533 | ||||||||||||
Next five years | 3,929 | ||||||||||||
Schedule of contributions to defined contribution pension plans | ' | ||||||||||||
Total contributions to the plans were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Employers’ contributions | 2,542 | 2,719 | 3,023 | ||||||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of provision for income taxes | ' | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
Provision for income taxes | |||||||||||||
Year ended December 31, 2013 | Pre-tax | Current | Deferred | Total | |||||||||
(loss)/ | $’000 | $’000 | $’000 | ||||||||||
income | |||||||||||||
$’000 | |||||||||||||
Bermuda | (17,696 | ) | — | — | — | ||||||||
United States | (3,955 | ) | (369 | ) | 100 | (269 | ) | ||||||
Rest of the world | 6,659 | 17,538 | 359 | 17,897 | |||||||||
(14,992 | ) | 17,169 | 459 | 17,628 | |||||||||
Provision for income taxes | |||||||||||||
Year ended December 31, 2012 | Pre-tax | Current | Deferred | Total | |||||||||
(loss)/ | $’000 | $’000 | $’000 | ||||||||||
income | |||||||||||||
$’000 | |||||||||||||
Bermuda | (8,244 | ) | — | — | — | ||||||||
United States | 1,903 | 3,656 | (647 | ) | 3,009 | ||||||||
Rest of the world | 14,442 | 16,540 | 2,102 | 18,642 | |||||||||
8,101 | 20,196 | 1,455 | 21,651 | ||||||||||
Provision for income taxes | |||||||||||||
Year ended December 31, 2011 | Pre-tax | Current | Deferred | Total | |||||||||
(loss)/ | $’000 | $’000 | $’000 | ||||||||||
income | |||||||||||||
$’000 | |||||||||||||
Bermuda | (23,436 | ) | — | — | — | ||||||||
United States | 13,918 | 3,986 | (561 | ) | 3,425 | ||||||||
Rest of the world | 4,881 | 16,663 | (477 | ) | 16,186 | ||||||||
(4,637 | ) | 20,649 | (1,038 | ) | 19,611 | ||||||||
Schedule of reconciliation of provision for income taxes | ' | ||||||||||||
The reconciliation of earnings/(losses) before provision for income taxes and earnings from unconsolidated companies, net of tax at the statutory tax rate to the provision for income taxes is shown in the table below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $'000 | $'000 | $'000 | ||||||||||
Earnings/(losses) before provision for income taxes and earnings from unconsolidated companies, net of tax | (14,992 | ) | 8,101 | (4,637 | ) | ||||||||
Tax charge at statutory tax rate of Nil%(1) | — | — | — | ||||||||||
Exchange rate movements on deferred tax | (3,207 | ) | 83 | (2,094 | ) | ||||||||
Other permanent items | 674 | 2,943 | 106 | ||||||||||
Change in valuation allowance | 13,015 | 6,093 | 11,795 | ||||||||||
Difference in taxation rates | 7,353 | 11,421 | 9,067 | ||||||||||
Change in provisions for uncertain tax positions | (1,788 | ) | (174 | ) | 817 | ||||||||
Change in tax rates | (276 | ) | 600 | (222 | ) | ||||||||
Deferred tax charge for derivatives | 2,119 | — | — | ||||||||||
Other | (262 | ) | 685 | 142 | |||||||||
Provision for income taxes | 17,628 | 21,651 | 19,611 | ||||||||||
(1) The Company is resident in Bermuda, which does not impose an income tax. | |||||||||||||
Schedule of net deferred tax liabilities | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Year ended December 31, | $’000 | $’000 | $’000 | ||||||||||
Operating loss carry-forwards | 122,500 | 93,466 | 61,708 | ||||||||||
Pensions | 321 | 1,899 | 2,161 | ||||||||||
Share-based compensation | 3,146 | 2,813 | 1,647 | ||||||||||
Trademarks | 5,075 | 5,563 | 3,868 | ||||||||||
Other | 9,173 | 9,197 | 2,897 | ||||||||||
Less: Valuation allowance | (110,780 | ) | (97,376 | ) | (50,746 | ) | |||||||
Net deferred tax assets | 29,435 | 15,562 | 21,535 | ||||||||||
Other | (7,962 | ) | (5,267 | ) | (4,609 | ) | |||||||
Property, plant and equipment | (183,174 | ) | (171,016 | ) | (172,643 | ) | |||||||
Deferred tax liabilities | (191,136 | ) | (176,283 | ) | (177,252 | ) | |||||||
Net deferred tax liabilities | (161,701 | ) | (160,721 | ) | (155,717 | ) | |||||||
Schedule of unrecognized tax benefits | ' | ||||||||||||
At December 31, 2013, the total amounts of unrecognized tax benefits included the following: | |||||||||||||
Total | Principal | Interest | Penalties | ||||||||||
Year ended December 31, 2013 | $’000 | $’000 | $’000 | $’000 | |||||||||
Balance, January 1, 2013 | 4,581 | 2,874 | 1,174 | 533 | |||||||||
Additional uncertain tax provision identified during the year | 2,720 | 2,716 | (4 | ) | 8 | ||||||||
Increase to uncertain tax provision on prior year positions | 737 | 559 | 138 | 40 | |||||||||
Uncertain tax provisions paid during the year | (737 | ) | (559 | ) | (138 | ) | (40 | ) | |||||
Decrease to uncertain tax provisions on prior year positions | (3,924 | ) | (2,302 | ) | (1,127 | ) | (495 | ) | |||||
Decreases as a result of expiration of the statute of limitations | (387 | ) | (351 | ) | (36 | ) | — | ||||||
Foreign exchange | (2 | ) | (2 | ) | — | — | |||||||
Balance at December 31, 2013 | 2,988 | 2,935 | 7 | 46 | |||||||||
At December 31, 2013, OEH recognized a $2,988,000 liability in respect of its uncertain tax positions. Of the unrecognized tax benefit at December 31, 2013, if recognized, $2,054,000 would affect the effective tax rate. | |||||||||||||
At December 31, 2012, the total amounts of unrecognized tax benefits included the following: | |||||||||||||
Total | Principal | Interest | Penalties | ||||||||||
Year ended December 31, 2012 | $’000 | $’000 | $’000 | $’000 | |||||||||
Balance at January 1, 2012 | 4,755 | 3,169 | 1,148 | 438 | |||||||||
Additional uncertain tax provision identified during the year | 403 | 401 | 2 | — | |||||||||
Increase to uncertain tax provision on prior year positions | 444 | 151 | 168 | 125 | |||||||||
Uncertain tax provisions paid during the year | — | — | — | — | |||||||||
Decrease to uncertain tax provisions on prior year positions | — | — | — | — | |||||||||
Decreases as a result of expiration of the statute of limitations | (686 | ) | (622 | ) | (64 | ) | — | ||||||
Foreign exchange | (335 | ) | (225 | ) | (80 | ) | (30 | ) | |||||
Balance at December 31, 2012 | 4,581 | 2,874 | 1,174 | 533 | |||||||||
At December 31, 2012, OEH recognized a $4,581,000 liability in respect of its uncertain tax positions. The entire balance of unrecognized tax benefit at December 31, 2012, if recognized, would affect the effective tax rate. | |||||||||||||
At December 31, 2011, the total amounts of unrecognized tax benefits included the following: | |||||||||||||
Total | Principal | Interest | Penalties | ||||||||||
Year ended December 31, 2011 | $’000 | $’000 | $’000 | $’000 | |||||||||
Balance, January 1, 2011 | 8,194 | 4,550 | 1,627 | 2,017 | |||||||||
Additional uncertain tax provision identified during the year | — | — | — | — | |||||||||
Increase to uncertain tax provision on prior year positions | 817 | 600 | 132 | 85 | |||||||||
Uncertain tax provisions paid during the year | (642 | ) | (306 | ) | (192 | ) | (144 | ) | |||||
Decrease to uncertain tax provisions on prior year positions | (3,178 | ) | (1,500 | ) | (358 | ) | (1,320 | ) | |||||
Decreases as a result of expiration of the statute of limitations | — | — | — | — | |||||||||
Foreign exchange | (436 | ) | (175 | ) | (61 | ) | (200 | ) | |||||
Balance, December 31, 2011 | 4,755 | 3,169 | 1,148 | 438 | |||||||||
At December 31, 2011, OEH recognized a $4,755,000 liability in respect of its uncertain tax positions. The entire balance of unrecognized tax benefit at December 31, 2011, if recognized, would affect the effective tax rate. |
Supplemental_cash_flow_informa1
Supplemental cash flow information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||
Schedule of supplemental cash flow information | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Cash paid for: | ||||||||||
Interest | 27,320 | 29,756 | 37,233 | |||||||
Income taxes, net of refunds | 22,275 | 28,967 | 16,413 | |||||||
Restricted_cash_Tables
Restricted cash (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||
Schedule of major balances in restricted cash | ' | ||||||
The major balances in restricted cash are as follows: | |||||||
2013 | 2012 | ||||||
December 31, | $’000 | $’000 | |||||
Cash deposit held with a bank pending completion of sale of Inn at Perry Cabin | 4,000 | — | |||||
Cash deposits required to be held with lending banks for the duration of the debt to support OEH’s payment of interest and principal | 8,391 | 16,013 | |||||
Escrow deposits and other restricted cash at Porto Cupecoy | 355 | 4,079 | |||||
Prepaid customer deposits which will be released to OEH under its revenue recognition policy | 681 | 788 | |||||
Security required under the European Union Package Travel Directive | 209 | 200 | |||||
Total restricted cash | 13,636 | 21,080 | |||||
Sharebased_compensation_plans_
Share-based compensation plans (Tables) (Class A common shares) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Share options | 2000 and 2004 stock option plans | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of share option transactions during the period | ' | |||||||||||||||
Details of share option transactions under the 2000 and 2004 stock option plans are as follows: | ||||||||||||||||
Number of shares | Weighted average | Weighted average | Aggregate intrinsic | |||||||||||||
subject to options | exercise price | remaining | value | |||||||||||||
$ | contractual life in | $’000 | ||||||||||||||
years | ||||||||||||||||
Outstanding — January 1, 2012 | 538,850 | 23.05 | ||||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (4,206 | ) | 5.89 | |||||||||||||
Forfeited, cancelled or expired | (57,194 | ) | 21.09 | |||||||||||||
Outstanding — December 31, 2012 | 477,450 | 23.44 | ||||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (77,294 | ) | 5.89 | |||||||||||||
Forfeited, cancelled or expired | (113,356 | ) | 19.03 | |||||||||||||
Outstanding — December 31, 2013 | 286,800 | 29.91 | 3.5 | 807 | ||||||||||||
Exercisable — December 31, 2013 | 286,800 | 29.91 | 3.5 | 807 | ||||||||||||
Schedule of options outstanding | ' | |||||||||||||||
The options outstanding under the 2000 and 2004 plans at December 31, 2013 were as follows: | ||||||||||||||||
Exercise | Outstanding at | Exercisable at | Remaining | Exercise prices | Exercise prices | |||||||||||
prices | 12/31/13 | 12/31/13 | contractual | for outstanding | for exercisable | |||||||||||
$ | lives | options | options | |||||||||||||
$ | $ | |||||||||||||||
5.89 | 86,400 | 86,400 | 4.9 | 5.89 | 5.89 | |||||||||||
14.7 | 24,500 | 24,500 | 0.6 | 14.7 | 14.7 | |||||||||||
28.4 | 15,000 | 15,000 | 1.7 | 28.4 | 28.4 | |||||||||||
28.5 | 13,000 | 13,000 | 1.5 | 28.5 | 28.5 | |||||||||||
34.88 | 3,200 | 3,200 | 2.2 | 34.88 | 34.88 | |||||||||||
34.9 | 7,600 | 7,600 | 2.6 | 34.9 | 34.9 | |||||||||||
35.85 | 15,450 | 15,450 | 4.7 | 35.85 | 35.85 | |||||||||||
36.5 | 19,350 | 19,350 | 2.5 | 36.5 | 36.5 | |||||||||||
42.87 | 7,000 | 7,000 | 2.9 | 42.87 | 42.87 | |||||||||||
46.08 | 13,150 | 13,150 | 4.4 | 46.08 | 46.08 | |||||||||||
51.9 | 11,550 | 11,550 | 4.2 | 51.9 | 51.9 | |||||||||||
52.51 | 6,750 | 6,750 | 3.2 | 52.51 | 52.51 | |||||||||||
52.51 | 46,350 | 46,350 | 3.7 | 52.51 | 52.51 | |||||||||||
52.59 | 8,250 | 8,250 | 3.5 | 52.59 | 52.59 | |||||||||||
59.23 | 9,250 | 9,250 | 3.9 | 59.23 | 59.23 | |||||||||||
286,800 | 286,800 | |||||||||||||||
Share options | 2009 share award and incentive plan | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of share option transactions during the period | ' | |||||||||||||||
Transactions relating to share options under the 2009 plan have been as follows: | ||||||||||||||||
Number of shares | Weighted average | Weighted average | Aggregate intrinsic | |||||||||||||
subject to options | exercise price | remaining | value | |||||||||||||
$ | contractual life in | $’000 | ||||||||||||||
years | ||||||||||||||||
Outstanding — January 1, 2012 | 2,535,600 | 9.35 | ||||||||||||||
Granted | 811,450 | 10.09 | ||||||||||||||
Exercised | (29,477 | ) | 8.44 | |||||||||||||
Forfeited, cancelled or expired | (364,223 | ) | 9.55 | |||||||||||||
Outstanding — December 31, 2012 | 2,953,350 | 9.54 | ||||||||||||||
Granted | 756,650 | 13.26 | ||||||||||||||
Exercised | (236,322 | ) | 8.77 | |||||||||||||
Forfeited, cancelled or expired | (702,178 | ) | 8.57 | |||||||||||||
Outstanding — December 31, 2013 | 2,771,500 | 10.67 | 8.3 | 12,309 | ||||||||||||
Exercisable — December 31, 2013 | 526,750 | 9.79 | 6.4 | 7,959 | ||||||||||||
Schedule of options outstanding | ' | |||||||||||||||
The options outstanding under the 2009 plan at December 31, 2013 were as follows: | ||||||||||||||||
Exercise | Outstanding at | Exercisable at | Remaining | Exercise prices | Exercise prices | |||||||||||
prices | 12/31/13 | 12/31/13 | contractual | for outstanding | for exercisable | |||||||||||
$ | lives | options | options | |||||||||||||
$ | $ | |||||||||||||||
8.38 | 76,500 | 76,500 | 5.4 | 8.38 | 8.38 | |||||||||||
7.71 | 5,000 | 5,000 | 5.5 | 7.71 | 7.71 | |||||||||||
8.91 | 98,200 | 98,200 | 5.9 | 8.91 | 8.91 | |||||||||||
9.93 | 5,000 | 5,000 | 6.1 | 9.93 | 9.93 | |||||||||||
8.37 | 117,400 | 117,400 | 6.5 | 8.37 | 8.37 | |||||||||||
11.44 | 224,650 | 224,650 | 6.9 | 11.44 | 11.44 | |||||||||||
11.69 | 251,500 | — | 7.4 | 11.69 | — | |||||||||||
8.06 | 520,150 | — | 7.9 | 8.06 | — | |||||||||||
9.95 | 31,700 | — | 8.2 | 9.95 | — | |||||||||||
8.42 | 283,200 | — | 8.5 | 8.42 | — | |||||||||||
11.32 | 401,550 | — | 8.9 | 11.32 | — | |||||||||||
9.95 | 31,700 | — | 9.1 | 9.95 | — | |||||||||||
11.74 | 289,000 | — | 9.4 | 11.74 | — | |||||||||||
14.51 | 435,950 | — | 9.9 | 14.51 | — | |||||||||||
2,771,500 | 526,750 | |||||||||||||||
Schedule of assumptions used to determine estimated fair value of stock options | ' | |||||||||||||||
Estimates of the fair value of the share options on the grant date using the Black-Scholes options pricing model were based on the following assumptions: | ||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Expected share price volatility | 50%-60% | 58%-60% | 56%-58% | |||||||||||||
Risk-free interest rate | 1.30%-1.74% | 1.03%-1.69% | 0.97%-1.40% | |||||||||||||
Expected annual dividends per share | $— | $— | $— | |||||||||||||
Expected life of share options | 4.5-8 years | 8 years | 5 years | |||||||||||||
Performance shares | 2007 performance share plan | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of awards transactions during the period | ' | |||||||||||||||
The status of the awards as of December 31, 2013 and 2012 and changes during the years then ended are presented as follows: | ||||||||||||||||
Number of shares | Weighted average | Aggregate intrinsic | ||||||||||||||
subject to awards | exercise price | value | ||||||||||||||
$ | $’000 | |||||||||||||||
Outstanding — January 1, 2012 | 172,229 | 0.01 | ||||||||||||||
Granted | — | — | ||||||||||||||
Vested and issued | (108,802 | ) | 0.01 | |||||||||||||
Forfeited, cancelled or expired | (63,427 | ) | 0.01 | |||||||||||||
Outstanding — December 31, 2012 | — | — | ||||||||||||||
Granted | — | — | ||||||||||||||
Vested and issued | — | — | ||||||||||||||
Forfeited, cancelled or expired | — | — | ||||||||||||||
Outstanding — December 31, 2013 | — | — | — | |||||||||||||
Stock appreciation rights | 2007 stock appreciation rights plan | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of assumptions used to determine estimated fair value of awards | ' | |||||||||||||||
Estimates of fair values of the awards were made using the Black-Scholes valuation model based on the following assumptions: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected share price volatility | 42% | 47% | 51%-59% | |||||||||||||
Risk-free interest rate | 0.11% | 0.16 | % | 0.28%-0.45% | ||||||||||||
Expected annual dividends per share | $ | — | $ | — | $ | — | ||||||||||
Expected life of awards | 8 months | 11 months | 1 year | |||||||||||||
Deferred compensation | 2009 share award and incentive plan | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of awards transactions during the period | ' | |||||||||||||||
Transactions relating to deferred shares and restricted shares under the 2009 plan have been as follows: | ||||||||||||||||
Number of shares | Weighted average | Aggregate intrinsic | ||||||||||||||
subject to awards | exercise price | value | ||||||||||||||
$ | $'000 | |||||||||||||||
Outstanding — January 1, 2012 | 485,020 | 0.01 | ||||||||||||||
Granted | 1,042,900 | 0.01 | ||||||||||||||
Vested and issued | (130,134 | ) | 0.01 | |||||||||||||
Forfeited, cancelled or expired | (54,137 | ) | 0.01 | |||||||||||||
Outstanding — December 31, 2012 | 1,343,649 | 0.01 | ||||||||||||||
Granted | 618,170 | 0.01 | ||||||||||||||
Vested and issued | (344,388 | ) | 0.01 | |||||||||||||
Forfeited, cancelled or expired | (135,604 | ) | 0.01 | |||||||||||||
Outstanding — December 31, 2013 | 1,481,827 | 0.01 | 17,323 | |||||||||||||
Deferred and restricted shares without performance criteria | 2009 share award and incentive plan | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of assumptions used to determine estimated fair value of awards | ' | |||||||||||||||
Estimates of fair values of deferred shares and restricted shares without performance criteria on the grant date using the Black-Scholes options pricing model were based on the following assumptions: | ||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Expected share price volatility | 33%-51% | 52%-67% | 37%-82% | |||||||||||||
Risk-free interest rate | 0.04%-0.67% | 0.10%-0.40% | 0.13%-1.20% | |||||||||||||
Expected annual dividends per share | $— | $— | $— | |||||||||||||
Expected life of awards | 18 days - 3 years | 2 months - 3 years | 4 months - 3 years | |||||||||||||
Deferred shares with performance criteria | 2009 share award and incentive plan | ' | |||||||||||||||
Share-based compensation plans | ' | |||||||||||||||
Schedule of assumptions used to determine estimated fair value of awards | ' | |||||||||||||||
Estimates of fair values of deferred shares with performance and market conditions were made using the Monte Carlo valuation model based on the following assumptions: | ||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Expected share price volatility | 52% | 59% | 88% | |||||||||||||
Risk-free interest rate | 0.26%-0.39% | 0.47% | 0.97%-1.40% | |||||||||||||
Expected annual dividends per share | $— | $— | $— | |||||||||||||
Expected life of awards | 2-3 years | 3 years | 3 years |
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of future rental payments under operating leases | ' | |||
Future rental payments under operating leases in respect of equipment rentals and leased premises are payable as follows: | ||||
Year ended December 31, | $’000 | |||
2014 | 11,356 | |||
