Belmond (BEL) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Entity Registrant Name	Belmond Ltd.
Entity Central Index Key	1,115,836
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Class A common shares at par value
Entity Common Stock, Shares Outstanding:		102,870,334
Class B common shares at par value
Entity Common Stock, Shares Outstanding:		18,044,478

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents		$ 156,689	$ 135,118
Restricted cash		2,875	1,905
Accounts receivable, net of allowances of $271 and $425		35,314	30,310
Due from unconsolidated companies		10,457	15,894
Prepaid expenses and other		19,969	17,791
Inventories		28,230	30,501
Total current assets		253,534	231,519
Property, plant and equipment, net of accumulated depreciation of $345,493 and $338,438		1,130,261	1,168,757
Investments in unconsolidated companies		68,529	65,831
Goodwill		122,515	132,644
Other intangible assets		14,292	13,958
Other assets		26,716	55,609
Total assets	[1]	1,615,847	1,668,318
Liabilities and Equity
Accounts payable		22,968	24,855
Accrued liabilities		79,055	68,635
Deferred revenue		40,961	30,943
Current portion of long-term debt and obligations under capital leases		5,380	5,549
Total current liabilities		148,364	129,982
Long-term debt and obligations under capital leases		595,777	612,235
Liability for pension benefit		1,377	2,386
Other liabilities		22,183	23,897
Deferred income taxes		131,284	134,120
Liability for uncertain tax positions		3,569	3,437
Total liabilities	[1]	$ 902,554	$ 906,057
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred shares $0.01 par value (30,000,000 shares authorized, issued Nil)		$ 0	$ 0
Additional paid-in capital		990,590	1,000,803
Retained earnings		7,285	5,763
Accumulated other comprehensive loss		(286,539)	(246,420)
Less: Reduction due to class B common shares owned by a subsidiary — 18,044,478 (2014 — 18,044,478)		(181)	(181)
Total shareholders’ equity		712,366	761,186
Non-controlling interests		927	1,075
Total equity		713,293	762,261
Total liabilities and equity		1,615,847	1,668,318
Class A common shares $0.01 par value (240,000,000 shares authorized):
Shareholders’ equity:
Common shares		1,030	1,040
Class B common shares $0.01 par value (120,000,000 shares authorized):
Shareholders’ equity:
Common shares		$ 181	$ 181
[1]	Included in Belmond Ltd.’s consolidated assets and liabilities are assets of consolidated variable interest entities (“consolidated VIEs”) that can only be used to settle obligations of the consolidated VIEs and liabilities of consolidated VIEs whose creditors have no recourse to Belmond Ltd. The Company’s only consolidated VIE at June 30, 2015 and December 31, 2014 is Charleston Center LLC. These assets and liabilities at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 $’000 $’000 Assets Cash and cash equivalents 3,634 2,501Restricted cash 921 768Accounts receivable, net of allowances of $Nil and $Nil 2,715 2,062Prepaid expenses and other 773 1,342Inventories 1,291 1,527Total current assets 9,334 8,200 Property, plant and equipment, net of accumulated depreciation of $28,525 and $26,581 199,711 197,608Other assets 1,715 1,931Total assets 210,760 207,739 Liabilities Accounts payable 2,005 3,937Accrued liabilities 3,782 2,485Deferred revenue 2,140 2,151Current portion of long-term debt and obligations under capital leases 223 217Total current liabilities 8,150 8,790 Long-term debt and obligations under capital leases 97,215 97,328Other liabilities 16,240 15,940Total liabilities 121,605 122,058See further description in note 4, Variable interest entities.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets - Variable Interest Entities (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents		$ 156,689	$ 135,118
Restricted cash		2,875	1,905
Accounts receivable, net of allowances of $Nil and $Nil		35,314	30,310
Prepaid expenses and other		19,969	17,791
Inventories		28,230	30,501
Total current assets		253,534	231,519
Property, plant and equipment, net of accumulated depreciation of $28,525 and $26,581		1,130,261	1,168,757
Other assets		26,716	55,609
Total assets	[1]	1,615,847	1,668,318
Liabilities
Accounts payable		22,968	24,855
Accrued liabilities		79,055	68,635
Deferred revenue		40,961	30,943
Current portion of long-term debt and obligations under capital leases		5,380	5,549
Total current liabilities		148,364	129,982
Long-term debt and obligations under capital leases		595,777	612,235
Other liabilities		22,183	23,897
Total liabilities	[1]	902,554	906,057
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents		3,634	2,501
Restricted cash		921	768
Accounts receivable, net of allowances of $Nil and $Nil		2,715	2,062
Prepaid expenses and other		773	1,342
Inventories		1,291	1,527
Total current assets		9,334	8,200
Property, plant and equipment, net of accumulated depreciation of $28,525 and $26,581		199,711	197,608
Other assets		1,715	1,931
Total assets		210,760	207,739
Liabilities
Accounts payable		2,005	3,937
Accrued liabilities		3,782	2,485
Deferred revenue		2,140	2,151
Current portion of long-term debt and obligations under capital leases		223	217
Total current liabilities		8,150	8,790
Long-term debt and obligations under capital leases		97,215	97,328
Other liabilities		16,240	15,940
Total liabilities		$ 121,605	$ 122,058
[1]	Included in Belmond Ltd.’s consolidated assets and liabilities are assets of consolidated variable interest entities (“consolidated VIEs”) that can only be used to settle obligations of the consolidated VIEs and liabilities of consolidated VIEs whose creditors have no recourse to Belmond Ltd. The Company’s only consolidated VIE at June 30, 2015 and December 31, 2014 is Charleston Center LLC. These assets and liabilities at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 $’000 $’000 Assets Cash and cash equivalents 3,634 2,501Restricted cash 921 768Accounts receivable, net of allowances of $Nil and $Nil 2,715 2,062Prepaid expenses and other 773 1,342Inventories 1,291 1,527Total current assets 9,334 8,200 Property, plant and equipment, net of accumulated depreciation of $28,525 and $26,581 199,711 197,608Other assets 1,715 1,931Total assets 210,760 207,739 Liabilities Accounts payable 2,005 3,937Accrued liabilities 3,782 2,485Deferred revenue 2,140 2,151Current portion of long-term debt and obligations under capital leases 223 217Total current liabilities 8,150 8,790 Long-term debt and obligations under capital leases 97,215 97,328Other liabilities 16,240 15,940Total liabilities 121,605 122,058See further description in note 4, Variable interest entities.

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, allowances	$ 271	$ 425
Property, plant and equipment, accumulated depreciation	$ 345,493	$ 338,438
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 at par value
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	102,989,249	103,979,577
Class B common shares at par value
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 shares owned by a subsidiary (shares)	18,044,478	18,044,478
Variable Interest Entity, Primary Beneficiary
Accounts receivable, allowances	$ 0	$ 0
Property, plant and equipment, accumulated depreciation	$ 28,525	$ 26,581

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue	$ 160,805	$ 175,604	$ 260,295	$ 278,147
Expenses:
Cost of services	70,161	78,638	117,962	128,541
Selling, general and administrative	54,629	58,224	102,650	108,996
Depreciation and amortization	12,425	12,771	25,004	24,890
Impairment of goodwill	5,698	0	5,698	0
Total operating costs and expenses	142,913	149,633	251,314	262,427
Gain on disposal of property, plant and equipment and equity method investments	19,825	153	19,975	3,857
Earnings from operations	37,717	26,124	28,956	19,577
Loss on extinguishment of debt	0	0	0	(14,506)
Interest income	187	298	450	700
Interest expense	(6,480)	(8,521)	(14,095)	(18,056)
Foreign currency, net	(1,056)	(1,328)	(3,812)	(880)
Earnings/(losses) before income taxes and earnings from unconsolidated companies, net of tax	30,368	16,573	11,499	(13,165)
Provision for income taxes	(16,338)	(11,561)	(7,058)	(1,319)
Earnings(losses) before earnings from unconsolidated companies, net of tax	14,030	5,012	4,441	(14,484)
Earnings from unconsolidated companies, net of tax provision/ (benefit) of $608, $910, $(116) and $585	1,357	1,451	1,682	1,038
Earnings/(losses) from continuing operations	15,387	6,463	6,123	(13,446)
Net losses from discontinued operations, net of tax provision/(benefit) of $Nil, $Nil, $Nil and $Nil	(53)	(467)	(243)	(1,202)
Net earnings/(losses)	15,334	5,996	5,880	(14,648)
Net (earnings)/losses attributable to non-controlling interests	90	89	(5)	(27)
Net earnings/(losses) attributable to Belmond Ltd.	$ 15,424	$ 6,085	$ 5,875	$ (14,675)
Basic earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	$ 0.148	$ 0.062	$ 0.059	$ (0.130)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.005)	(0.002)	(0.012)
Basic net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	0.148	0.058	0.057	(0.142)
Diluted earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	0.146	0.061	0.058	(0.130)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.004)	(0.002)	(0.012)
Diluted net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	$ 0.146	$ 0.058	$ 0.056	$ (0.142)