2015 | 11,246 | |||
2016 | 11,146 | |||
2017 | 11,201 | |||
2018 | 10,454 | |||
2019 and thereafter | 87,191 | |||
142,594 | ||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities by fair value hierarchy | ' | |||||||||||||||
The following tables summarize the valuation of OEH’s assets and liabilities by the fair value hierarchy at December 31, 2013 and 2012: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Dec-13 | $'000 | $'000 | $'000 | $'000 | ||||||||||||
Assets at fair value: | ||||||||||||||||
Derivative financial instruments | — | 2 | — | 2 | ||||||||||||
Total assets | — | 2 | — | 2 | ||||||||||||
Liabilities at fair value: | ||||||||||||||||
Derivative financial instruments | — | (4,890 | ) | — | (4,890 | ) | ||||||||||
Total net liabilities | — | (4,888 | ) | — | (4,888 | ) | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Dec-12 | $'000 | $'000 | $'000 | $'000 | ||||||||||||
Assets at fair value: | ||||||||||||||||
Derivative financial instruments | — | 6 | — | 6 | ||||||||||||
Total assets | — | 6 | — | 6 | ||||||||||||
Liabilities at fair value: | ||||||||||||||||
Derivative financial instruments | — | (8,879 | ) | — | (8,879 | ) | ||||||||||
Total net liabilities | — | (8,873 | ) | — | (8,873 | ) | ||||||||||
Schedule of estimated fair values of financial instruments (other than derivative financial instruments) | ' | |||||||||||||||
The estimated carrying values, fair values, and levels of the fair value hierarchy of OEH's long-term debt as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Carrying | Fair value | Carrying | Fair value | |||||||||||||
amounts | $’000 | amounts | $’000 | |||||||||||||
$’000 | $’000 | |||||||||||||||
Long-term debt, including current portion, excluding obligations under capital leases | Level 3 | 543,567 | 562,588 | 521,494 | 533,783 | |||||||||||
Long-term debt, including current portion, held by consolidated variable interest entities | Level 3 | 96,150 | 97,775 | 97,945 | 99,656 | |||||||||||
Schedule of estimated fair values of non-financial assets measured on a non-recurring basis | ' | |||||||||||||||
The estimated fair values of OEH’s non-financial assets measured on a non-recurring basis for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||
Fair value measurement inputs | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Total losses | ||||||||||||
$’000 | $’000 | $’000 | $’000 | in year | ||||||||||||
ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | ||||||||||||||||
$’000 | ||||||||||||||||
Property, plant and equipment | 45,000 | — | — | 45,000 | (36,430 | ) | ||||||||||
Property, plant and equipment of discontinued operations | — | — | — | — | (1,029 | ) | ||||||||||
Goodwill of discontinued operations | — | — | — | — | (3,187 | ) | ||||||||||
Intangible assets of discontinued operations | — | — | — | — | (2,815 | ) | ||||||||||
Fair value measurement inputs | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Total losses | ||||||||||||
$’000 | $’000 | $’000 | $’000 | in year | ||||||||||||
ended | ||||||||||||||||
December 31, | ||||||||||||||||
2012 | ||||||||||||||||
$’000 | ||||||||||||||||
Assets of discontinued operations held for sale | 22,040 | — | — | 22,040 | (3,166 | ) | ||||||||||
Property, plant and equipment | 3,521 | — | — | 3,521 | (2,538 | ) | ||||||||||
Goodwill | 7,515 | — | — | 7,515 | (2,055 | ) | ||||||||||
Other assets | — | — | — | — | (1,299 | ) | ||||||||||
Fair value measurement inputs | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | Total losses | ||||||||||||
$’000 | $’000 | $’000 | $’000 | in year | ||||||||||||
ended | ||||||||||||||||
December 31, | ||||||||||||||||
2011 | ||||||||||||||||
$’000 | ||||||||||||||||
Assets of discontinued operations held for sale | 63,522 | — | — | 63,522 | (65,144 | ) | ||||||||||
Property, plant and equipment | 6,000 | — | — | 6,000 | (8,153 | ) | ||||||||||
Goodwill | — | — | — | — | (11,907 | ) | ||||||||||
Derivatives_and_hedging_activi1
Derivatives and hedging activities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule of notional amounts of outstanding interest rate derivatives that were designated as cash flow hedges | ' | |||||||||
As of December 31, 2013 and 2012, OEH had the following outstanding interest rate derivatives stated at their notional amounts in local currency that were designated as cash flow hedges of interest rate risk: | ||||||||||
2013 | 2012 | |||||||||
December 31, | ’000 | ’000 | ||||||||
Interest Rate Swaps | € | 137,469 | € | 142,094 | ||||||
Interest Rate Swaps | $ | 63,700 | $ | 104,259 | ||||||
Schedule of fair value of derivative financial instruments | ' | |||||||||
The table below presents the fair value of OEH’s derivative financial instruments and their classification as of December 31, 2013 and 2012: | ||||||||||
Fair value as of | Fair value as of | |||||||||
31-Dec-13 | 31-Dec-12 | |||||||||
Balance sheet location | $’000 | $’000 | ||||||||
Derivatives designated in a cash flow hedging relationship: | ||||||||||
Interest Rate Swaps | Accrued liabilities | (3,012 | ) | (3,858 | ) | |||||
Interest Rate Swaps | Other liabilities | (1,878 | ) | (5,021 | ) | |||||
Total | (4,890 | ) | (8,879 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest Rate Options | Other Assets | 2 | 6 | |||||||
Interest Rate Swaps | Accrued liabilities | — | — | |||||||
Interest Rate Swaps | Other liabilities | — | — | |||||||
Total | 2 | 6 | ||||||||
Schedule of derivative movements not included in other comprehensive income | ' | |||||||||
Derivative movements not included in other comprehensive income for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Amount of gain/(loss) recognized in interest expense for the ineffective portion of derivatives | (37 | ) | 218 | (353 | ) | |||||
Amount of gain/(loss) recognized in interest expense for derivatives not designated as hedging instruments | (4 | ) | (54 | ) | 484 | |||||
Accumulated_other_comprehensiv1
Accumulated other comprehensive income/(loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of changes in accumulated other comprehensive income/(loss) by component | ' | ||||||||||||
Changes in accumulated other comprehensive income/(loss) (“AOCI”) by component (net of tax) for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||
Foreign currency translation adjustments | Derivative financial instruments | Pension liability | Total | ||||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||||
Balance at January 1, 2012 | (52,611 | ) | (6,440 | ) | (13,238 | ) | (72,289 | ) | |||||
Other comprehensive loss before reclassifications | (14,524 | ) | (5,665 | ) | (32 | ) | (20,221 | ) | |||||
Amounts reclassified from AOCI | — | 6,129 | — | 6,129 | |||||||||
Net current period other comprehensive income/(loss) | (14,524 | ) | 464 | (32 | ) | (14,092 | ) | ||||||
Balance at December 31, 2012 | (67,135 | ) | (5,976 | ) | (13,270 | ) | (86,381 | ) | |||||
Other comprehensive income/(loss) before reclassifications | (14,204 | ) | (986 | ) | 4,673 | (10,517 | ) | ||||||
Amounts reclassified from AOCI | — | 3,581 | — | 3,581 | |||||||||
Net current period other comprehensive income/(loss) | (14,204 | ) | 2,595 | 4,673 | (6,936 | ) | |||||||
Balance at December 31, 2013 | (81,339 | ) | (3,381 | ) | (8,597 | ) | (93,317 | ) | |||||
Schedule of reclassifications out of AOCI | ' | ||||||||||||
Reclassifications out of AOCI (net of tax) were as follows: | |||||||||||||
Amount reclassified from AOCI | |||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
Details about AOCI components | $’000 | $’000 | Affected line item in the statement of operations | ||||||||||
Derivative financial instruments: | |||||||||||||
Cash flows from derivative financial instruments related to interest payments made for the hedged debt instrument | 3,581 | 6,129 | Interest expense | ||||||||||
Total reclassifications for the period | 3,581 | 6,129 | |||||||||||
Segment_information_Tables
Segment information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Schedule of revenues from external customers by segment | ' | |||||||||
Revenue from external customers by segment: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Owned hotels: | ||||||||||
Europe | 222,047 | 202,342 | 213,232 | |||||||
North America | 146,491 | 123,516 | 118,967 | |||||||
Rest of world | 141,709 | 132,887 | 135,570 | |||||||
Total owned hotels | 510,247 | 458,745 | 467,769 | |||||||
Part-owned/ managed hotels | 5,861 | 5,482 | 5,809 | |||||||
Total hotels | 516,108 | 464,227 | 473,578 | |||||||
Owned trains & cruises | 73,728 | 70,897 | 72,461 | |||||||
Part-owned/ managed trains | 4,245 | 3,828 | 3,316 | |||||||
Total trains & cruises | 77,973 | 74,725 | 75,777 | |||||||
Total revenue | 594,081 | 538,952 | 549,355 | |||||||
Schedule of reconciliation of the total of segment profit/(loss) to consolidated income/loss from operations | ' | |||||||||
Reconciliation of the total of segment profit to consolidated net earnings/(losses) from operations: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Owned hotels: | ||||||||||
Europe | 63,767 | 56,289 | 60,264 | |||||||
North America | 23,233 | 21,684 | 13,485 | |||||||
Rest of world | 35,958 | 32,726 | 31,624 | |||||||
Total owned hotels | 122,958 | 110,699 | 105,373 | |||||||
Part-owned/ managed hotels | 2,273 | 2,818 | 5,261 | |||||||
Total hotels | 125,231 | 113,517 | 110,634 | |||||||
Owned trains & cruises | 8,467 | 9,689 | 11,014 | |||||||
Part-owned/ managed trains | 14,390 | 12,546 | 9,934 | |||||||
Total trains & cruises | 22,857 | 22,235 | 20,948 | |||||||
Reconciliation to net earnings/(losses): | ||||||||||
Total segment profit | 148,088 | 135,752 | 131,582 | |||||||
Gain on disposal | — | 1,514 | 16,544 | |||||||
Impairment of goodwill | — | (2,055 | ) | (11,907 | ) | |||||
Impairment of other intangible assets, other assets and property, plant and equipment | (36,430 | ) | (3,837 | ) | (8,153 | ) | ||||
Impairment of property, plant and equipment in unconsolidated company | — | — | (626 | ) | ||||||
Central overheads | (30,647 | ) | (32,140 | ) | (30,343 | ) | ||||
Share-based compensation | (10,388 | ) | (6,834 | ) | (6,752 | ) | ||||
Depreciation and amortization | (48,740 | ) | (43,753 | ) | (43,633 | ) | ||||
Gain on extinguishment of debt | 3,517 | — | — | |||||||
Interest income | 1,067 | 1,065 | 2,365 | |||||||
Interest expense | (34,326 | ) | (30,862 | ) | (42,549 | ) | ||||
Foreign currency, net | 1,000 | (2,854 | ) | (4,538 | ) | |||||
Provision for income taxes | (17,628 | ) | (21,651 | ) | (19,611 | ) | ||||
Share of provision for income taxes of unconsolidated companies | (1,691 | ) | (5,771 | ) | (2,270 | ) | ||||
Losses from continuing operations | (26,178 | ) | (11,426 | ) | (19,891 | ) | ||||
Earnings/(losses) from discontinued operations | (5,318 | ) | 4,538 | (67,705 | ) | |||||
Net losses | (31,496 | ) | (6,888 | ) | (87,596 | ) | ||||
Schedule of reconciliation of assets from segment to consolidated | ' | |||||||||
Reconciliation of assets by segment to total assets: | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Owned hotels: | ||||||||||
Europe | 723,899 | 706,111 | ||||||||
North America | 494,919 | 544,957 | ||||||||
Rest of world | 342,831 | 320,541 | ||||||||
Total owned hotels | 1,561,649 | 1,571,609 | ||||||||
Part-owned/ managed hotels | 46,216 | 48,287 | ||||||||
Total hotels | 1,607,865 | 1,619,896 | ||||||||
Owned trains & cruises | 100,335 | 98,523 | ||||||||
Part-owned/ managed trains | 50,647 | 46,056 | ||||||||
Total trains & cruises | 150,982 | 144,579 | ||||||||
Real estate | — | 1,924 | ||||||||
Unallocated corporate | 86,603 | 68,588 | ||||||||
Discontinued operations held for sale | 34,416 | 57,040 | ||||||||
Total assets | 1,879,866 | 1,892,027 | ||||||||
Schedule of reconciliation of other significant reconciling items from segments to consolidated | ' | |||||||||
Carrying value of investment in equity method investees: | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Eastern & Oriental Express | 3,363 | 3,276 | ||||||||
Peru hotels | 16,619 | 15,543 | ||||||||
Peru Rail | 38,095 | 32,973 | ||||||||
Hotel Ritz Madrid | — | 1,736 | ||||||||
Buzios | 5,207 | 5,284 | ||||||||
Total investment in equity method investees | 63,284 | 58,812 | ||||||||
Earnings from unconsolidated companies, net of tax: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Part-owned/ managed hotels | (2,372 | ) | 1,517 | 35 | ||||||
Part-owned/ managed trains | 8,814 | 607 | 4,322 | |||||||
Total earnings from unconsolidated companies, net of tax | 6,442 | 2,124 | 4,357 | |||||||
Reconciliation of capital expenditure by segment: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Owned hotels: | ||||||||||
Europe | 13,238 | 17,187 | 18,660 | |||||||
North America | 32,635 | 47,659 | 17,690 | |||||||
Rest of world | 14,173 | 27,021 | 17,748 | |||||||
Total owned hotels | 60,046 | 91,867 | 54,098 | |||||||
Owned trains & cruises | 6,325 | 4,410 | 3,849 | |||||||
Unallocated corporate | 275 | 771 | 1,962 | |||||||
Total capital expenditure | 66,646 | 97,048 | 59,909 | |||||||
Schedule of revenues from external customers and long-lived assets by location of property | ' | |||||||||
Revenue from external customers in OEH's country of domicile and significant countries (based on the location of the property): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Year ended December 31, | $’000 | $’000 | $’000 | |||||||
Bermuda | — | — | — | |||||||
Italy | 133,806 | 120,307 | 124,632 | |||||||
United Kingdom | 65,865 | 67,647 | 71,313 | |||||||
United States | 108,167 | 85,890 | 83,126 | |||||||
Brazil | 80,537 | 74,731 | 82,181 | |||||||
All other countries | 205,706 | 190,377 | 188,103 | |||||||
Total revenue | 594,081 | 538,952 | 549,355 | |||||||
Property, plant and equipment (net), at book value in OEH's country of domicile and significant countries (based on the location of the property): | ||||||||||
2013 | 2012 | |||||||||
December 31, | $’000 | $’000 | ||||||||
Bermuda | — | — | ||||||||
Italy | 381,718 | 369,756 | ||||||||
United Kingdom | 63,964 | 64,047 | ||||||||
United States | 342,168 | 318,672 | ||||||||
Brazil | 148,012 | 147,408 | ||||||||
All other countries | 373,741 | 422,024 | ||||||||
Total property, plant and equipment at book value | 1,309,603 | 1,321,907 | ||||||||
Basis_of_financial_statement_p1
Basis of financial statement presentation (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
canalboat | |
hotel | |
ship | |
restaurant | |
train | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of hotels and resort properties | 35 |
Number of restaurants | 1 |
Number of tourist trains | 6 |
Number of river cruise businesses | 2 |
Number of canal boat businesses | 1 |
Number of reportable segments | 6 |
Summary_of_significant_account3
Summary of significant accounting policies Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Residual value, percentage | 10.00% |
River cruise ship and canal boats | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '25 years |
Maximum | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '60 years |
Maximum | Trains | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '75 years |
Maximum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '25 years |
Minimum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Summary_of_significant_account4
Summary of significant accounting policies Investments (Details) | Dec. 31, 2013 |
Minimum | ' |
Schedule of Equity Method Investments | ' |
Ownership percentage | 20.00% |
Maximum | ' |
Schedule of Equity Method Investments | ' |
Ownership percentage | 50.00% |
Summary_of_significant_account5
Summary of significant accounting policies Goodwill (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill | ' | ' |
Operating cash flows forecast period assumed in goodwill impairment analysis (in years) | '5 years | ' |
Minimum period for which terminal value is included from the balance sheet date for goodwill impairment analysis (in years) | '5 years | ' |
Minimum | ' | ' |
Goodwill | ' | ' |
Terminal growth rate assumed in goodwill impairment analysis (as a percent) | 3.40% | 3.00% |
Discount rate, pre-tax, used in goodwill impairment analysis (as a percent) | 9.60% | 9.20% |
Maximum | ' | ' |
Goodwill | ' | ' |
Terminal growth rate assumed in goodwill impairment analysis (as a percent) | 5.40% | 5.90% |
Discount rate, pre-tax, used in goodwill impairment analysis (as a percent) | 16.40% | 16.50% |
Summary_of_significant_account6
Summary of significant accounting policies Other intangible assets (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Internet sites | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period (in years) | '10 years |
Minimum | Favorable lease intangible assets | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period (in years) | '19 years |
Maximum | Favorable lease intangible assets | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period (in years) | '60 years |
Summary_of_significant_account7
Summary of significant accounting policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
property | |||
Accounting Policies [Abstract] | ' | ' | ' |
Credit value adjustment, percentage of fair value of derivatives for Level 3 classification greater than | 20.00% | ' | ' |
Marketing costs | $40,612 | $35,960 | $36,413 |
Number of properties in Mexico for which local currency is not applicable | 1 | ' | ' |
Earnings_per_share_Calculation
Earnings per share Calculation of basic and diluted earnings per share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' |
Net earnings/(losses) from continuing operations | ($26,178) | ($11,426) | ($19,891) |
Net earnings/(losses) from discontinued operations | -5,318 | 4,538 | -67,705 |
Net losses/(earnings) attributable to non-controlling interests | -63 | -173 | -184 |
Net losses attributable to Orient-Express Hotels Ltd. | ($31,559) | ($7,061) | ($87,780) |
Denominator (shares) | ' | ' | ' |
Basic weighted average shares outstanding (in shares) | 103,226 | 102,849 | 102,531 |
Effect of dilution (in shares) | 0 | 0 | 0 |
Diluted weighted average shares outstanding (in shares) | 103,226 | 102,849 | 102,531 |
Basic earnings per share | ' | ' | ' |
Net earnings/(losses) from continuing operations (in dollars per share) | ($0.25) | ($0.11) | ($0.19) |
Net earnings/(losses) from discontinued operations (in dollars per share) | ($0.05) | $0.04 | ($0.66) |
Net losses/(earnings) attributable to non-controlling interests (in dollars per share) | ($0.00) | ($0.00) | ($0.00) |
Basic net earnings/(losses) per share attributable to Orient-Express Hotels Ltd. (in dollars per share) | ($0.31) | ($0.07) | ($0.86) |