Statements of Condensed Consol6

Statements of Condensed Consolidated Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Earnings from unconsolidated companies, tax (benefit)/provision	$ 608	$ 910	$ (116)	$ 585
Discontinued operations, tax (benefit)/provision	$ 0	$ 0	$ 0	$ 0

Statements of Condensed Consol7

Statements of Condensed Consolidated Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net earnings/(losses)	$ 15,334	$ 5,996	$ 5,880	$ (14,648)
Other comprehensive income/(losses), net of tax:
Foreign currency translation adjustments, net of tax provision/(benefit) of $(112), $Nil, $(1,512) and $Nil	10,906	10,602	(40,336)	(41,495)
Change in fair value of derivatives, net of tax provision/(benefit) of $264, $Nil, $(260) and $1,503	785	(2,144)	(234)	481
Change in pension liability, net of tax provision/(benefit) of $76, $Nil, $76 and $Nil	113	0	298	0
Total other comprehensive income/(losses), net of tax	11,804	8,458	(40,272)	(41,014)
Total comprehensive income/(losses)	27,138	14,454	(34,392)	(55,662)
Comprehensive (income)/losses attributable to non-controlling interests	59	60	148	822
Comprehensive income/(losses) attributable to Belmond Ltd.	$ 27,197	$ 14,514	$ (34,244)	$ (54,840)

Statements of Condensed Consol8

Statements of Condensed Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax provision/(benefit)	$ (112)	$ 0	$ (1,512)	$ 0
Change in fair value of derivatives, tax provision/(benefit)	264	0	(260)	1,503
Change in pension liability, tax provision/(benefit)	$ 76	$ 0	$ 76	$ 0

Statements of Condensed Consol9

Statements of Condensed Consolidated Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings/(losses)	$ 5,880	$ (14,648)
Less: Net losses from discontinued operations, net of tax	(243)	(1,202)
Net earnings/(losses) from continuing operations	6,123	(13,446)
Adjustments to reconcile net earnings/(losses) to net cash provided by operating activities:
Depreciation and amortization	25,004	24,890
Impairment of goodwill	5,698	0
Gain on disposal of property, plant and equipment	(19,975)	(3,857)
Loss on extinguishment of debt	0	14,506
Earnings from unconsolidated companies, net of tax	(1,682)	(1,038)
Amortization of deferred financing costs and discount on secured term loan	1,443	2,439
Share-based compensation	3,733	2,991
Excess share-based compensation tax benefit	0	(96)
Change in provisions for uncertain tax positions	160	243
Change in deferred income tax	(1,912)	(8,039)
Other non-cash movements	17	752
Effect of exchange rates on net earnings/(losses)	2,358	(581)
Change in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(5,971)	(5,077)
Due from unconsolidated companies	1,282	(520)
Prepaid expenses and other	(421)	1,131
Inventories	804	850
Escrow and prepaid customer deposits	(1,431)	(617)
Accounts payable	(309)	1,648
Accrued liabilities	12,582	3,383
Deferred revenue	11,630	10,050
Other, net	(2,475)	(5,438)
Other cash movements:
Dividends from equity method investees	1,879	1,620
Proceeds from insurance settlements	0	887
Payment of key money	0	(3,000)
Payment of swap termination costs	0	(3,985)
Net cash provided by operating activities from continuing operations	38,537	19,696
Net cash used in operating activities from discontinued operations	(243)	(1,202)
Net cash provided by operating activities	38,294	18,494
Cash flows from investing activities:
Capital expenditure to acquire property, plant and equipment	(31,365)	(40,040)
Capital expenditure to acquire intangible assets	(706)	0
Investments in unconsolidated companies	(4,061)	(4,844)
Increase in restricted cash	(153)	(613)
Release of restricted cash	500	6,900
Change in deferred revenue for asset sale deposits	(500)	0
Proceeds from insurance settlements	0	97
Proceeds from sale of property, plant and equipment and equity method investments	43,242	37,842
Net cash provided by/(used in) investing activities from continuing operations	6,957	(658)
Net cash provided by investing activities from discontinued operations	0	0
Net cash provided by/(used in) investing activities	6,957	(658)
Cash flows from financing activities:
Repayments of working capital loans	0	(137)
Payments for Repurchase of Equity	(16,519)	0
Exercised stock options and vested share awards	32	2
Excess share-based compensation tax benefit	0	96
Dividend to non-controlling interest	(20)	0
Issuance of long-term debt	0	569,097
Debt issuance costs	(1,000)	(16,254)
Principal payments under long-term debt	(2,740)	(561,934)
Net cash used in financing activities from continuing operations	(20,247)	(9,130)
Net cash used in financing activities from discontinued operations	0	0
Net cash used in financing activities	(20,247)	(9,130)
Effect of exchange rate changes on cash and cash equivalents	(3,433)	681
Net increase in cash and cash equivalents	21,571	9,387
Cash and cash equivalents at beginning of period (includes $Nil and $394 of cash presented within assets held for sale)	135,118	123,553
Cash and cash equivalents at end of period (includes $Nil and $Nil of cash presented within assets held for sale)	$ 156,689	$ 132,940

Statements of Condensed Conso10

Statements of Condensed Consolidated Cash Flows (Parenthetical) - Assets held for sale - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Cash presented within assets held for sale at beginning of period	$ 0	$ 0	$ 394
Cash presented within assets held for sale at end of period	$ 0	$ 0	$ 0

Statements of Condensed Conso11

Statements of Condensed Consolidated Total Equity - USD ($) $ in Thousands	Total	Preferred shares at par value	Common shares at par valueClass A common shares at par value	Common shares at par valueClass B common shares at par value	Additional paid-in capital	(Accumulated deficit)/retained earnings	Accumulated other comprehensive income/(loss)	Class B common shares held by a subsidiary	Non-controlling interests
Balance at Dec. 31, 2013	$ 910,645	$ 0	$ 1,036	$ 181	$ 992,860	$ 7,643	$ (93,317)	$ (181)	$ 2,423
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,087				3,087
Exercised stock options and vested share awards	2		2
Comprehensive loss:
Net (losses)/earnings attributable to common shares	(14,648)					(14,675)			27
Other comprehensive loss	(41,014)						(40,165)		(849)
Balance at Jun. 30, 2014	858,072	0	1,038	181	995,947	(7,032)	(133,482)	(181)	1,601
Balance at Dec. 31, 2014	762,261	0	1,040	181	1,000,803	5,763	(246,420)	(181)	1,075
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,733				3,733
Exercised stock options and vested share awards	32		5		27
Repurchase of shares	(18,341)		(15)		(13,973)	(4,353)
Dividend to non-controlling interest	0
Comprehensive loss:
Net (losses)/earnings attributable to common shares	5,880					5,875			5
Other comprehensive loss	(40,272)						(40,119)		(153)
Balance at Jun. 30, 2015	$ 713,293	$ 0	$ 1,030	$ 181	$ 990,590	$ 7,285	$ (286,539)	$ (181)	$ 927