Diluted earnings per share | ' | ' | ' |
Net earnings/(losses) from continuing operations (in dollars per share) | ($0.25) | ($0.11) | ($0.19) |
Net earnings/(losses) from discontinued operations (in dollars per share) | ($0.05) | $0.04 | ($0.66) |
Net losses/(earnings) attributable to non-controlling interests (in dollars per share) | ($0.00) | ($0.00) | ($0.00) |
Diluted net earnings/(losses) per share attributable to Orient-Express Hotels Ltd. (in dollars per share) | ($0.31) | ($0.07) | ($0.86) |
Earnings_per_share_Securities_
Earnings per share Securities excluded from the computation of diluted earnings per share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of share options and share-based awards excluded from computation of earnings per share (in shares) | 4,540,127 | 4,774,448 | 3,731,699 |
Number of share options and share-based awards unexercised (in shares) | 4,540,127 | 4,774,448 | 3,731,699 |
Share options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of share options and share-based awards excluded from computation of earnings per share (in shares) | 3,058,300 | 3,430,800 | 3,074,450 |
Share-based awards | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of share options and share-based awards excluded from computation of earnings per share (in shares) | 1,481,827 | 1,343,648 | 657,249 |
Summary_of_net_assets_sold_and
Summary of net assets sold and the gain/loss recorded on sale (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 08, 2012 | Aug. 08, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 01, 2011 | Aug. 01, 2011 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | The Westcliff | The Westcliff | The Westcliff | The Westcliff | The Observatory Hotel | The Observatory Hotel | The Observatory Hotel | The Observatory Hotel | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Keswick Hall | Keswick Hall | Keswick Hall | Keswick Hall | HC4tel de la CitC) | HC4tel de la CitC) | HC4tel de la CitC) | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||
Net assets sold and gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant & equipment | $32,193 | $33,527 | ' | $38 | $0 | $38 | ' | $17,911 | ' | ' | ' | $48,096 | ' | ' | ' | $15,827 | ' | ' | $18,590 | ' | ' | ' | $13,147 | ' | ' |
Real estate assets | 720 | 22,040 | ' | 18,512 | 720 | 22,040 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | 0 | ' | ' |
Net working capital (deficit)/surplus | ' | ' | ' | 0 | ' | ' | ' | -207 | ' | ' | ' | -299 | ' | ' | ' | -720 | ' | ' | 401 | ' | ' | ' | 266 | ' | ' |
Other assets/(liabilities) | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | -1,891 | ' | ' | ' | 0 | ' | ' |
Net assets | ' | ' | ' | 18,550 | ' | ' | ' | 17,704 | ' | ' | ' | 47,797 | ' | ' | ' | 15,107 | ' | ' | 17,100 | ' | ' | ' | 13,413 | ' | ' |
Transfer of foreign currency translation loss/(gain) | ' | ' | ' | 0 | ' | ' | ' | 1,308 | ' | ' | ' | -12,147 | ' | ' | ' | -13,074 | ' | ' | 0 | ' | ' | ' | -3,018 | ' | ' |
Net assets after adjustments | ' | ' | ' | 18,550 | ' | ' | ' | 19,012 | ' | ' | ' | 35,650 | ' | ' | ' | 2,033 | ' | ' | 17,100 | ' | ' | ' | 10,395 | ' | ' |
Consideration: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | 19,000 | ' | ' | ' | 26,000 | ' | ' | ' | 30,895 | 29,350 | ' | ' | 3,000 | ' | ' | 12,000 | ' | ' | ' | 12,933 | 9,000 | ' |
Reduction in debt facility on sale of hotel | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 11,211 | 10,650 | ' | ' | 0 | ' | ' | 10,000 | ' | ' | ' | 0 | ' | ' |
Less: Working capital adjustment | ' | ' | ' | -11 | ' | ' | ' | -628 | ' | ' | ' | -447 | ' | ' | ' | 0 | ' | ' | -430 | ' | ' | ' | 0 | ' | ' |
Less: Costs to sell | ' | ' | ' | 0 | ' | ' | ' | -954 | ' | ' | ' | -650 | ' | ' | ' | -305 | ' | ' | -513 | ' | ' | ' | -356 | ' | ' |
Net proceeds from divestiture of businesses | ' | ' | ' | 18,989 | ' | ' | ' | 24,418 | ' | ' | ' | 41,009 | ' | ' | ' | 2,695 | ' | ' | 21,057 | ' | ' | ' | 12,577 | ' | ' |
Gain on sale | $439 | $15,384 | $2,182 | $439 | $439 | $0 | $0 | $5,406 | $0 | $5,406 | $0 | $5,359 | ' | $5,359 | $0 | $662 | $662 | $0 | $3,957 | $0 | $3,957 | $0 | $2,182 | ' | $2,182 |
Summarized_operating_results_f
Summarized operating results for discontinued operations (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 08, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 01, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
Ubud Hanging Gardens | Ubud Hanging Gardens | Ubud Hanging Gardens | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | The Westcliff | The Westcliff | The Westcliff | The Westcliff | The Observatory Hotel | The Observatory Hotel | The Observatory Hotel | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Keswick Hall | Keswick Hall | Keswick Hall | Keswick Hall | HC4tel de la CitC) | HC4tel de la CitC) | Other | ||||
Operating results | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $7,056 | $33,323 | $58,306 | $5,124 | $5,816 | $5,381 | ' | $1,932 | $8,163 | $7,871 | ' | $0 | $9,088 | $9,523 | ' | $9,194 | $16,429 | ' | $0 | $0 | ' | $0 | $1,062 | $15,359 | ' | $3,743 | $0 |
Earnings/(losses) before tax, gain on sale and impairment | -2,637 | -6,062 | -7,909 | 591 | 1,757 | 1,527 | ' | -3,228 | -5,187 | -6,169 | ' | 0 | 215 | -585 | ' | -1,080 | -726 | ' | -166 | -403 | ' | 0 | -1,601 | -1,330 | ' | -212 | -11 |
Impairment | -7,031 | -3,166 | -65,144 | -7,031 | 0 | 0 | ' | 0 | -3,166 | -38,545 | ' | 0 | 0 | -515 | ' | 0 | 0 | ' | 0 | -2,150 | ' | 0 | 0 | -23,934 | ' | 0 | 0 |
Gain on sale | 439 | 15,384 | 2,182 | 0 | 0 | 0 | 439 | 439 | 0 | 0 | 5,406 | 0 | 5,406 | 0 | 5,359 | 5,359 | 0 | 662 | 662 | 0 | 3,957 | 0 | 3,957 | 0 | 2,182 | 2,182 | 0 |
Earnings/(losses) before tax | -9,229 | 6,156 | -70,871 | -6,440 | 1,757 | 1,527 | ' | -2,789 | -8,353 | -44,714 | ' | 0 | 5,621 | -1,100 | ' | 4,279 | -726 | ' | 496 | -2,553 | ' | 0 | 2,356 | -25,264 | ' | 1,970 | -11 |
Tax (provision)/benefit | 3,911 | -1,618 | 3,166 | 1,838 | -336 | -469 | ' | 0 | 0 | 0 | ' | 1,425 | -1,025 | -87 | ' | 426 | 0 | ' | 0 | 0 | ' | 648 | -683 | 4,506 | ' | -784 | 0 |
Net earnings/(losses) from discontinued operations | ($5,318) | $4,538 | ($67,705) | ($4,602) | $1,421 | $1,058 | ' | ($2,789) | ($8,353) | ($44,714) | ' | $1,425 | $4,596 | ($1,187) | ' | $4,705 | ($726) | ' | $496 | ($2,553) | ' | $648 | $1,673 | ($20,758) | ' | $1,186 | ($11) |
Assets_and_liabilities_of_prop
Assets and liabilities of properties classified as held for sale (Details) (USD $) | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets and liabilities | ' | ' | ' | ' |
Current assets | $1,503 | ' | $1,473 | ' |
Real estate assets | 720 | ' | 22,040 | ' |
Property, plant and equipment, net | 32,193 | ' | 33,527 | ' |
Total assets held for sale | 34,416 | ' | 57,040 | ' |
Current liabilities | -1,611 | ' | -3,537 | ' |
Total liabilities held for sale | -1,611 | ' | -3,537 | ' |
The Inn at Perry Cabin | ' | ' | ' | ' |
Assets and liabilities | ' | ' | ' | ' |
Current assets | 1,503 | ' | 1,473 | ' |
Real estate assets | 0 | ' | 0 | ' |
Property, plant and equipment, net | 32,193 | ' | 33,489 | ' |
Total assets held for sale | 33,696 | ' | 34,962 | ' |
Current liabilities | -1,611 | ' | -1,363 | ' |
Total liabilities held for sale | -1,611 | ' | -1,363 | ' |
Porto Cupecoy | ' | ' | ' | ' |
Assets and liabilities | ' | ' | ' | ' |
Current assets | 0 | ' | 0 | ' |
Real estate assets | 720 | 18,512 | 22,040 | ' |
Property, plant and equipment, net | 0 | 38 | 38 | ' |
Total assets held for sale | 720 | ' | 22,078 | 1,677 |
Current liabilities | 0 | ' | -2,174 | ' |
Total liabilities held for sale | $0 | ' | ($2,174) | ' |
Assets_held_for_sale_and_disco2
Assets held for sale and discontinued operations (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Aug. 08, 2012 | Aug. 08, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jan. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Aug. 01, 2011 | Aug. 01, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | Porto Cupecoy | The Westcliff | The Westcliff | The Westcliff | The Westcliff | The Westcliff | The Observatory Hotel | The Observatory Hotel | The Observatory Hotel | The Observatory Hotel | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Bora Bora Lagoon Resort | Keswick Hall | Keswick Hall | Keswick Hall | Keswick Hall | Keswick Hall | HC4tel de la CitC) | HC4tel de la CitC) | HC4tel de la CitC) | Ubud Hanging Gardens | Ubud Hanging Gardens | Ubud Hanging Gardens | Ubud Hanging Gardens | |
USD ($) | USD ($) | USD ($) | USD ($) | Real estate | Real estate | Property, plant and equipment | USD ($) | USD ($) | USD ($) | USD ($) | Goodwill | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Property, plant and equipment | USD ($) | USD ($) | USD ($) | USD ($) | Property, plant and equipment | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | Fair value | ||||
Condominium | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations, tax (benefit)/provision | ($3,911) | $1,618 | ($3,166) | ' | $0 | $0 | $0 | ' | ' | ' | ' | ($1,425) | $1,025 | $87 | ' | ' | ' | ($426) | $0 | ' | $0 | $0 | ' | ' | ($648) | $683 | ($4,506) | ' | ' | ' | $784 | ($1,838) | $336 | $469 | ' |
Number of condominiums held for sale | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | 19,000 | ' | ' | ' | ' | ' | ' | 26,000 | ' | ' | ' | ' | 30,895 | 29,350 | ' | ' | 3,000 | ' | ' | ' | 12,000 | ' | ' | ' | ' | 12,933 | 9,000 | ' | ' | ' | ' | ' |
Gain on sale | 439 | 15,384 | 2,182 | 439 | 439 | 0 | 0 | ' | ' | ' | 5,406 | 0 | 5,406 | 0 | ' | 5,359 | ' | 5,359 | 0 | 662 | 662 | 0 | ' | 3,957 | 0 | 3,957 | 0 | ' | 2,182 | ' | 2,182 | 0 | 0 | 0 | ' |
Gross proceeds from divestiture of businesses, including reduction in debt facility on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,106 | 40,000 | ' | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in debt facility on sale of hotel | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 11,211 | 10,650 | ' | ' | 0 | ' | ' | ' | 10,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Transfer of foreign currency translation amounts from accumulated other comprehensive loss | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | -1,308 | ' | ' | ' | ' | 12,147 | ' | ' | ' | 13,074 | ' | ' | ' | 0 | ' | ' | ' | ' | 3,018 | ' | ' | ' | ' | ' | ' |
Non-cash impairment charge | 7,031 | 3,166 | 65,144 | ' | 0 | 3,166 | 38,545 | 3,166 | 36,868 | 1,677 | ' | 0 | 0 | 515 | 515 | ' | ' | 0 | 0 | ' | 0 | 2,150 | 2,150 | ' | 0 | 0 | 23,934 | 23,934 | ' | ' | 0 | 7,031 | 0 | 0 | ' |
Carrying value of long-lived assets to be abandoned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
Variable_interest_entities_Car
Variable interest entities Carrying amounts of consolidated assets and liabilities of Charleston Center LLC (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Variable Interest Entity [Line Items] | ' | ' | ' |
Current assets | $281,796 | $289,485 | ' |
Property, plant and equipment | 187,854 | 183,793 | ' |
Goodwill | 156,916 | 161,278 | 161,460 |
Other assets | 53,998 | 41,825 | ' |
Total assets | 1,879,866 | 1,892,027 | ' |
Current liabilities | 209,479 | 227,304 | ' |
Long-term accrued interest on subordinated debt | 15,340 | 14,740 | ' |
Deferred income taxes of consolidated variable interest entities | 60,892 | 60,326 | ' |
Total liabilities | 969,221 | 953,704 | ' |
Current portion of long-term debt of consolidated variable interest entity | 1,805 | 1,795 | ' |
Variable interest entity, primary beneficiary | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Third-party debt, including $1,805 and $1,795 current portion | 96,150 | 97,945 | ' |
Charleston Center LLC | Variable interest entity, primary beneficiary | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Current assets | 10,517 | 18,511 | ' |
Property, plant and equipment | 187,856 | 183,793 | ' |
Goodwill | 40,395 | 40,395 | ' |
Other assets | 1,893 | 2,114 | ' |
Total assets | 240,661 | 244,813 | ' |
Current liabilities | 6,722 | 6,382 | ' |
Third-party debt, including $1,805 and $1,795 current portion | 96,150 | 97,945 | ' |
Long-term accrued interest on subordinated debt | 15,340 | 14,740 | ' |
Deferred income taxes of consolidated variable interest entities | 60,892 | 60,326 | ' |
Total liabilities | 179,104 | 179,393 | ' |
Net assets (before amounts payable to OEH of $92,692 and $90,807) | 61,557 | 65,420 | ' |
Current portion of long-term debt of consolidated variable interest entity | 1,805 | 1,795 | ' |
Amounts payable to OEH from consolidated variable interest entity | $92,692 | $90,807 | ' |
Variable_interest_entities_Car1
Variable interest entities Carrying amounts and maximum exposure to loss for Peru rail joint venture (Details) (Rail joint venture in Peru, Variable interest entity, not primary beneficiary, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amounts, Total | $43,052 | $37,776 |
Maximum Exposure | 63,703 | 62,483 |
Investment | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amounts, Assets | 38,095 | 32,973 |
Maximum Exposure | 38,095 | 32,973 |
Due from unconsolidated company | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amounts, Assets | 4,957 | 4,803 |
Maximum Exposure | 4,957 | 4,803 |
Guarantees | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amounts, Liabilities | 0 | 0 |
Maximum Exposure | 5,920 | 7,558 |
Contingent guarantees | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amounts, Liabilities | 0 | 0 |
Maximum Exposure | $14,731 | $17,149 |
Variable_interest_entities_Det
Variable interest entities (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Variable interest entity, not primary beneficiary | Rail joint venture in Peru | ' |
Variable Interest Entity [Line Items] | ' |
Ownership percentage | 50.00% |
Triggering event for contingent guarantees, ownership percentage falls below | 50.00% |
Long-term debt default amount classified in current liabilities | $5,920 |
Variable interest entity, not primary beneficiary | Rail joint venture in Peru | Financial Guarantee Additional Debt 2017 | ' |
Variable Interest Entity [Line Items] | ' |
Debt obligations guaranteed | 5,920 |
Variable interest entity, not primary beneficiary | Rail joint venture in Peru | Contingent Financial Guarantee Debt 2017 | ' |
Variable Interest Entity [Line Items] | ' |
Debt obligations guaranteed | 7,755 |
Variable interest entity, not primary beneficiary | Rail joint venture in Peru | Guarantee of Governmental Concession | ' |
Variable Interest Entity [Line Items] | ' |
Debt obligations guaranteed | $6,976 |
Charleston Center LLC | Variable interest entity, primary beneficiary | ' |
Variable Interest Entity [Line Items] | ' |
Ownership percentage | 19.90% |
Unconsolidated_companies_summa
Unconsolidated companies summarized financial data (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Summarized financial data for OEH's unconsolidated companies | ' | ' | ' | |||
Current assets | $64,145 | $75,339 | ' | |||
Property, plant and equipment, net | 342,731 | 333,374 | ' | |||
Other assets | 24,142 | 25,072 | ' | |||
Non-current assets | 366,873 | 358,446 | ' | |||
Total assets | 431,018 | 433,785 | ' | |||
Current liabilities | 154,213 | 165,413 | ' | |||
Long-term debt | 37,043 | 45,985 | ' | |||
Other liabilities | 127,002 | 115,763 | ' | |||
Non-current liabilities | 164,045 | 161,748 | ' | |||
Total shareholdersb equity | 112,760 | 106,624 | ' | |||
Total liabilities and shareholdersb equity | 431,018 | 433,785 | ' | |||
Revenue | 168,839 | 157,270 | 145,254 | |||
Gross profit | 91,357 | [1] | 89,303 | [1] | 82,600 | [1] |
Net earnings | $13,549 | [2] | $4,181 | [2] | $7,694 | [2] |
[1] | Gross profit is defined as revenues less cost of services of the unconsolidated companies. | |||||
[2] | There were no discontinued operations, extraordinary items or cumulative effects of a change in an accounting principle in the unconsolidated companies. |
Investments_in_unconsolidated_2
Investments in unconsolidated companies (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2007 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments | ' | ' |
Number of hotels operated by joint venture | 35 | ' |
Rail joint venture in Peru | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | ' |
Peruvian hotel joint venture | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | ' |
Number of hotels operated by joint venture | 4 | ' |
Peruvian hotel joint venture | Contingent Financial Guarantee Additional Debt 2018 | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Debt obligations guaranteed | 17,775 | ' |
Peruvian hotel joint venture | Contingent Financial Guarantee Additional Debt 2014 | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Debt obligations guaranteed | 1,353 | ' |
Hotel Ritz, Madrid | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | ' |
Hotel Ritz, Madrid | Guarantees | Debt | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Debt obligations guaranteed | 10,335 | ' |
Hotel Ritz, Madrid | Guarantees | Working Capital Loan Facility | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Debt obligations guaranteed | 789 | ' |
Hotel Ritz, Madrid | First Mortgage Loan Facility | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Long-term debt default amount classified in current liabilities | 83,368 | ' |
Eastern and Oriental Express Ltd. | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 25.00% | ' |
Buzios | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | 50.00% |
Cash consideration | ' | $5,000 |
Hotel and rail joint ventures in Peru | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | ' |
Maximum | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | ' |
Minimum | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 20.00% | ' |
Minimum | Hotel and rail joint ventures in Peru | Guarantees | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Ownership percentage | 50.00% | ' |
Major_classes_of_property_plan
Major classes of property, plant and equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment | ' | ' |
Property, plant and equipment, gross | $1,452,139 | $1,430,526 |
Less: Accumulated depreciation | -330,390 | -292,412 |
Total property, plant and equipment | 1,121,749 | 1,138,114 |
Land and buildings | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, gross | 1,013,015 | 1,020,570 |
Machinery and equipment | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, gross | 210,992 | 193,839 |
Fixtures, fittings and office equipment | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, gross | 209,050 | 197,862 |
River cruise ship and canal boats | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, gross | $19,082 | $18,255 |
Major_classes_of_assets_under_
Major classes of assets under capital leases (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets under capital leases | ' | ' |
Assets under capital leases, gross | $997 | $1,021 |
Less: Accumulated depreciation | -905 | -829 |
Total assets under capital leases | 92 | 192 |
Land and buildings | ' | ' |
Assets under capital leases | ' | ' |
Assets under capital leases, gross | 0 | 0 |
Machinery and equipment | ' | ' |
Assets under capital leases | ' | ' |
Assets under capital leases, gross | 889 | 918 |
Fixtures, fittings and office equipment | ' | ' |
Assets under capital leases | ' | ' |
Assets under capital leases, gross | $108 | $103 |
Property_plant_and_equipment_D
Property, plant and equipment (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 07, 2011 | Apr. 07, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Apr. 07, 2011 | Dec. 16, 2011 | Apr. 07, 2011 | Apr. 07, 2011 | Apr. 07, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
Assignment of Purchase and Development Agreements | Assignment of Purchase and Development Agreements | Assignment of Purchase and Development Agreements | Initial Call Option on Excess Development Rights | Call Options on Excess Development Rights | Call Options on Excess Development Rights | Put Option on Excess Development Rights | Additional Call Option on Excess Development Rights | Charleston Center LLC | Charleston Center LLC | Great South Pacific Express | Ubud Hanging Gardens | Ubud Hanging Gardens | Ubud Hanging Gardens | Continuing operations | Continuing operations | Continuing operations | Property, plant and equipment | Property, plant and equipment | Property, plant and equipment | Property, plant and equipment | Property, plant and equipment | Property, plant and equipment | Property, plant and equipment | Property, plant and equipment | |||||
sqft | Maximum | sqft | sqft | La Samanna | Grand Hotel Europe | Great South Pacific Express | Casa de Sierra Nevada | Ubud Hanging Gardens | Continuing operations | ||||||||||||||||||||
sqft | |||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,346,000 | $43,263,000 | $43,133,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets to be disposed of | 7,031,000 | 3,166,000 | 65,144,000 | ' | ' | 6,386,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,031,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,029,000 | ' |
Impairment of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,837,000 | ' | ' | ' | ' | ' | ' | 2,538,000 | 8,153,000 | 35,680,000 | 750,000 | 2,538,000 | 8,153,000 | ' | 36,430,000 |
Property, plant and equipment | 1,121,749,000 | 1,138,114,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,854,000 | 183,793,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs capitalized | 1,088,000 | 4,193,000 | 863,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement revenue | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds | ' | ' | ' | ' | 25,500,000 | ' | ' | ' | 16,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from closure of transaction | ' | ' | ' | 16,544,000 | ' | ' | 492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Square feet of excess development rights | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | 52,000 | 65,000 | 4,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Put or call option aggregate value | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' | ' | 16,000,000 | 2,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds used to repay a portion of existing loan facility | ' | ' | ' | ' | ' | ' | ' | ' | $4,514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_carrying_amount_of_
Changes in carrying amount of goodwill (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | $161,278,000 | $161,460,000 | ' |
Impairment | 0 | -2,055,000 | -11,907,000 |
Foreign currency translation adjustment | -1,175,000 | 1,873,000 | ' |
Balance at the end of the period | 156,916,000 | 161,278,000 | 161,460,000 |
Segment: Owned hotels - Europe | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | 77,319,000 | 77,089,000 | ' |
Impairment | 0 | -2,055,000 | ' |
Foreign currency translation adjustment | 462,000 | 2,285,000 | ' |
Balance at the end of the period | 77,781,000 | 77,319,000 | ' |
Segment: Owned hotels - North America | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | 49,991,000 | 49,991,000 | ' |
Impairment | 0 | 0 | ' |
Foreign currency translation adjustment | 0 | 0 | ' |
Balance at the end of the period | 49,991,000 | 49,991,000 | ' |
Segment: Owned hotels - Rest of world | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | 25,977,000 | 26,525,000 | ' |
Impairment | ' | 0 | ' |
Foreign currency translation adjustment | -1,683,000 | -548,000 | ' |
Balance at the end of the period | 21,107,000 | 25,977,000 | ' |
Segment: Owned trains and cruises | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | 7,991,000 | 7,855,000 | ' |
Impairment | 0 | 0 | ' |
Foreign currency translation adjustment | 46,000 | 136,000 | ' |
Balance at the end of the period | 8,037,000 | 7,991,000 | ' |
Discontinued operations | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Impairment | -3,187,000 | ' | ' |
Discontinued operations | Segment: Owned hotels - Rest of world | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' |
Impairment | ($3,187,000) | ' | ' |
Noncash_goodwill_impairment_ch
Non-cash goodwill impairment charge (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill | ' | ' | ' |
Impairment of goodwill | $0 | $2,055,000 | $11,907,000 |
Maroma Resort and Spa | ' | ' | ' |
Goodwill | ' | ' | ' |
Impairment of goodwill | ' | ' | 7,904,000 |
La Residencia | ' | ' | ' |
Goodwill | ' | ' | ' |
Impairment of goodwill | ' | ' | 2,779,000 |
Mount Nelson Hotel | ' | ' | ' |
Goodwill | ' | ' | ' |
Impairment of goodwill | ' | ' | $1,224,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2013 | Jan. 02, 2012 | |
hotel | |||||
Goodwill and impairment of goodwill | ' | ' | ' | ' | ' |
Gross amount of goodwill | ' | ' | ' | $192,418,000 | $190,545,000 |
Accumulated impairment of goodwill | ' | ' | ' | 31,140,000 | 29,085,000 |
Impairment of goodwill | 0 | 2,055,000 | 11,907,000 | ' | ' |
Number of hotels on which impairment charge is recorded | ' | ' | 3 | ' | ' |
Reid's Palace | ' | ' | ' | ' | ' |
Goodwill and impairment of goodwill | ' | ' | ' | ' | ' |
Impairment of goodwill | ' | 2,055,000 | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | ' |
Goodwill and impairment of goodwill | ' | ' | ' | ' | ' |
Impairment of goodwill | 3,187,000 | ' | ' | ' | ' |
Continuing operations | ' | ' | ' | ' | ' |
Goodwill and impairment of goodwill | ' | ' | ' | ' | ' |
Impairment of goodwill | 0 | ' | ' | ' | ' |
Ubud Hanging Gardens | Discontinued operations | ' | ' | ' | ' | ' |
Goodwill and impairment of goodwill | ' | ' | ' | ' | ' |
Impairment of goodwill | $3,187,000 | ' | ' | ' | ' |
Rollforward_of_other_intangibl
Rollforward of other intangible assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Carrying amount: | ' | ' | ' |
Balance at the beginning of the period | $21,763,000 | $22,169,000 | ' |
Foreign currency translation adjustment, finite-lived intangibles | -1,465,000 | -406,000 | ' |
Impairment of intangible assets of discontinued operations | ' | 0 | 0 |
Balance at the end of the period | 17,483,000 | 21,763,000 | 22,169,000 |
Accumulated amortization: | ' | ' | ' |
Balance at the beginning of the period | 3,155,000 | 2,704,000 | ' |
Charge for the year | 448,000 | 490,000 | ' |
Foreign currency translation adjustment | -272,000 | -39,000 | ' |
Balance at the end of the period | 3,331,000 | 3,155,000 | 2,704,000 |
Net book value: | ' | ' | ' |
Net book value | 14,152,000 | 18,608,000 | 19,465,000 |
Discontinued operations | ' | ' | ' |
Carrying amount: | ' | ' | ' |
Impairment of intangible assets of discontinued operations | -2,815,000 | ' | ' |
Trade names | ' | ' | ' |
Carrying amount: | ' | ' | ' |
Balance at the beginning of the period | 7,100,000 | 7,100,000 | ' |
Foreign currency translation adjustment, indefinite-lived intangibles | 0 | 0 | ' |
Balance at the end of the period | 7,100,000 | 7,100,000 | ' |
Net book value: | ' | ' | ' |
Net book value | 7,100,000 | 7,100,000 | 7,100,000 |
Trade names | Discontinued operations | ' | ' | ' |
Carrying amount: | ' | ' | ' |
Impairment of intangible assets of discontinued operations | 0 | ' | ' |
Favorable lease assets | ' | ' | ' |
Carrying amount: | ' | ' | ' |
Balance at the beginning of the period | 12,971,000 | 13,460,000 | ' |
Foreign currency translation adjustment, finite-lived intangibles | -1,496,000 | -489,000 | ' |
Balance at the end of the period | 8,660,000 | 12,971,000 | ' |
Accumulated amortization: | ' | ' | ' |
Balance at the beginning of the period | 2,248,000 | 1,972,000 | ' |
Charge for the year | 311,000 | 354,000 | ' |
Foreign currency translation adjustment | -291,000 | -78,000 | ' |
Balance at the end of the period | 2,268,000 | 2,248,000 | ' |
Net book value: | ' | ' | ' |
Net book value | 6,392,000 | 10,723,000 | 11,488,000 |
Internet sites | ' | ' | ' |
Carrying amount: | ' | ' | ' |
Balance at the beginning of the period | 1,692,000 | 1,609,000 | ' |
Foreign currency translation adjustment, finite-lived intangibles | 31,000 | 83,000 | ' |
Balance at the end of the period | 1,723,000 | 1,692,000 | ' |
Accumulated amortization: | ' | ' | ' |
Balance at the beginning of the period | 907,000 | 732,000 | ' |
Charge for the year | 137,000 | 136,000 | ' |
Foreign currency translation adjustment | 19,000 | 39,000 | ' |
Balance at the end of the period | 1,063,000 | 907,000 | ' |
Net book value: | ' | ' | ' |
Net book value | 660,000 | 785,000 | 877,000 |
Internet sites | Discontinued operations | ' | ' | ' |
Carrying amount: | ' | ' | ' |
Impairment of intangible assets of discontinued operations | $0 | ' | ' |
Other_intangible_assets_Detail
Other intangible assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment of intangible assets | ' | $0 | $0 |
Amortization expense | 448,000 | 490,000 | ' |
Ubud Hanging Gardens | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, fair value disclosure | 2,815,000 | ' | ' |
Discontinued operations | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment of intangible assets | 2,815,000 | ' | ' |
Discontinued operations | Ubud Hanging Gardens | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 54,000 | 81,000 | ' |
Continuing operations | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 394,000 | 409,000 | 413,000 |
Estimated amortization expense, year ended December 31, 2014 | 394,000 | ' | ' |
Estimated amortization expense, year ended December 31, 2015 | 394,000 | ' | ' |
Estimated amortization expense, year ended December 31, 2016 | 394,000 | ' | ' |
Estimated amortization expense, year ended December 31, 2017 | 394,000 | ' | ' |
Estimated amortization expense, year ended December 31, 2018 | 394,000 | ' | ' |
Favorable lease assets | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 311,000 | 354,000 | ' |
Favorable lease assets | Discontinued operations | Ubud Hanging Gardens | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment of intangible assets | 2,815,000 | ' | ' |
Fair value measurements, non-recurring | Ubud Hanging Gardens | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Fair value measurements, non-recurring | Discontinued operations | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, fair value disclosure | $0 | ' | ' |
Debt_and_obligations_under_cap2
Debt and obligations under capital lease Long-term debt and obligations under capital lease (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Loans from banks and other parties collateralized by property, plant and equipment payable over periods of one to nine years (2012 - one to 20 years), with a weighted average interest rate of 4.22% (2012 - 4.14%) | 543,567 | 521,494 |
Obligations under capital lease | 14 | 66 |
Total long-term debt and obligations under capital lease | 543,581 | 521,560 |
Less: Current portion | 71,011 | 90,115 |
Non-current portion of long-term debt and obligations under capital lease | 472,570 | 431,445 |
Weighted average interest rate | 4.22% | 4.14% |
Minimum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Period of debt repayment | '1 year | '1 year |
Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Period of debt repayment | '9 years | '20 years |
Debt_and_obligations_under_cap3
Debt and obligations under capital lease Long-term debt maturities, including obligations under capital lease (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $71,011 | ' |
2015 | 380,388 | ' |
2016 | 28,510 | ' |
2017 | 22,839 | ' |
2018 | 38,112 | ' |
2019 and thereafter | 2,721 | ' |
Total long-term debt and obligations under capital lease | $543,581 | $521,560 |
Debt_and_obligations_under_cap4
Debt and obligations under capital lease Future minimum lease payments under capital leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $14 |
Minimum lease payments | 14 |
Less: Amount of interest contained in above payments | 0 |
Present value of minimum lease payments | $14 |
Debt_and_obligations_under_cap5
Debt and obligations under capital lease (Details) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2010 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Variable interest entity, primary beneficiary | Variable interest entity, primary beneficiary | Variable interest entity, primary beneficiary | LIBOR | El Encanto | El Encanto | El Encanto | El Encanto | Napasai | Napasai | Napasai | Napasai | Napasai | Napasai | Grand Hotel Timeo and Villa Sant' Andrea | Grand Hotel Timeo and Villa Sant' Andrea | Grand Hotel Timeo and Villa Sant' Andrea | Grand Hotel Europe | Grand Hotel Europe | Grand Hotel Europe | Grand Hotel Europe | Grand Hotel Europe | Grand Hotel Europe | Inn at Perry Cabin and '21' Club | Inn at Perry Cabin and '21' Club | Reid's Palace | Reid's Palace | Reid's Palace | Le Manoir aux QuatbSaisons | Le Manoir aux QuatbSaisons | Le Manoir aux QuatbSaisons | European trains | European trains | European trains | European trains | European trains | European trains | European trains | One subsidiary | Working capital line of credit | |
option | USD ($) | USD ($) | Variable interest entity, primary beneficiary | USD ($) | USD ($) | USD ($) | LIBOR | Tranche one | Tranche two | Tranche two | LIBOR | BIBOR | USD ($) | EUR (€) | EURIBOR | USD ($) | USD ($) | Tranche one | Tranche two | Tranche two | LIBOR | USD ($) | LIBOR | Tranche one | Tranche one | EURIBOR | Tranche two | Tranche two | LIBOR | USD ($) | GBP (£) | Tranche one | Tranche one | Tranche two | Tranche two | LIBOR | USD ($) | ||||||
option | USD ($) | USD ($) | THB | Tranche one | Tranche two | hotel | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Tranche one | USD ($) | GBP (£) | Tranche two | USD ($) | GBP (£) | USD ($) | GBP (£) | subsidiary | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | ' | ' | ' | ' | $9,000,000 | $4,251,000 | 135,000,000 | ' | ' | $44,400,000 | € 35,000,000 | ' | $50,000,000 | $50,000,000 | ' | ' | $26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32,334,000 | £ 20,000,000 | ' | ' | $6,467,000 | £ 4,000,000 | ' | ' | ' |
Amount borrowed | ' | ' | ' | ' | ' | ' | ' | ' | 43,988,000 | 25,749,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | 2,000,000 | ' | ' | 24,000,000 | ' | 19,925,000 | 15,000,000 | ' | 19,826,000 | 12,981,000 | ' | ' | ' | 25,867,000 | 16,000,000 | ' | ' | ' | ' | ' |
Maturity term | ' | ' | ' | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | '5 years | ' | ' | ' | ' | ' | '5 years | ' | '18 months | '18 months | ' | '5 years | '5 years | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Number of options to extend maturity | ' | ' | ' | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period of maturity | ' | ' | ' | '1 year | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate basis | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'BIBOR | ' | ' | 'EURIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | 'EURIBOR | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | 3.65% | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | 5.00% | ' | ' | ' | ' | ' | 7.00% | ' | 3.00% | ' | ' | 4.00% | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,757,000 | 36,844,000 | ' | ' | ' | 4,000,000 | ' | ' | ' | 17,130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Sicilian hotels pledged as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.59% | 5.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on capital lease extinguished | 0 | 1,514,000 | 16,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries out of compliance with covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Long-term debt default amount classified in current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 556,000 | ' |
Debt instrument, cross-default threshold amount | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed debt of subsidiaries | 384,818,000 | 341,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | 11,080,000 | 13,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, including current portion, held by consolidated variable interest entities | ' | ' | ' | ' | 96,150,000 | 97,945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital facilities - maximum borrowing capacity | 3,021,000 | 4,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, expiration period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital facilities - remaining borrowing capacity | 2,883,000 | 4,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital loans | $138,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | 4.22% | 4.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.24% |
Other_liabilities_Details
Other liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Interest rate swaps | $1,878 | $5,021 |
Long-term accrued interest on subordinated debt at Charleston Place | 15,340 | 14,740 |
Cash-settled stock appreciation rights plan | 0 | 96 |
Deferred lease incentive | 393 | 468 |
Contingent consideration on acquisition of Grand Hotel Timeo and Villa SantbAndrea | 1,240 | 1,186 |
Total other liabilities | $18,851 | $21,511 |
Schedule_of_significant_weight
Schedule of significant weighted average assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Discount rate for calculating net periodic pension cost (as a percent) | 4.50% | 4.70% | 5.40% |
Expected long-term rate of return on plan assets (as a percent) | 4.70% | 5.30% | 6.40% |
Discount rate for calculating benefit obligation (as a percent) | 4.50% | 4.50% | ' |
Schedule_of_fair_value_of_plan