Basis of financial statement pr

Basis of financial statement presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of financial statement presentation	Basis of financial statement presentation Business In this report Belmond Ltd. is referred to as the “Company”, and the Company and its consolidated subsidiaries are referred to collectively as “Belmond”. On June 30, 2014, the Company changed its name from Orient-Express Hotels Ltd. to Belmond Ltd. following approval by shareholders at the 2014 annual general meeting held on that date. On July 28, 2014, the Company changed the ticker symbol of its class A common shares listed on the New York Stock Exchange from OEH to BEL. At June 30, 2015 , Belmond owned, invested in or managed 35 deluxe hotels and resort properties operating in the United States, Mexico, the Caribbean, Europe, Southern Africa, South America, and Southeast Asia, one stand-alone restaurant in New York, seven tourist trains in Europe, Southeast Asia and Peru, two river cruise businesses in Myanmar (Burma) and one canal boat business in France. Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reporting on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows for the interim period have been included in these condensed consolidated financial statements. The interim results presented are not necessarily indicative of results that may be expected for any subsequent interim period or the fiscal year ending December 31, 2015 . These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . See Note 2 to the consolidated financial statements in the 2014 Annual Report on Form 10-K for additional information regarding significant accounting policies. For interim reporting purposes, Belmond calculates its tax expense by estimating its global annual effective tax rate and applies that rate in providing for income taxes on a year-to-date basis. Belmond has calculated an expected annual effective tax rate, excluding significant, unusual or extraordinary items, and the tax effect of jurisdictions with losses for which a tax benefit cannot be recognized. The income tax expense (or benefit) related to all other items is individually computed and recognized when the items occur. Reclassifications Discontinued operations and assets and liabilities held for sale were reclassified in the condensed consolidated financial statements for all periods presented. See Note 3 for a summary of the results of discontinued operations and assets and liabilities held for sale. Accounting policies The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year. Functional currency change Prior to 2014, Belmond’s Brazilian operations used the U.S. dollar as their functional currency. Effective January 1, 2014, Belmond changed the functional currency to the Brazilian real. Belmond believes that the growth in the Brazilian operations’ real-denominated revenues and expenses indicated a change in the economic facts and circumstances that justified the change in the functional currency. In the six months ended June 30, 2014 , a foreign currency translation adjustment loss of $49,356,000 arising on the remeasurement of non-monetary assets and liabilities of Belmond’s Brazilian operations, of which the majority related to property, plant and equipment, is included in other comprehensive losses. Accounting pronouncements adopted during the period In April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance that amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions. The revised guidance will change how entities identify and disclose information about disposal transactions. The guidance is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. The adoption of this guidance did not have a material effect on Belmond’s consolidated financial position, results of operations and cash flows. Accounting pronouncements to be adopted In May 2014, the FASB issued new guidance which is intended to improve the comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The guidance supersedes existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the new guidance. The guidance was originally effective for annual and interim periods beginning after December 15, 2016, however in July 2015 the FASB confirmed that the effective date would be deferred by one year. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In August 2014, the FASB issued new guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. Further, an entity must provide certain disclosures if there is “substantial doubt about the entity’s ability to continue as a going concern”. The guidance is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Belmond is assessing what impact, if any, the adoption of this guidance will have on its disclosures. In February 2015, the FASB issued new guidance which amends consolidation requirements and changes the analysis required in relation to variable interest entities and whether or not these entities should be consolidated. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In April 2015, the FASB issued new guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The standard does not affect the recognition and measurement of debt issuance costs, which would continue to be calculated using the interest method and be reported as interest expense. Additionally, the other areas of U.S. GAAP that prescribe the accounting treatment for third-party debt issuance costs will not be affected. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis when applicable. Debt issuance costs included in Other assets on the condensed consolidated balance sheets were $12,847,000 at June 30, 2015 ( December 31, 2014 - $13,095,000 ).

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2015
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: Three months ended Six months ended June 30, June 30, June 30, June 30, Numerator ($'000) Net earnings/(losses) from continuing operations 15,387 6,463 6,123 (13,446 ) Net earnings/(losses) from discontinued operations (53 ) (467 ) (243 ) (1,202 ) Net losses/(earnings) attributable to non-controlling interests 90 89 (5 ) (27 ) Net earnings/(losses) attributable to Belmond Ltd. 15,424 6,085 5,875 (14,675 ) Denominator (shares '000) Basic weighted average shares outstanding 103,652 103,734 103,880 103,727 Effect of dilution 2,049 2,184 1,969 — Diluted weighted average shares outstanding 105,701 105,918 105,849 103,727 $ $ $ $ Basic earnings per share Net earnings/(losses) from continuing operations 0.148 0.062 0.059 (0.130 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.005 ) (0.002 ) (0.012 ) Net losses/(earnings) attributable to non-controlling interests 0.001 0.001 — — Net earnings/(losses) attributable to Belmond Ltd. 0.148 0.058 0.057 (0.142 ) Diluted earnings per share Net earnings/(losses) from continuing operations 0.146 0.061 0.058 (0.130 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.004 ) (0.002 ) (0.012 ) Net losses/(earnings) attributable to non-controlling interests 0.001 0.001 — — Net earnings/(losses) attributable to Belmond Ltd. 0.146 0.058 0.056 (0.142 ) For the six months ended June 30, 2014 , all share options and share-based awards were excluded from the calculation of the diluted weighted average number of shares because Belmond incurred a net loss in that period 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 was as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Share options 701,600 163,900 894,876 2,913,300 Share-based awards — — — 1,503,000 Total 701,600 163,900 894,876 4,416,300 The number of share options and share-based awards unexercised at June 30, 2015 was 4,690,526 ( June 30, 2014 - 4,416,300 ).