Schedule of fair value of plan assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | $23,162 | $19,652 | $15,547 | $14,457 |
Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 21,117 | 16,072 | ' | ' |
Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 1,534 | ' | ' |
Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 2,045 | 2,046 | 1,871 | ' |
Cash | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 1,583 | 87 | ' | ' |
Cash | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 1,583 | 87 | ' | ' |
Cash | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Cash | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
U.K. managed funds | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 6,459 | 5,232 | ' | ' |
U.K. managed funds | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 6,459 | 5,232 | ' | ' |
U.K. managed funds | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
U.K. managed funds | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Overseas managed funds | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 5,402 | 4,869 | ' | ' |
Overseas managed funds | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 5,402 | 4,869 | ' | ' |
Overseas managed funds | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Overseas managed funds | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
U.K. government bonds | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 1,549 | 1,651 | ' | ' |
U.K. government bonds | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 1,549 | 1,651 | ' | ' |
U.K. government bonds | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
U.K. government bonds | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Corporate bonds | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 6,124 | 4,233 | ' | ' |
Corporate bonds | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 6,124 | 4,233 | ' | ' |
Corporate bonds | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Corporate bonds | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Hedge funds | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | ' | 1,534 | ' | ' |
Hedge funds | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | ' | 0 | ' | ' |
Hedge funds | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | ' | 1,534 | ' | ' |
Hedge funds | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | ' | 0 | ' | ' |
Annuities | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 2,045 | 2,046 | ' | ' |
Annuities | Level 1 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Annuities | Level 2 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' | ' |
Annuities | Level 3 | ' | ' | ' | ' |
Pension plans | ' | ' | ' | ' |
Fair value of plan assets | $2,045 | $2,046 | $1,871 | ' |
Reconciliations_of_fair_value_
Reconciliations of fair value measurements using significant unobservable inputs (Level 3) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rollforward of fair values | ' | ' | ' |
Fair value of plan assets at beginning of year | $19,652 | $15,547 | $14,457 |
Foreign exchange | 538 | 853 | -188 |
Actual return on plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 23,162 | 19,652 | 15,547 |
Level 3 | ' | ' | ' |
Rollforward of fair values | ' | ' | ' |
Fair value of plan assets at beginning of year | 2,046 | 1,871 | ' |
Foreign exchange | 37 | 92 | ' |
Actual return on plan assets: | ' | ' | ' |
Assets still held at the reporting date | 42 | 158 | ' |
Purchases, sales and settlements, net | -80 | -75 | ' |
Transfers into or out of Level 3 | 0 | 0 | ' |
Fair value of plan assets at end of year | 2,045 | 2,046 | ' |
Annuities | ' | ' | ' |
Actual return on plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 2,045 | 2,046 | ' |
Annuities | Level 3 | ' | ' | ' |
Rollforward of fair values | ' | ' | ' |
Fair value of plan assets at beginning of year | 2,046 | 1,871 | ' |
Foreign exchange | 37 | 92 | ' |
Actual return on plan assets: | ' | ' | ' |
Assets still held at the reporting date | 42 | 158 | ' |
Purchases, sales and settlements, net | -80 | -75 | ' |
Transfers into or out of Level 3 | 0 | 0 | ' |
Fair value of plan assets at end of year | $2,045 | $2,046 | ' |
Schedule_of_changes_in_the_ben
Schedule of changes in the benefit obligation, plan assets and funded status of the plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $27,927 | $24,189 | $20,074 |
Service cost | 0 | 0 | 0 |
Interest cost | 1,200 | 1,154 | 1,062 |
Plan participantsb contributions | 0 | 0 | 0 |
Net transfer in | 0 | 0 | 0 |
Actuarial (gain)/loss | -4,093 | 1,869 | 4,259 |
Benefits paid | -573 | -560 | -839 |
Curtailment gain | 0 | 0 | 0 |
Settlement | 0 | 0 | 0 |
Foreign currency translation | 307 | 1,275 | -367 |
Benefit obligation at end of year | 24,768 | 27,927 | 24,189 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 19,652 | 15,547 | 14,457 |
Actual return on plan assets | 1,665 | 1,958 | 347 |
Employer contributions | 1,880 | 1,854 | 1,770 |
Plan participantsb contributions | 0 | 0 | 0 |
Net transfer in | 0 | 0 | 0 |
Benefits paid | -573 | -560 | -839 |
Settlement | 0 | 0 | 0 |
Foreign currency translation | 538 | 853 | -188 |
Fair value of plan assets at end of year | 23,162 | 19,652 | 15,547 |
Funded status at end of year | -1,606 | -8,275 | -8,642 |
Net actuarial (gain)/loss recognized in other comprehensive loss | ($5,763) | ($141) | $4,310 |
Other_pension_and_compensation
Other pension and compensation disclosure tables (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Amounts recognized in the consolidated balance sheets | ' | ' | ' | ' |
Non-current assets | $0 | $0 | ' | ' |
Current liabilities | 0 | 0 | ' | ' |
Non-current liabilities | 1,606 | 8,275 | ' | ' |
Amounts recognized in accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Net loss | -8,212 | -13,975 | ' | ' |
Prior service cost | 0 | 0 | ' | ' |
Net transitional obligation | 0 | 0 | ' | ' |
Total amount recognized in other comprehensive loss | -8,212 | -13,975 | ' | ' |
Information about pension plans | ' | ' | ' | ' |
Projected benefit obligation | 24,768 | 27,927 | 24,189 | 20,074 |
Accumulated benefit obligation | 24,768 | 27,927 | ' | ' |
Fair value of plan assets | 23,162 | 19,652 | 15,547 | 14,457 |
Components of net periodic pension benefit cost | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | ' |
Interest cost | 1,200 | 1,154 | 1,062 | ' |
Expected return on assets | -926 | -846 | -1,006 | ' |
Net amortization and deferrals | 930 | 899 | 608 | ' |
Net periodic benefit cost | 1,204 | 1,207 | 664 | ' |
Future benefit payments | ' | ' | ' | ' |
2014 | 632 | ' | ' | ' |
2015 | 463 | ' | ' | ' |
2016 | 549 | ' | ' | ' |
2017 | 657 | ' | ' | ' |
2018 | 533 | ' | ' | ' |
Next five years | 3,929 | ' | ' | ' |
Employersb contributions | $2,542 | $2,719 | $3,023 | ' |
Pensions_Details
Pensions (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Expected contribution to defined benefit pension plan in next fiscal year | $2,327 |
Estimated net loss amortized from accumulated other comprehensive income (loss) into net periodic pension cost in the next fiscal year | $554 |
Provision_for_income_taxes_Det
Provision for income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' |
Pre-Tax (Loss)/Income | ($14,992) | $8,101 | ($4,637) |
Current | 17,169 | 20,196 | 20,649 |
Deferred | 459 | 1,455 | -1,038 |
Provision for income taxes | 17,628 | 21,651 | 19,611 |
Bermuda | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Pre-Tax (Loss)/Income | -17,696 | -8,244 | -23,436 |
Current | 0 | 0 | 0 |
Deferred | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 |
United States | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Pre-Tax (Loss)/Income | -3,955 | 1,903 | 13,918 |
Current | -369 | 3,656 | 3,986 |
Deferred | 100 | -647 | -561 |
Provision for income taxes | -269 | 3,009 | 3,425 |
Rest of the world | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Pre-Tax (Loss)/Income | 6,659 | 14,442 | 4,881 |
Current | 17,538 | 16,540 | 16,663 |
Deferred | 359 | 2,102 | -477 |
Provision for income taxes | $17,897 | $18,642 | $16,186 |
Reconciliation_of_tax_charge_a
Reconciliation of tax charge at statutory tax rate to provision for income taxes (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | |||
Earnings/(losses) before provision for income taxes and earnings from unconsolidated companies, net of tax | ($14,992) | $8,101 | ($4,637) | |||
Tax charge at statutory rate of Nil% | 0 | [1] | 0 | [1] | 0 | [1] |
Exchange rate movements on deferred tax | -3,207 | 83 | -2,094 | |||
Other permanent items | 674 | 2,943 | 106 | |||
Change in valuation allowance | 13,015 | 6,093 | 11,795 | |||
Difference in taxation rates | 7,353 | 11,421 | 9,067 | |||
Change in provisions for uncertain tax positions | -1,788 | -174 | 817 | |||
Change in tax rates | -276 | 600 | -222 | |||
Deferred tax charge for derivatives | 2,119 | 0 | 0 | |||
Other | -262 | 685 | 142 | |||
Provision for income taxes | $17,628 | $21,651 | $19,611 | |||
Statutory tax rate, percentage | 0.00% | 0.00% | 0.00% | |||
[1] | The Company is resident in Bermuda, which does not impose an income tax. |
Schedule_of_net_deferred_tax_l
Schedule of net deferred tax liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Net deferred tax liabilities | ' | ' | ' |
Operating loss carry-forwards | $122,500 | $93,466 | $61,708 |
Pensions | 321 | 1,899 | 2,161 |
Share-based compensation | 3,146 | 2,813 | 1,647 |
Trademarks | 5,075 | 5,563 | 3,868 |
Other | 9,173 | 9,197 | 2,897 |
Less: Valuation allowance | -110,780 | -97,376 | -50,746 |
Net deferred tax assets | 29,435 | 15,562 | 21,535 |
Other | -7,962 | -5,267 | -4,609 |
Property, plant and equipment | -183,174 | -171,016 | -172,643 |
Deferred tax liabilities | -191,136 | -176,283 | -177,252 |
Net deferred tax liabilities | ($161,701) | ($160,721) | ($155,717) |
Reconciliation_of_unrecognized
Reconciliation of unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at the beginning of the year | $4,581 | $4,755 | $8,194 |
Additional uncertain tax provision identified during the year | 2,720 | 403 | 0 |
Increase to uncertain tax provision on prior year positions | 737 | 444 | 817 |
Uncertain tax provisions paid during the year | -737 | 0 | -642 |
Decrease to uncertain tax provisions on prior year positions | -3,924 | 0 | -3,178 |
Decreases as a result of expiration of the statute of limitations | -387 | -686 | 0 |
Foreign exchange | -2 | -335 | -436 |
Balance at the end of the year | 2,988 | 4,581 | 4,755 |
Principal | ' | ' | ' |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at the beginning of the year | 2,874 | 3,169 | 4,550 |
Additional uncertain tax provision identified during the year | 2,716 | 401 | 0 |
Increase to uncertain tax provision on prior year positions | 559 | 151 | 600 |
Uncertain tax provisions paid during the year | -559 | 0 | -306 |
Decrease to uncertain tax provisions on prior year positions | -2,302 | 0 | -1,500 |
Decreases as a result of expiration of the statute of limitations | -351 | -622 | 0 |
Foreign exchange | -2 | -225 | -175 |
Balance at the end of the year | 2,935 | 2,874 | 3,169 |
Interest | ' | ' | ' |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at the beginning of the year | 1,174 | 1,148 | 1,627 |
Additional uncertain tax provision identified during the year | -4 | 2 | 0 |
Increase to uncertain tax provision on prior year positions | 138 | 168 | 132 |
Uncertain tax provisions paid during the year | -138 | 0 | -192 |
Decrease to uncertain tax provisions on prior year positions | -1,127 | 0 | -358 |
Decreases as a result of expiration of the statute of limitations | -36 | -64 | 0 |
Foreign exchange | 0 | -80 | -61 |
Balance at the end of the year | 7 | 1,174 | 1,148 |
Penalties | ' | ' | ' |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at the beginning of the year | 533 | 438 | 2,017 |
Additional uncertain tax provision identified during the year | 8 | 0 | 0 |
Increase to uncertain tax provision on prior year positions | 40 | 125 | 85 |
Uncertain tax provisions paid during the year | -40 | 0 | -144 |
Decrease to uncertain tax provisions on prior year positions | -495 | 0 | -1,320 |
Decreases as a result of expiration of the statute of limitations | 0 | 0 | 0 |
Foreign exchange | 0 | -30 | -200 |
Balance at the end of the year | $46 | $533 | $438 |
Income_taxes_Details
Income taxes (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Deferred tax charges (credit) in respect of foreign exchange gain/loss | ($3,207,000) | $83,000 | ($2,094,000) | ' |
Operating loss carry-forwards | 122,500,000 | 93,466,000 | 61,708,000 | ' |
Gross amount of tax loss carryforwards | 429,461,000 | 350,926,000 | ' | ' |
Net operating losses carryforwards expiring within five years | 10,742,000 | ' | ' | ' |
Net operating losses carryforwards expiring after five years but within ten years | 121,144,000 | ' | ' | ' |
Net operating losses carryforwards expiring after ten years or with no expiry date | 297,575,000 | ' | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1,509,000 | 0 | ' | ' |
Retained Earnings, Undistributed Earnings from Equity Method Investees | 970,000,000 | 1,075,000,000 | ' | ' |
Income tax uncertainties | ' | ' | ' | ' |
Provision for income taxes | 17,628,000 | 21,651,000 | 19,611,000 | ' |
Benefit included in tax provision, in respect of the provision for uncertain tax positions | -1,593,000 | -174,000 | -3,439,000 | ' |
Charge (benefit) included in tax provision related to potential interest and penalty costs associated with uncertain tax positions | -1,654,000 | 121,000 | -2,058,000 | ' |
Change in valuation allowance | 13,015,000 | 6,093,000 | 11,795,000 | ' |
Unrecognized tax benefit | 2,988,000 | 4,581,000 | 4,755,000 | 8,194,000 |
Unrecognized tax benefit, if recognized, would affect the effective tax rate | 2,054,000 | 4,581,000 | 4,755,000 | ' |
Amount by which uncertain tax position is reasonably possible to decrease within the next 12 months | ($20,000) | ' | ' | ' |
Supplemental_cash_flow_informa2
Supplemental cash flow information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash paid for: | ' | ' | ' |
Interest | $27,320 | $29,756 | $37,233 |
Income taxes, net of refunds | 22,275 | 28,967 | 16,413 |
Increases in accounts payable for capital expenditures | $186 | $709 | ' |
Restricted_cash_Details
Restricted cash (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | $13,636 | $21,080 |
Cash deposit held with a bank pending completion of sale of Inn at Perry Cabin | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | 4,000 | 0 |
Cash deposits required to be held with lending banks for the duration of the debt to support OEHbs payment of interest and principal | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | 8,391 | 16,013 |
Escrow deposits and other restricted cash at Porto Cupecoy | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | 355 | 4,079 |
Prepaid customer deposits which will be released to OEH under its revenue recognition policy | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | 681 | 788 |
Security required under the European Union Package Travel Directive | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash | 209 | 200 |
Other assets | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted cash classified as long-term | $7,633 | $0 |
Shareholders_rights_plan_Detai
Shareholders' rights plan (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
multiplier | |
Class of Stock [Line Items] | ' |
Fraction of newly issued share of Series A junior participating preferred stock that could be purchased for each Right | 0.01 |
Purchase price of preferred stock | 70 |
Percentage of assets or earning power sold allowing the right to receive common stock of acquiring company | 50.00% |
Value of a share of the Company's common stock to be received upon the exercise of the right if the Company is acquired or 50 percent or more of its consolidated assets or earning power is sold, expressed as a multiple of the exercise price of the right | 2 |
Redemption price per right at any time prior to the tenth day following the date on which a person acquires beneficial ownership of 15% or more of the outstanding class A or class B common shares | $0.05 |
Minimum | ' |
Class of Stock [Line Items] | ' |
Percentage of common stock to be acquired in which the Company's board of directors may exchange all or some of the rights | 15.00% |
Maximum | ' |
Class of Stock [Line Items] | ' |
Percentage of common stock to be acquired in which the Company's board of directors may exchange all or some of the rights | 50.00% |
Class A common shares | ' |
Class of Stock [Line Items] | ' |
Minimum percentage of common stock to be acquired for shareholder rights to become exercisable | 15.00% |
Minimum percentage of common stock to be acquired in a tender offer or exchange offer for shareholder rights to become exercisable | 30.00% |
Voting rights per share | 0.1 |
Class B common shares | ' |
Class of Stock [Line Items] | ' |
Minimum percentage of common stock to be acquired for shareholder rights to become exercisable | 15.00% |
Minimum percentage of common stock to be acquired in a tender offer or exchange offer for shareholder rights to become exercisable | 30.00% |
Voting rights per share | 1 |
Shareholders_equity_Details
Shareholders' equity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' |
Authorized preferred shares | 30,000,000 | 30,000,000 |
Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Class A common shares | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock shares authorized | 240,000,000 | 240,000,000 |
Class B common shares | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock shares authorized | 120,000,000 | 120,000,000 |
Reduction due to class B common shares owned by a subsidiary, shares | 18,044,478 | 18,044,478 |
Preferred shares at par value | ' | ' |
Class of Stock [Line Items] | ' | ' |
Authorized preferred shares | 30,000,000 | ' |
Preferred shares, par value (in dollars per share) | $0.01 | ' |
Series A junior participating preferred shares | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock reserved for issuance | 500,000 | ' |
Schedule_of_status_of_options_
Schedule of status of options, and changes during the period (Details) (Class A common shares, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
2000 and 2004 stock option plans | Share options | ' | ' | ' |
Number of shares subject to options | ' | ' | ' |
Options granted in period (in shares) | 0 | 0 | ' |
Options exercised in period (in shares) | 77,294 | 4,206 | ' |
Options forfeited and expired in period (in shares) | 113,356 | 57,194 | ' |