Assets held for sale and discon

Assets held for sale and discontinued operations	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale and discontinued operations	Assets held for sale and discontinued operations At June 30, 2015 and December 31, 2014 , no properties were classified as held for sale. For the six months ended June 30, 2015 and 2014 , the results of operations of Ubud Hanging Gardens, Bali, Indonesia and the Porto Cupecoy development on the Dutch side of St Martin, French West Indies have been presented as discontinued operations. During the six months ended June 30, 2014 , Inn at Perry Cabin by Belmond, St. Michaels, Maryland was sold. Due to Belmond's continuing involvement in managing the hotel, its results are presented within continuing operations. (a) Properties sold: Inn at Perry Cabin by Belmond On March 21, 2014, Belmond completed the sale of the property and operations of Inn at Perry Cabin by Belmond for consideration of $39,700,000 , of which $25,680,000 was paid in cash, $11,020,000 was settled directly with the lender to repay the debt facility secured by the property, and $3,000,000 was a key money contribution from Belmond to the buyer to be used for agreed capital enhancements. Belmond will continue to manage the hotel for the new owner under a management agreement with a ten -year term that permits termination on the fifth anniversary of the agreement. The disposal resulted in a gain of $6,704,000 , of which $3,704,000 was recognized on completion on March 21, 2014 and $3,000,000 was deferred to be recognized over the initial period of the management agreement. The gain on sale of $3,704,000 recognized on March 21, 2014 and the subsequent release of the deferred gain is reported within gain on disposal of property, plant and equipment in the statements of condensed consolidated operations. The following is a summary of net assets sold and the gain recorded on sale for Inn at Perry Cabin by Belmond: Inn at Perry Cabin by Belmond March 21, $'000 Property, plant and equipment 32,293 Net working capital deficit (820 ) Net assets 31,473 Transfer of foreign currency translation loss/(gain) — 31,473 Consideration: Cash 25,680 Reduction in debt facility on sale of hotel 11,020 Key money retained by buyer 3,000 Less: Working capital adjustment (1,130 ) Less: Costs to sell (393 ) 38,177 Gain on sale 6,704 (b) Results of discontinued operations Belmond 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 Belmond from the hotel by the owner in November 2013, however, Belmond has been unable to continue to operate the hotel. Belmond believes that the owner's actions are unlawful and constitute a wrongful dispossession and is pursuing its legal remedies under the lease. See Note 17. As Belmond 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. The Porto Cupecoy development was sold in January 2013, with the final unit disposed of in September 2014. Residual costs relating to Porto Cupecoy are presented within discontinued operations for all periods shown. Summarized operating results of the properties classified as discontinued operations for the three and six months ended June 30, 2015 and 2014 are as follows: Three months ended June 30, 2015 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (42 ) (11 ) (53 ) Impairment — — — Gain on sale — — — Losses before tax (42 ) (11 ) (53 ) Tax benefit — — — Net losses from discontinued operations (42 ) (11 ) (53 ) Three months ended June 30, 2014 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (241 ) (226 ) (467 ) Losses before tax (241 ) (226 ) (467 ) Net losses from discontinued operations (241 ) (226 ) (467 ) Six months ended June 30, 2015 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (192 ) (51 ) (243 ) Losses before tax (192 ) (51 ) (243 ) Net losses from discontinued operations (192 ) (51 ) (243 ) Six months ended June 30, 2014 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (918 ) (284 ) (1,202 ) Losses before tax (918 ) (284 ) (1,202 ) Net losses from discontinued operations (918 ) (284 ) (1,202 ) The results of discontinued operations for the three and six months ended June 30, 2015 include legal fees of $42,000 ( June 30, 2014 - $241,000 ) and $192,000 ( June 30, 2014 - $918,000 ), respectively, in relation to Ubud Hanging Gardens, as Belmond is pursuing legal remedies following its dispossession by the owner in November 2013. See Note 17. (c) Assets and liabilities held for sale There were no properties classified as held for sale at June 30, 2015 and December 31, 2014 .