Outstanding at the end of the period (in shares) | 286,800 | 477,450 | 538,850 |
Exercisable at the end of the period (in shares) | 286,800 | ' | ' |
Weighted average exercise price | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | $29.91 | $23.44 | $23.05 |
Options granted in period, weighted average exercise price (in dollars per share) | $0 | $0 | ' |
Options exercised in period, weighted average exercise price (in dollars per share) | $5.89 | $5.89 | ' |
Options forfeited and expired in period, weighted average exercise price (in dollars per share) | $19.03 | $21.09 | ' |
Exercisable at the end of the period (in dollars per share) | $29.91 | ' | ' |
Weighted average remaining contractual life | ' | ' | ' |
Outstanding, weighted average remaining contractual life | '3 years 6 months | ' | ' |
Exercisable, weighted average remaining contractual life | '3 years 6 months | ' | ' |
Aggregate intrinsic value | ' | ' | ' |
Outstanding, aggregate intrinsic value | $807 | ' | ' |
Exercisable, aggregate intrinsic value | 807 | ' | ' |
2009 share award and incentive plan | Share options | ' | ' | ' |
Number of shares subject to options | ' | ' | ' |
Options granted in period (in shares) | 756,650 | 811,450 | ' |
Options exercised in period (in shares) | 236,322 | 29,477 | ' |
Options forfeited and expired in period (in shares) | 702,178 | 364,223 | ' |
Outstanding at the end of the period (in shares) | 2,771,500 | 2,953,350 | 2,535,600 |
Exercisable at the end of the period (in shares) | 526,750 | ' | ' |
Weighted average exercise price | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | $10.67 | $9.54 | $9.35 |
Options granted in period, weighted average exercise price (in dollars per share) | $13.26 | $10.09 | ' |
Options exercised in period, weighted average exercise price (in dollars per share) | $8.77 | $8.44 | ' |
Options forfeited and expired in period, weighted average exercise price (in dollars per share) | $8.57 | $9.55 | ' |
Exercisable at the end of the period (in dollars per share) | $9.79 | ' | ' |
Weighted average remaining contractual life | ' | ' | ' |
Outstanding, weighted average remaining contractual life | '8 years 3 months 18 days | ' | ' |
Exercisable, weighted average remaining contractual life | '6 years 4 months 24 days | ' | ' |
Aggregate intrinsic value | ' | ' | ' |
Outstanding, aggregate intrinsic value | 12,309 | ' | ' |
Exercisable, aggregate intrinsic value | 7,959 | ' | ' |
2009 share award and incentive plan | Deferred compensation | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' |
Outstanding, aggregate intrinsic value | $17,323 | ' | ' |
Schedule_of_options_outstandin
Schedule of options outstanding (Details) (Share options, Class A common shares, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
2000 and 2004 stock option plans | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 286,800 |
Exercisable at 12/31/2013 | 286,800 |
2000 and 2004 stock option plans | Exercise price $5.89 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 86,400 |
Exercisable at 12/31/2013 | 86,400 |
Remaining contractual lives | '4 years 10 months 24 days |
Exercise prices for outstanding options $ | $5.89 |
Exercise prices for exercisable options $ | $5.89 |
2000 and 2004 stock option plans | Exercise price $14.70 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 24,500 |
Exercisable at 12/31/2013 | 24,500 |
Remaining contractual lives | '0 years 7 months 6 days |
Exercise prices for outstanding options $ | $14.70 |
Exercise prices for exercisable options $ | $14.70 |
2000 and 2004 stock option plans | Exercise price $28.40 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 15,000 |
Exercisable at 12/31/2013 | 15,000 |
Remaining contractual lives | '1 year 8 months 12 days |
Exercise prices for outstanding options $ | $28.40 |
Exercise prices for exercisable options $ | $28.40 |
2000 and 2004 stock option plans | Exercise price $28.50 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 13,000 |
Exercisable at 12/31/2013 | 13,000 |
Remaining contractual lives | '1 year 6 months |
Exercise prices for outstanding options $ | $28.50 |
Exercise prices for exercisable options $ | $28.50 |
2000 and 2004 stock option plans | Exercise price $34.88 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 3,200 |
Exercisable at 12/31/2013 | 3,200 |
Remaining contractual lives | '2 years 2 months 12 days |
Exercise prices for outstanding options $ | $34.88 |
Exercise prices for exercisable options $ | $34.88 |
2000 and 2004 stock option plans | Exercise price $34.90 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 7,600 |
Exercisable at 12/31/2013 | 7,600 |
Remaining contractual lives | '2 years 7 months 6 days |
Exercise prices for outstanding options $ | $34.90 |
Exercise prices for exercisable options $ | $34.90 |
2000 and 2004 stock option plans | Exercise price $35.85 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 15,450 |
Exercisable at 12/31/2013 | 15,450 |
Remaining contractual lives | '4 years 8 months 12 days |
Exercise prices for outstanding options $ | $35.85 |
Exercise prices for exercisable options $ | $35.85 |
2000 and 2004 stock option plans | Exercise price $36.50 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 19,350 |
Exercisable at 12/31/2013 | 19,350 |
Remaining contractual lives | '2 years 6 months |
Exercise prices for outstanding options $ | $36.50 |
Exercise prices for exercisable options $ | $36.50 |
2000 and 2004 stock option plans | Exercise price $42.87 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 7,000 |
Exercisable at 12/31/2013 | 7,000 |
Remaining contractual lives | '2 years 10 months 24 days |
Exercise prices for outstanding options $ | $42.87 |
Exercise prices for exercisable options $ | $42.87 |
2000 and 2004 stock option plans | Exercise price $46.08 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 13,150 |
Exercisable at 12/31/2013 | 13,150 |
Remaining contractual lives | '4 years 4 months 24 days |
Exercise prices for outstanding options $ | $46.08 |
Exercise prices for exercisable options $ | $46.08 |
2000 and 2004 stock option plans | Exercise price $51.90 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 11,550 |
Exercisable at 12/31/2013 | 11,550 |
Remaining contractual lives | '4 years 2 months 12 days |
Exercise prices for outstanding options $ | $51.90 |
Exercise prices for exercisable options $ | $51.90 |
2000 and 2004 stock option plans | Exercise price $52.51 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 6,750 |
Exercisable at 12/31/2013 | 6,750 |
Remaining contractual lives | '3 years 2 months 12 days |
Exercise prices for outstanding options $ | $52.51 |
Exercise prices for exercisable options $ | $52.51 |
2000 and 2004 stock option plans | Exercise price, additional grant, $52.51 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 46,350 |
Exercisable at 12/31/2013 | 46,350 |
Remaining contractual lives | '3 years 8 months 12 days |
Exercise prices for outstanding options $ | $52.51 |
Exercise prices for exercisable options $ | $52.51 |
2000 and 2004 stock option plans | Exercise price $52.59 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 8,250 |
Exercisable at 12/31/2013 | 8,250 |
Remaining contractual lives | '3 years 6 months |
Exercise prices for outstanding options $ | $52.59 |
Exercise prices for exercisable options $ | $52.59 |
2000 and 2004 stock option plans | Exercise price $59.23 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 9,250 |
Exercisable at 12/31/2013 | 9,250 |
Remaining contractual lives | '3 years 10 months 24 days |
Exercise prices for outstanding options $ | $59.23 |
Exercise prices for exercisable options $ | $59.23 |
2009 share award and incentive plan | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 2,771,500 |
Exercisable at 12/31/2013 | 526,750 |
2009 share award and incentive plan | Exercise price $8.38 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 76,500 |
Exercisable at 12/31/2013 | 76,500 |
Remaining contractual lives | '5 years 4 months 24 days |
Exercise prices for outstanding options $ | $8.38 |
Exercise prices for exercisable options $ | $8.38 |
2009 share award and incentive plan | Exercise price $7.71 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 5,000 |
Exercisable at 12/31/2013 | 5,000 |
Remaining contractual lives | '5 years 6 months |
Exercise prices for outstanding options $ | $7.71 |
Exercise prices for exercisable options $ | $7.71 |
2009 share award and incentive plan | Exercise price $8.91 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 98,200 |
Exercisable at 12/31/2013 | 98,200 |
Remaining contractual lives | '5 years 10 months 24 days |
Exercise prices for outstanding options $ | $8.91 |
Exercise prices for exercisable options $ | $8.91 |
2009 share award and incentive plan | Exercise price $9.93 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 5,000 |
Exercisable at 12/31/2013 | 5,000 |
Remaining contractual lives | '6 years 1 month 6 days |
Exercise prices for outstanding options $ | $9.93 |
Exercise prices for exercisable options $ | $9.93 |
2009 share award and incentive plan | Exercise price $8.37 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 117,400 |
Exercisable at 12/31/2013 | 117,400 |
Remaining contractual lives | '6 years 6 months |
Exercise prices for outstanding options $ | $8.37 |
Exercise prices for exercisable options $ | $8.37 |
2009 share award and incentive plan | Exercise price $11.44 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 224,650 |
Exercisable at 12/31/2013 | 224,650 |
Remaining contractual lives | '6 years 10 months 24 days |
Exercise prices for outstanding options $ | $11.44 |
Exercise prices for exercisable options $ | $11.44 |
2009 share award and incentive plan | Exercise price $11.69 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 251,500 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '7 years 4 months 24 days |
Exercise prices for outstanding options $ | $11.69 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price $8.06 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 520,150 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '7 years 10 months 24 days |
Exercise prices for outstanding options $ | $8.06 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price $9.95 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 31,700 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '8 years 2 months 12 days |
Exercise prices for outstanding options $ | $9.95 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price $8.42 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 283,200 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '8 years 6 months |
Exercise prices for outstanding options $ | $8.42 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price $11.32 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 401,550 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '8 years 10 months 24 days |
Exercise prices for outstanding options $ | $11.32 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price, additional grant, $9.95 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 31,700 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '9 years 1 month 9 days |
Exercise prices for outstanding options $ | $9.95 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price $11.74 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 289,000 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '9 years 5 months 12 days |
Exercise prices for outstanding options $ | $11.74 |
Exercise prices for exercisable options $ | $0 |
2009 share award and incentive plan | Exercise price $14.51 | ' |
Share-based compensation plans | ' |
Outstanding at 12/31/2013 | 435,950 |
Exercisable at 12/31/2013 | 0 |
Remaining contractual lives | '9 years 11 months 12 days |
Exercise prices for outstanding options $ | $14.51 |
Exercise prices for exercisable options $ | $0 |
Schedule_of_status_of_awards_o
Schedule of status of awards other than options, and changes during the period (Details) (Class A common shares, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
2007 performance share plan | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' |
Outstanding at end of the period | $0 | ' | ' |
Deferred compensation | 2009 share award and incentive plan | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Options, vested and expected to vest, outstanding, number | 0 | ' | ' |
Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 1,343,649 | 485,020 | ' |
Share-based compensation other than options granted in period (in shares) | 618,170 | 1,042,900 | ' |
Vested (in shares) | -344,388 | -130,134 | ' |
Forfeited, cancelled or expired (in shares) | -135,604 | -54,137 | ' |
Outstanding at the end of the period (in shares) | 1,481,827 | 1,343,649 | ' |
Weighted average exercise price | ' | ' | ' |
Equity instruments other than options, outstanding, weighted average exercise price (in dollars per share) | $0.01 | $0.01 | $0.01 |
Equity instruments other than options, grants in period, weighted average exercise price (in dollars per share) | $0.01 | $0.01 | ' |
Equity instruments other than options, vested and issued in period, weighted average exercise price (in dollars per share) | $0.01 | $0.01 | ' |
Equity instruments other than options, forfeited and expired in period, weighted average exercise price (in dollars per share) | $0.01 | $0.01 | ' |
Performance shares | 2007 performance share plan | ' | ' | ' |
Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 0 | 172,229 | ' |
Share-based compensation other than options granted in period (in shares) | 0 | 0 | ' |
Vested (in shares) | 0 | -108,802 | ' |
Forfeited, cancelled or expired (in shares) | 0 | -63,427 | ' |
Outstanding at the end of the period (in shares) | 0 | 0 | ' |
Weighted average exercise price | ' | ' | ' |
Equity instruments other than options, outstanding, weighted average exercise price (in dollars per share) | $0 | $0 | $0.01 |
Equity instruments other than options, grants in period, weighted average exercise price (in dollars per share) | $0 | $0 | ' |
Equity instruments other than options, vested and issued in period, weighted average exercise price (in dollars per share) | $0 | $0.01 | ' |
Equity instruments other than options, forfeited and expired in period, weighted average exercise price (in dollars per share) | $0 | $0.01 | ' |
Fair_value_assumptions_for_sha
Fair value assumptions for share-based compensation plans (Details) (Class A common shares, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred shares without performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '3 years | ' | ' |
Restricted shares without performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '3 years | ' | ' |
Deferred shares with performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '3 years | ' | ' |
2009 share award and incentive plan | Share options | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected share price volatility, minimum (as a percent) | 50.00% | 58.00% | 56.00% |
Expected share price volatility, maximum (as a percent) | 60.00% | 60.00% | 58.00% |
Risk-free interest rate, minimum (as a percent) | 1.30% | 1.03% | 0.97% |
Risk-free interest rate, maximum (as a percent) | 1.74% | 1.69% | 1.40% |
Expected annual dividends per share (in dollars per share) | $0 | $0 | $0 |
Expected life of awards | ' | '8 years | '5 years |
2009 share award and incentive plan | Deferred and restricted shares without performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected share price volatility, minimum (as a percent) | 33.00% | 52.00% | 37.00% |
Expected share price volatility, maximum (as a percent) | 51.00% | 67.00% | 82.00% |
Risk-free interest rate, minimum (as a percent) | 0.04% | 0.10% | 0.13% |
Risk-free interest rate, maximum (as a percent) | 0.67% | 0.40% | 1.20% |
Expected annual dividends per share (in dollars per share) | $0 | $0 | $0 |
2009 share award and incentive plan | Deferred shares with performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected share price volatility (as a percent) | 52.00% | 59.00% | 88.00% |
Risk-free interest rate (as a percent) | ' | 0.47% | ' |
Risk-free interest rate, minimum (as a percent) | 0.26% | ' | 0.97% |
Risk-free interest rate, maximum (as a percent) | 0.39% | ' | 1.40% |
Expected annual dividends per share (in dollars per share) | $0 | $0 | $0 |
Expected life of awards | ' | '3 years | '3 years |
2007 stock appreciation rights plan | Stock appreciation rights | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected share price volatility (as a percent) | 42.00% | 47.00% | ' |
Expected share price volatility, minimum (as a percent) | ' | ' | 51.00% |
Expected share price volatility, maximum (as a percent) | ' | ' | 59.00% |
Risk-free interest rate (as a percent) | 0.11% | 0.16% | ' |
Risk-free interest rate, minimum (as a percent) | ' | ' | 0.28% |
Risk-free interest rate, maximum (as a percent) | ' | ' | 0.45% |
Expected annual dividends per share (in dollars per share) | $0 | $0 | $0 |
Expected life of awards | '8 months | '11 months | '1 year |
Minimum | 2009 share award and incentive plan | Share options | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '4 years 6 months | ' | ' |
Minimum | 2009 share award and incentive plan | Deferred and restricted shares without performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '18 days | '2 months | '4 months |
Minimum | 2009 share award and incentive plan | Deferred shares with performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '2 years | ' | ' |
Maximum | 2009 share award and incentive plan | Share options | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '8 years | ' | ' |
Maximum | 2009 share award and incentive plan | Deferred and restricted shares without performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '3 years | '3 years | '3 years |
Maximum | 2009 share award and incentive plan | Deferred shares with performance criteria | ' | ' | ' |
Share-based compensation plans | ' | ' | ' |
Expected life of awards | '3 years | ' | ' |
Sharebased_compensation_plans_1
Share-based compensation plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Jun. 05, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 21, 2013 | Jun. 10, 2013 | Dec. 12, 2013 | Dec. 31, 2013 | Feb. 21, 2013 | Mar. 15, 2013 | Apr. 22, 2013 | Jun. 10, 2013 | Jun. 28, 2013 | Aug. 14, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 21, 2013 | Mar. 15, 2013 |