Variable interest entities

Variable interest entities	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities	Variable interest entities (a) VIEs of which Belmond is the primary beneficiary Belmond holds a 19.9% equity investment in Charleston Center LLC, owner of Belmond Charleston Place, Charleston, South Carolina. Belmond has also made a number of loans to the hotel. Belmond concluded that Charleston Center LLC is a VIE 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 Belmond. Belmond 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. Assets of Charleston Center LLC that can only be used to settle obligations of the consolidated VIEs and liabilities of Charleston Center LLC whose creditors have no recourse to Belmond are presented as a footnote to the consolidated balance sheets. The third-party debt of Charleston Center LLC is secured by its net assets and is non-recourse to its members, including Belmond. The hotel's separate assets are not available to pay the debts of Belmond and the hotel's separate liabilities do not constitute obligations of Belmond. The assets of Charleston Center LLC that can be used only to settle obligations of Charleston Center LLC totaled $210,760,000 at June 30, 2015 ( December 31, 2014 - $207,739,000 ) and exclude goodwill of $40,395,000 ( December 31, 2014 - $40,395,000 ). The liabilities of Charleston Center LLC for which creditors do not have recourse to the general credit of Belmond totaled $121,605,000 at June 30, 2015 ( December 31, 2014 - $122,058,000 ). All deferred taxes attributable to the Company’s investment in the LLC arise at the investor level and are therefore not included in the footnote to the condensed consolidated balance sheets. (b) VIEs of which Belmond is not the primary beneficiary Belmond 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. Belmond concluded that the PeruRail 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 condensed consolidated operations. The carrying amounts and maximum exposures to loss as a result of Belmond’s involvement with its Peru rail joint venture are as follows: Carrying amounts Maximum exposure June 30, December 31, June 30, December 31, $’000 $’000 $’000 $’000 Investment 45,009 41,713 45,009 41,713 Due from unconsolidated company 4,108 5,931 4,108 5,931 Guarantees — — — 4,124 Contingent guarantees — — 9,983 11,226 Total 49,117 47,644 59,100 62,994 The maximum exposure to loss for the Peru rail joint venture exceeds Belmond’s carrying amounts in the joint venture due to guarantees, which, as discussed below, are not recognized in the condensed 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 Belmond’s ownership of the economic and voting interests in the joint venture falls below 50% , an event which has not occurred and is not expected to occur. As at June 30, 2015 , Belmond 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. The Company has contingently guaranteed $3,307,000 of the debt obligations of the rail joint venture in Peru through 2017 . The Company has also contingently guaranteed the rail joint venture’s obligations relating to the performance of its governmental rail concessions, currently in the amount of $6,676,000 , through May 2016 . At December 31, 2014 , the Company guaranteed $4,124,000 of the debt obligations of the rail joint venture in Peru. The guaranteed debt was repaid by the joint venture in the three months ended June 30, 2015 .

Investments in unconsolidated c

Investments in unconsolidated companies	6 Months Ended
	Jun. 30, 2015
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 in which Belmond exerts significant influence, but does not have effective control of these unconsolidated companies and, therefore, accounts for these investments using the equity method. As at June 30, 2015 , these investments include the 50% ownership in rail and hotel joint venture operations in Peru, 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, Belmond acquired 50% of a company holding real estate in Buzios, Brazil for a cash consideration of $5,000,000 . Belmond 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 an 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. Belmond expects to recover its investment in the project either through negotiations with or litigation against the State of Rio de Janeiro. On May 21, 2015, Belmond sold its 50% ownership in Hotel Ritz by Belmond, Madrid, Spain. Belmond and its joint venture partner sold the shares in the entity that owns the hotel for gross proceeds of €130,000,000 ( $145,288,000 at date of sale). As a condition of the sale, Belmond’s management contract with Hotel Ritz by Belmond was terminated, resulting in the receipt of a termination fee of $2,292,000 . The following table shows the net proceeds to Belmond and a summary of net assets sold, resulting in a gain of $19,676,000 that is reported within gain on disposal of property, plant and equipment and equity method investments in the statements of condensed consolidated operations: Hotel Ritz by Belmond May 21, $'000 Receivables due from unconsolidated companies 29,679 Investments in unconsolidated companies — Net assets sold 29,679 Transfer of foreign currency translation gain (5,613 ) 24,066 Consideration: Cash 42,197 Less: Costs to sell (747 ) Plus: Management contract termination fee 2,292 43,742 Gain on sale 19,676 Summarized financial data for Belmond’s unconsolidated companies are as follows: June 30, December 31, $’000 $’000 Current assets 44,438 52,289 Property, plant and equipment, net 198,853 340,546 Other assets 33,312 37,917 Non-current assets 232,165 378,463 Total assets 276,603 430,752 Current liabilities, including $30,379 and $96,824 current portion of third-party debt 89,050 157,273 Long-term debt 18,855 27,014 Other liabilities 39,591 125,210 Non-current liabilities 58,446 152,224 Total shareholders’ equity 129,107 121,255 Total liabilities and shareholders’ equity 276,603 430,752 Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Revenue 43,255 45,626 77,091 80,341 Gross profit 1 29,198 28,052 48,044 46,533 Net earnings 2 2,526 2,948 3,322 2,596 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 Belmond’s hotel and rail joint ventures in Peru, under which Belmond and the other 50% participant must contribute equally additional equity needed for the businesses. If the other participant does not meet this obligation, Belmond has the right to dilute the other participant and obtain a majority equity interest in the affected joint venture company. Belmond 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 contingent guarantees to unconsolidated companies which are not recognized in the condensed 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 Belmond’s ownership of the economic and voting interests in the joint venture falls below 50% , an event which has not occurred. As at June 30, 2015 , Belmond does not expect that it will be required to fund these guarantees relating to these joint venture companies. The Company has contingently guaranteed, through 2020 , $18,334,000 of debt obligations of the joint venture in Peru that operates four hotels. See Note 4 for information regarding guarantees and long-term debt of the rail joint venture in Peru.