share_based_plan | share_based_plan | Share options | Stock appreciation rights | 2000 and 2004 stock option plans | 2000 and 2004 stock option plans | 2000 stock option plan | 2004 stock option plan | 2007 performance share plan | 2007 performance share plan | 2007 stock appreciation rights plan | 2007 stock appreciation rights plan | 2007 stock appreciation rights plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | 2009 share award and incentive plan | |||
Class A common shares | Class A common shares | Share options | Share options | Share options | Share options | Performance shares | Performance shares | Stock appreciation rights | Stock appreciation rights | Stock appreciation rights | Class A common shares | Class A common shares | Class A common shares | Share options | Share options | Share options | Share options | Share options | Deferred shares without performance criteria | Deferred shares without performance criteria | Deferred shares without performance criteria | Deferred shares without performance criteria | Deferred shares without performance criteria | Deferred shares without performance criteria | Deferred shares without performance criteria | Restricted shares without performance criteria | Restricted shares without performance criteria | Deferred compensation | Deferred compensation | Deferred shares with performance criteria | Deferred shares with performance criteria | Deferred shares with performance criteria | |||||
Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares | Class A common shares vesting in March 2015 | Class A common shares vesting on 10 June 2016 | Class A common shares vesting on 12 December 2016 | Class A common shares | Class A common shares vesting in March 2015 | Class A common shares vesting in March 2016 | Class A common shares vesting in July 2013 | Class A common shares vesting on 10 June 2016 | Class A common shares vesting on 28 June 2016 | Class A common shares vesting on 14 August 2016 | Class A common shares vesting on 28 June 2016 | Class A common shares vesting on the earlier of 28 June 2014 or the day before the 2014 annual general meeting of the Company | Class A common shares | Class A common shares | Class A common shares | Class A common shares vesting in March 2015 | Class A common shares vesting in March 2016 | ||||||||||
Share-based compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share-based compensation plans | 4 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of share-based plans expired | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost | ' | $10,388 | $6,834 | $6,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercised options and vested awards | ' | 7 | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unexercised stock options and unvested share awards | 10,884 | 10,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unexercised stock options and unvested share awards, recognition period (in months) | '28 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award expiration period | ' | ' | ' | ' | '10 years | '3 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of options to purchase class A common shares under the plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | 1,000,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 23,500 | 453,950 | ' | ' | ' | ' | ' | ' | ' | 1,084,550 | ' | ' | ' | ' | ' | 800,400 | ' | ' | ' | ' | ' | ' | ' | ' | 1,481,827 | ' | 681,427 | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options exercised | ' | ' | ' | ' | ' | ' | 161 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation other than options granted in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600 | 114,000 | 29,370 | 34,400 | 33,200 | 40,000 | 33,200 | 12,400 | 618,170 | 1,042,900 | ' | 24,600 | 290,400 |
Increase in number of shares authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted in period (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 756,650 | 811,450 | 31,700 | 289,000 | 435,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted in period, weighted average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.26 | $10.09 | $9.95 | $11.74 | $14.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred shares purchase price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | $0.01 | $0.01 |
Total weighted-average fair value of stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,048 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options exercisable, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options vested during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 696,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of awards issued during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,227 | ' | ' | ' | ' |
Fair value of shares vested in the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,193 | ' | ' | ' | ' |
Options, vested and expected to vest, outstanding, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Future_operating_lease_payment
Future operating lease payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future rental payments under operating leases in respect of equipment rentals and leased premises | ' |
2014 | $11,356 |
2015 | 11,246 |
2016 | 11,146 |
2017 | 11,201 |
2018 | 10,454 |
2019 and thereafter | 87,191 |
Future rental payments under operating leases | $142,594 |
Commitments_and_contingencies_1
Commitments and contingencies (Details) | 12 Months Ended | 0 Months Ended | 48 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 02, 2010 | Dec. 31, 2013 | Feb. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 10, 2010 | Jan. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Infringement litigation of Cipriani | Infringement litigation of Cipriani | Copacabana Palace | Grand Hotel Timeo and Villa Sant' Andrea | Grand Hotel Timeo and Villa Sant' Andrea | Vendor financing | Vendor financing | Purchase of property, plant and equipment | Purchase of property, plant and equipment | |
installment | USD ($) | USD ($) | Unasserted claim | USD ($) | EUR (€) | Grand Hotel Timeo and Villa Sant' Andrea | Grand Hotel Timeo and Villa Sant' Andrea | USD ($) | USD ($) | |||
USD ($) | USD ($) | EUR (€) | ||||||||||
Commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of outstanding contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,867,000 | $9,650,000 |
Vendor financing | ' | ' | ' | ' | ' | ' | ' | ' | 7,064,000 | 5,000,000 | ' | ' |
Contingent consideration paid | ' | ' | ' | ' | ' | ' | 5,250,000 | 4,000,000 | ' | ' | ' | ' |
Maximum potential fine, not accrued | ' | ' | ' | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' |
Amount received from defendants | ' | ' | ' | 3,947,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount receivable from defendants in installments | ' | ' | ' | 9,833,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Period for receivable amount from defendants in installments (in years) | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Amount receivable from defendants not yet recognized | ' | ' | ' | ' | 2,830,000 | ' | ' | ' | ' | ' | ' | ' |
Rental expense | $12,054,000 | $10,538,000 | $9,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of purchase price to be paid for purchase of Hotel Cipriani in Venice, Italy by James Sherwood on exercise of first refusal right | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of purchase price to be paid for purchase of Hotel Cipriani in Venice, Italy by James Sherwood on exercise of purchase option by non-recourse promissory note | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments for payment of purchase price for Hotel Cipriani in Venice Italy by James Sherwood on exercise of purchase option by non-recourse promissory note | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant acqusitions and disposals, length of time before expiry of former director's right of first refusal and purchase option after his death | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_valuation_by_the_fa
Summary of valuation by the fair value hierarchy (Details) (Recurring basis, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Assets at fair value: | ' | ' |
Derivative financial instruments | $0 | $0 |
Total assets | 0 | 0 |
Liabilities at fair value: | ' | ' |
Derivative financial instruments | 0 | 0 |
Total net liabilities | 0 | 0 |
Level 2 | ' | ' |
Assets at fair value: | ' | ' |
Derivative financial instruments | 2 | 6 |
Total assets | 2 | 6 |
Liabilities at fair value: | ' | ' |
Derivative financial instruments | -4,890 | -8,879 |
Total net liabilities | -4,888 | -8,873 |
Level 3 | ' | ' |
Assets at fair value: | ' | ' |
Derivative financial instruments | 0 | 0 |
Total assets | 0 | 0 |
Liabilities at fair value: | ' | ' |
Derivative financial instruments | 0 | 0 |
Total net liabilities | 0 | 0 |
Fair Value | ' | ' |
Assets at fair value: | ' | ' |
Derivative financial instruments | 2 | 6 |
Total assets | 2 | 6 |
Liabilities at fair value: | ' | ' |
Derivative financial instruments | -4,890 | -8,879 |
Total net liabilities | ($4,888) | ($8,873) |
Fair_value_of_financial_instru
Fair value of financial instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated fair values of financial instruments (other than derivative financial instruments) | ' | ' |
Carrying amounts - Long-term debt, including current portion, excluding obligations under capital leases | $543,567 | $521,494 |
Variable interest entity, primary beneficiary | ' | ' |
Estimated fair values of financial instruments (other than derivative financial instruments) | ' | ' |
Carrying amounts - Long-term debt, including current portion, held by consolidated variable interest entities | 96,150 | 97,945 |
Level 3 | ' | ' |
Estimated fair values of financial instruments (other than derivative financial instruments) | ' | ' |
Fair value - Long-term debt, including current portion, excluding obligations under capital leases | 562,588 | 533,783 |
Level 3 | Variable interest entity, primary beneficiary | ' | ' |
Estimated fair values of financial instruments (other than derivative financial instruments) | ' | ' |
Fair value - Long-term debt, including current portion, excluding obligations under capital leases | $97,775 | $99,656 |
Nonfinancial_assets_measured_a
Non-financial assets measured at fair value on a non-recurring basis (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | $34,416,000 | $57,040,000 | ' |
Impairment of long-lived assets to be disposed of | 7,031,000 | 3,166,000 | 65,144,000 |
Impairment of goodwill | 0 | 2,055,000 | 11,907,000 |
Impairment of intangible assets | ' | 0 | 0 |
Impairment of other assets | ' | 1,299,000 | ' |
Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 22,040,000 | 63,522,000 |
Property, plant and equipment, fair value disclosure | ' | 3,521,000 | 6,000,000 |
Goodwill, fair value disclosure | ' | 7,515,000 | 0 |
Other assets, fair value disclosure | ' | 0 | ' |
Level 1 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 0 | 0 |
Property, plant and equipment, fair value disclosure | ' | 0 | 0 |
Goodwill, fair value disclosure | ' | 0 | 0 |
Other assets, fair value disclosure | ' | 0 | ' |
Level 2 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 0 | 0 |
Property, plant and equipment, fair value disclosure | ' | 0 | 0 |
Goodwill, fair value disclosure | ' | 0 | 0 |
Other assets, fair value disclosure | ' | 0 | ' |
Level 3 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 22,040,000 | 63,522,000 |
Property, plant and equipment, fair value disclosure | ' | 3,521,000 | 6,000,000 |
Goodwill, fair value disclosure | ' | 7,515,000 | 0 |
Other assets, fair value disclosure | ' | 0 | ' |
Continuing operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of goodwill | 0 | ' | ' |
Continuing operations | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 45,000,000 | ' | ' |
Continuing operations | Level 1 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Continuing operations | Level 2 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Continuing operations | Level 3 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 45,000,000 | ' | ' |
Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of goodwill | 3,187,000 | ' | ' |
Impairment of intangible assets | 2,815,000 | ' | ' |
Discontinued operations | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Discontinued operations | Level 1 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Discontinued operations | Level 2 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Discontinued operations | Level 3 | Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | ' | 2,538,000 | 8,153,000 |
Property, plant and equipment | Continuing operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | 36,430,000 | ' | ' |
Property, plant and equipment | Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of long-lived assets to be disposed of | $1,029,000 | ' | ' |
Fair_value_measurements_Detail
Fair value measurements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | $34,416,000 | $57,040,000 | ' |
Impairment of long-lived assets to be disposed of | 7,031,000 | 3,166,000 | 65,144,000 |
Impairment of goodwill | 0 | 2,055,000 | 11,907,000 |
Impairment of intangible assets | ' | 0 | 0 |
Impairment of other assets | ' | 1,299,000 | ' |
Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | ' | 2,538,000 | 8,153,000 |
La Samanna | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 80,680,000 | ' | ' |
La Samanna | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | 35,680,000 | ' | ' |
Grand Hotel Europe | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 750,000 | ' | ' |
Grand Hotel Europe | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | 750,000 | ' | ' |
Great South Pacific Express | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | ' | 6,059,000 | ' |
Impairment of property, plant and equipment | ' | 3,837,000 | ' |
Other assets, fair value disclosure | ' | 1,299,000 | ' |
Impairment of other assets | ' | 1,299,000 | ' |
Great South Pacific Express | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | ' | 2,538,000 | ' |
Casa de Sierra Nevada | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | ' | ' | 14,153,000 |
Casa de Sierra Nevada | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | ' | ' | 8,153,000 |
Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of goodwill | 3,187,000 | ' | ' |
Impairment of intangible assets | 2,815,000 | ' | ' |
Discontinued operations | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of long-lived assets to be disposed of | 1,029,000 | ' | ' |
Continuing operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of goodwill | 0 | ' | ' |
Continuing operations | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of property, plant and equipment | 36,430,000 | ' | ' |
Porto Cupecoy | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | 720,000 | 22,078,000 | 1,677,000 |
Impairment of long-lived assets to be disposed of | 0 | 3,166,000 | 38,545,000 |
Porto Cupecoy | Fair value | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 22,040,000 | 0 |
Porto Cupecoy | Real estate | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 25,206,000 | ' |
Impairment of long-lived assets to be disposed of | ' | 3,166,000 | 36,868,000 |
Keswick Hall | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | ' | 43,934,000 |
Impairment of long-lived assets to be disposed of | 0 | 0 | 23,934,000 |
Keswick Hall | Fair value | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | ' | 20,000,000 |
Bora Bora Lagoon Resort | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of long-lived assets to be disposed of | ' | 0 | 2,150,000 |
Bora Bora Lagoon Resort | Fair value | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | ' | 2,850,000 |
The Westcliff | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | ' | 515,000 |
Impairment of long-lived assets to be disposed of | 0 | 0 | 515,000 |
The Westcliff | Fair value | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | ' | 0 |
Ubud Hanging Gardens | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of long-lived assets to be disposed of | 7,031,000 | 0 | 0 |
Goodwill, fair value disclosure | 3,187,000 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 2,815,000 | ' | ' |
Ubud Hanging Gardens | Property, plant and equipment | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of long-lived assets to be disposed of | 1,029,000 | ' | ' |
Ubud Hanging Gardens | Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 1,029,000 | ' | ' |
Impairment of goodwill | 3,187,000 | ' | ' |
Ubud Hanging Gardens | Discontinued operations | Favorable lease assets | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of intangible assets | 2,815,000 | ' | ' |
Reid's Palace | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill, fair value disclosure | ' | 9,570,000 | ' |
Impairment of goodwill | ' | 2,055,000 | ' |
Maroma, La Residencia, Mount Nelson | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill, fair value disclosure | ' | ' | 11,907,000 |
Impairment of goodwill | ' | ' | 11,907,000 |
Derivative liabilities | Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Change in unrealized gains or losses included in earnings | 0 | 0 | 0 |
Fair value measurements, non-recurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 22,040,000 | 63,522,000 |
Property, plant and equipment, fair value disclosure | ' | 3,521,000 | 6,000,000 |
Goodwill, fair value disclosure | ' | 7,515,000 | 0 |
Other assets, fair value disclosure | ' | 0 | ' |
Fair value measurements, non-recurring | La Samanna | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 45,000,000 | ' | ' |
Fair value measurements, non-recurring | Grand Hotel Europe | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Fair value measurements, non-recurring | Great South Pacific Express | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | ' | 3,521,000 | ' |
Other assets, fair value disclosure | ' | 0 | ' |
Fair value measurements, non-recurring | Casa de Sierra Nevada | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | ' | ' | 6,000,000 |
Fair value measurements, non-recurring | Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Fair value measurements, non-recurring | Continuing operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 45,000,000 | ' | ' |
Fair value measurements, non-recurring | Ubud Hanging Gardens | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Fair value measurements, non-recurring | Ubud Hanging Gardens | Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Fair value measurements, non-recurring | Reid's Palace | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill, fair value disclosure | ' | 7,515,000 | ' |
Fair value measurements, non-recurring | Maroma, La Residencia, Mount Nelson | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill, fair value disclosure | ' | ' | 0 |
Fair value measurements, non-recurring | Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets of discontinued operations held for sale | ' | 22,040,000 | 63,522,000 |
Property, plant and equipment, fair value disclosure | ' | 3,521,000 | 6,000,000 |
Goodwill, fair value disclosure | ' | 7,515,000 | 0 |
Other assets, fair value disclosure | ' | 0 | ' |
Fair value measurements, non-recurring | Level 3 | Discontinued operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | 0 | ' | ' |
Goodwill, fair value disclosure | 0 | ' | ' |
Finite-lived intangible assets, fair value disclosure | 0 | ' | ' |
Fair value measurements, non-recurring | Level 3 | Continuing operations | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Property, plant and equipment, fair value disclosure | $45,000,000 | ' | ' |
Derivatives_and_hedging_activi2
Derivatives and hedging activities Notional amounts of outstanding interest rate derivatives (Details) (Interest Rate Swaps) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | EUR (€) | USD ($) | EUR (€) |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, notional amount | $63,700 | € 137,469 | $104,259 | € 142,094 |
Fair_value_of_derivative_finan
Fair value of derivative financial instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives designated in a cash flow hedging relationship | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Total | ($4,890) | ($8,879) |
Derivatives designated in a cash flow hedging relationship | Interest Rate Swaps | Accrued liabilities | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of liabilities | -3,012 | -3,858 |
Derivatives designated in a cash flow hedging relationship | Interest Rate Swaps | Other liabilities | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of liabilities | -1,878 | -5,021 |
Derivatives not designated as hedging instruments | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Total | 2 | 6 |
Derivatives not designated as hedging instruments | Interest Rate Swaps | Accrued liabilities | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Interest Rate Swaps | Other liabilities | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Interest Rate Options | Other assets | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of assets | $2 | $6 |
Other_comprehensive_income_and
Other comprehensive income and credit-risk-related contingent features (Details) (Interest Rate Swaps, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Rate Swaps | ' | ' | ' |
Effect of derivative financial instruments on the statements of consolidated operations and statement of consolidated comprehensive income | ' | ' | ' |
Amount of gain/(loss) recognized in interest expense for the ineffective portion of derivatives | ($37) | $218 | ($353) |
Amount of gain/(loss) recognized in interest expense for derivatives not designated as hedging instruments | ($4) | ($54) | $484 |
Derivatives_and_hedging_activi3
Derivatives and hedging activities (Details) | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Non-designated hedges | Non-designated hedges | Non-designated hedges | Non-designated hedges | |
USD ($) | EUR (€) | USD ($) | EUR (€) | Interest Rate Options | Interest Rate Options | Interest Rate Options | Interest Rate Options | ||||
USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivatives not designated as hedges | ' | ' | ' | ' | ' | ' | ' | $2 | ' | $6 | ' |
Notional amount of derivatives not designated as hedges | ' | ' | ' | 63,700 | 137,469 | 104,259 | 142,094 | 59,080 | 73,344 | 53,760 | 76,469 |
Amount accounted for in other comprehensive income/(loss), which is expected to be reclassified to interest expense in the next 12 months | ' | ' | ' | 3,003 | ' | ' | ' | ' | ' | ' | ' |
Amounts recorded in other comprehensive income/(loss) | -1,016 | -806 | 2,748 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivatives in a net liability position | -4,890 | -8,879 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets required to settle obligations under derivatives with credit-risk-related contingent features upon breach of provisions, termination value | 4,899 | 8,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of non-derivative hedging instruments | $26,249 | $44,166 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_other_comprehensiv2
Accumulated other comprehensive income/(loss) Schedule of accumulated other comprehensive income/(loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) , net of tax [Line Items] | ' | ' | ' |
Beginning balance | ($86,381) | ($72,289) | ' |
Other comprehensive loss before reclassifications | -10,517 | -20,221 | ' |
Amounts reclassified from AOCI | 3,581 | 6,129 | ' |
Net current period other comprehensive income/(loss) | -6,943 | -14,093 | -33,615 |
Ending Balance | -93,317 | -86,381 | -72,289 |
Foreign currency translation adjustments | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) , net of tax [Line Items] | ' | ' | ' |
Beginning balance | -67,135 | -52,611 | ' |
Other comprehensive loss before reclassifications | -14,204 | -14,524 | ' |
Amounts reclassified from AOCI | 0 | 0 | ' |
Net current period other comprehensive income/(loss) | -14,204 | -14,524 | ' |
Ending Balance | -81,339 | -67,135 | ' |
Derivative financial instruments | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) , net of tax [Line Items] | ' | ' | ' |
Beginning balance | -5,976 | -6,440 | ' |
Other comprehensive loss before reclassifications | -986 | -5,665 | ' |
Amounts reclassified from AOCI | 3,581 | 6,129 | ' |
Net current period other comprehensive income/(loss) | 2,595 | 464 | ' |
Ending Balance | -3,381 | -5,976 | ' |
Pension liability | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) , net of tax [Line Items] | ' | ' | ' |
Beginning balance | -13,270 | -13,238 | ' |
Other comprehensive loss before reclassifications | 4,673 | -32 | ' |
Amounts reclassified from AOCI | 0 | 0 | ' |
Net current period other comprehensive income/(loss) | 4,673 | -32 | ' |
Ending Balance | -8,597 | -13,270 | ' |
Accumulated other comprehensive income/(loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) , net of tax [Line Items] | ' | ' | ' |
Net current period other comprehensive income/(loss) | ($6,936) | ($14,092) | ($33,704) |
Accumulated_other_comprehensiv3
Accumulated other comprehensive income/(loss) Reclassifications out of AOCI (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Cash flows from derivative financial instruments related to interest payments made for the hedged debt instrument | $34,326 | $30,862 | $42,549 |
Total reclassifications for the period | -31,496 | -6,888 | -87,596 |
Reclassification out of AOCI | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Total reclassifications for the period | 3,581 | 6,129 | ' |
Interest expense | Derivative financial instruments | Reclassification out of AOCI | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Cash flows from derivative financial instruments related to interest payments made for the hedged debt instrument | $3,581 | $6,129 | ' |
Segment_information_Revenue_by
Segment information Revenue by segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | $594,081 | $538,952 | $549,355 |
Subtotal: Total hotels | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 516,108 | 464,227 | 473,578 |
Subtotal: Owned hotels | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 510,247 | 458,745 | 467,769 |
Segment: Owned hotels - Europe | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 222,047 | 202,342 | 213,232 |
Segment: Owned hotels - North America | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 146,491 | 123,516 | 118,967 |
Segment: Owned hotels - Rest of world | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 141,709 | 132,887 | 135,570 |
Segment: Hotels - part-owned/ managed | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 5,861 | 5,482 | 5,809 |
Subtotal: Total trains and cruises | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 77,973 | 74,725 | 75,777 |
Segment: Owned trains and cruises | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 73,728 | 70,897 | 72,461 |
Segment: Trains - part-owned/ managed | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | $4,245 | $3,828 | $3,316 |
Segment_information_Reconcilia
Segment information Reconciliation of total segment profit/(loss) to consolidated (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | $148,088,000 | $135,752,000 | $131,582,000 |
Gain on disposal | 0 | 1,514,000 | 16,544,000 |
Impairment of goodwill | 0 | -2,055,000 | -11,907,000 |
Impairment of other intangible assets, other assets and property, plant and equipment | -36,430,000 | -3,837,000 | -8,153,000 |
Impairment of property, plant and equipment in unconsolidated company | 0 | 0 | -626,000 |
Central overheads | -30,647,000 | -32,140,000 | -30,343,000 |
Share-based compensation | -10,388,000 | -6,834,000 | -6,752,000 |
Depreciation and amortization | -48,740,000 | -43,753,000 | -43,633,000 |
Gain on extinguishment of debt | 3,517,000 | 0 | 0 |
Interest income | 1,067,000 | 1,065,000 | 2,365,000 |
Interest expense | -34,326,000 | -30,862,000 | -42,549,000 |
Foreign currency, net | 1,000,000 | -2,854,000 | -4,538,000 |
Provision for income taxes | -17,628,000 | -21,651,000 | -19,611,000 |
Share of provision for income taxes of unconsolidated companies | -1,691,000 | -5,771,000 | -2,270,000 |
Losses from continuing operations | -26,178,000 | -11,426,000 | -19,891,000 |
Net earnings/(losses) from discontinued operations | -5,318,000 | 4,538,000 | -67,705,000 |
Net losses | -31,496,000 | -6,888,000 | -87,596,000 |
Subtotal: Total hotels | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 125,231,000 | 113,517,000 | 110,634,000 |
Subtotal: Owned hotels | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 122,958,000 | 110,699,000 | 105,373,000 |
Segment: Owned hotels - Europe | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 63,767,000 | 56,289,000 | 60,264,000 |
Impairment of goodwill | 0 | -2,055,000 | ' |
Segment: Owned hotels - North America | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 23,233,000 | 21,684,000 | 13,485,000 |
Impairment of goodwill | 0 | 0 | ' |
Segment: Owned hotels - Rest of world | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 35,958,000 | 32,726,000 | 31,624,000 |
Impairment of goodwill | ' | 0 | ' |
Segment: Hotels - part-owned/ managed | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 2,273,000 | 2,818,000 | 5,261,000 |
Subtotal: Total trains and cruises | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 22,857,000 | 22,235,000 | 20,948,000 |
Segment: Owned trains and cruises | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | 8,467,000 | 9,689,000 | 11,014,000 |
Impairment of goodwill | 0 | 0 | ' |
Segment: Trains - part-owned/ managed | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Segment profit/(loss) | $14,390,000 | $12,546,000 | $9,934,000 |
Segment_information_Reconcilia1
Segment information Reconciliation of assets from segments to consolidated (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $1,879,866 | $1,892,027 |
Subtotal: Total hotels | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,607,865 | 1,619,896 |
Subtotal: Owned hotels | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,561,649 | 1,571,609 |
Segment: Owned hotels - Europe | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 723,899 | 706,111 |
Segment: Owned hotels - North America | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 494,919 | 544,957 |
Segment: Owned hotels - Rest of world | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 342,831 | 320,541 |
Segment: Hotels - part-owned/ managed | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 46,216 | 48,287 |
Subtotal: Total trains and cruises | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 150,982 | 144,579 |
Segment: Owned trains and cruises | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 100,335 | 98,523 |
Segment: Trains - part-owned/ managed | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 50,647 | 46,056 |
Segment: Real estate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 0 | 1,924 |
Unallocated corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 86,603 | 68,588 |
Assets Held-for-sale | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $34,416 | $57,040 |
Segment_information_Reconcilia2
Segment information Reconciliation of other significant reconciling items from segments to consolidated (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | $66,646 | $97,048 | $59,909 |
Carrying value of investment in equity method investees | 63,284 | 58,812 | ' |
Earnings from unconsolidated companies, net of tax | 6,442 | 2,124 | 4,357 |
Eastern & Oriental Express | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Carrying value of investment in equity method investees | 3,363 | 3,276 | ' |
Peru Hotels | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Carrying value of investment in equity method investees | 16,619 | 15,543 | ' |
Peru Rail | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Carrying value of investment in equity method investees | 38,095 | 32,973 | ' |
Hotel Ritz Madrid | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Carrying value of investment in equity method investees | 0 | 1,736 | ' |
Buzios | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Carrying value of investment in equity method investees | 5,207 | 5,284 | ' |
Unallocated corporate | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | 275 | 771 | 1,962 |
Subtotal: Owned hotels | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | 60,046 | 91,867 | 54,098 |
Segment: Owned hotels - Europe | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | 13,238 | 17,187 | 18,660 |
Segment: Owned hotels - North America | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | 32,635 | 47,659 | 17,690 |
Segment: Owned hotels - Rest of world | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | 14,173 | 27,021 | 17,748 |
Segment: Owned trains and cruises | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital expenditures | 6,325 | 4,410 | 3,849 |
Segment: Hotels - part-owned/ managed | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Earnings from unconsolidated companies, net of tax | -2,372 | 1,517 | 35 |
Segment: Trains - part-owned/ managed | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Earnings from unconsolidated companies, net of tax | $8,814 | $607 | $4,322 |
Segment_information_Revenues_a
Segment information Revenues and long-lived assets by location of property (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | $594,081 | $538,952 | $549,355 |
Property, plant and equipment | 1,121,749 | 1,138,114 | ' |
Bermuda | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 0 | 0 | 0 |
Property, plant and equipment | 0 | 0 | ' |
Italy | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 133,806 | 120,307 | 124,632 |
Property, plant and equipment | 381,718 | 369,756 | ' |
United Kingdom | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 65,865 | 67,647 | 71,313 |
Property, plant and equipment | 63,964 | 64,047 | ' |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 108,167 | 85,890 | 83,126 |
Property, plant and equipment | 342,168 | 318,672 | ' |
Brazil | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 80,537 | 74,731 | 82,181 |
Property, plant and equipment | 148,012 | 147,408 | ' |
All other countries | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 205,706 | 190,377 | 188,103 |
Property, plant and equipment | 373,741 | 422,024 | ' |
Consolidated entity including consolidated VIE | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Property, plant and equipment | $1,309,603 | $1,321,907 | ' |
Segment_information_Details
Segment information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 6 |
Related_party_transactions_Det
Related party transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Eastern and Oriental Express Ltd. | ' | ' | ' |
Related party transactions | ' | ' | ' |
Ownership percentage | 25.00% | ' | ' |
Fees earned from JV | $463 | $389 | $279 |
Amounts payable to OEH | 4,232 | 5,005 | ' |
Hotel and rail joint ventures in Peru | ' | ' | ' |
Related party transactions | ' | ' | ' |
Ownership percentage | 50.00% | ' | ' |
Fees earned from JV | 8,281 | 7,886 | 7,644 |
Amounts payable to OEH | 5,726 | 6,398 | ' |
Hotel Ritz, Madrid | ' | ' | ' |
Related party transactions | ' | ' | ' |
Ownership percentage | 50.00% | ' | ' |
Fees earned from JV | 1,016 | 1,035 | 1,204 |
Amounts payable to OEH | 28,828 | 24,128 | ' |
Interest Income | $684 | $631 | $560 |
Subsequent_events_Details
Subsequent events (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 |
Brazilian Hotels and La Residencia | Brazilian hotels | La Residencia | LIBOR | EURIBOR | |||
Subsequent event | Subsequent event | Brazilian hotels | La Residencia | ||||
Subsequent event | Subsequent event | ||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' |
Amount of debt, maturity of which has been extended | ' | ' | ' | $106,000,000 | $22,080,000 | ' | ' |
Maturity date | ' | ' | ' | 1-Feb-15 | 31-Jan-15 | ' | ' |
Variable interest rate basis | ' | ' | ' | ' | ' | 'LIBOR | 'EURIBOR |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | 3.15% | 2.75% |
Amount of loans reclassified in the current portion of long-term debt | 71,011,000 | 90,115,000 | 4,600,000 | ' | ' | ' | ' |
Amount of loans classified in the non-current portion of long-term debt | $472,570,000 | $431,445,000 | $123,480,000 | ' | ' | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | $472 | $602 | $474 | |||
Additions charged to costs and expenses | 200 | 208 | 231 | |||
Additions charged to other accounts | 9 | [1] | 7 | [1] | -3 | [1] |
Deductions | -118 | [2] | -345 | [2] | -100 | [2] |
Balance at end of period | 563 | 472 | 602 | |||
Valuation allowance on deferred tax assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 97,376 | 50,746 | 28,201 | |||
Additions charged to costs and expenses | 13,015 | 6,093 | 11,795 | |||
Additions charged to other accounts | 389 | [3] | 40,537 | [3] | 10,750 | [3] |
Deductions | 0 | 0 | 0 | |||
Balance at end of period | $110,780 | $97,376 | $50,746 | |||
[1] | Foreign currency translation adjustments. | |||||
[2] | Bad debts written off, net of recoveries. | |||||
[3] | This amount was charged to income tax expense, but is fully offset by the income tax benefit generated when recording the corresponding deferred tax asset. |