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment The major classes of property, plant and equipment are as follows: June 30, December 31, $’000 $’000 Land and buildings 1,037,895 1,069,846 Machinery and equipment 190,159 194,155 Fixtures, fittings and office equipment 228,913 224,270 River cruise ship and canal boats 18,787 18,924 1,475,754 1,507,195 Less: Accumulated depreciation (345,493 ) (338,438 ) Total property, plant and equipment, net of accumulated depreciation 1,130,261 1,168,757 The major classes of assets under capital leases included above are as follows: June 30, December 31, $’000 $’000 Machinery and equipment 695 716 Fixtures, fittings and office equipment 171 181 866 897 Less: Accumulated depreciation (656 ) (652 ) Total assets under capital leases, net of accumulated depreciation 210 245 The depreciation charge on property, plant and equipment for the three and six months ended June 30, 2015 was $12,297,000 ( June 30, 2014 - $12,647,000 ) and $24,782,000 ( June 30, 2014 - $24,698,000 ), respectively. The table above includes property, plant and equipment of Charleston Center LLC, a consolidated VIE, of $199,711,000 at June 30, 2015 ( December 31, 2014 - $197,608,000 ). There were no impairments of property, plant and equipment in the three and six months ended June 30, 2015 and 2014 . There was no capitalized interest in the three and six months ended June 30, 2015 and 2014 .

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying amount of goodwill for the six months ended June 30, 2015 are as follows: At January 1, 2015 Gross goodwill amount Accumulated impairment Net goodwill amount Impairment Foreign currency translation adjustment At June 30, 2015 $'000 $'000 $'000 $'000 $'000 $'000 Owned hotels: Europe 71,292 (10,104 ) 61,188 — (3,514 ) 57,674 North America 66,101 (16,110 ) 49,991 — — 49,991 Rest of world 21,705 (8,113 ) 13,592 (5,036 ) (936 ) 7,620 Owned trains and cruises 7,873 — 7,873 (662 ) 19 7,230 Total 166,971 (34,327 ) 132,644 (5,698 ) (4,431 ) 122,515 During the three months ended June 30, 2015, the Company determined that there were indicators that the goodwill balance at the below reporting units should be tested for potential impairment in the quarter. In each case the first step of the impairment test to compare the fair value of a reporting unit to its carrying value, including goodwill, indicated that their goodwill balances may be impaired. The fair value of a reporting unit is determined using internally developed discounted future cash flow models, which include input from external valuation experts to provide discount and long term growth rates. The second step of the impairment assessment to determine the amount of any potential impairment loss was performed and the following non-cash goodwill impairment charges were identified and recorded in the three and six months ended June 30, 2015 : • An impairment charge of $3,581,000 at Belmond Jimbaran Puri. The Company determined that this impairment was triggered by declining performance over a number of periods, caused in part by the stronger U.S. dollar and increased relative expense of the region for European travelers in particular. Further weakness in performance that has continued into the peak season in the second quarter has led management to reconsider its estimates for future profitability of the business, including future growth in ADR and occupancy rates and the related discount rates. • An impairment charge of $1,455,000 at Belmond La Résidence Phou Vao. The Company determined that this impairment was triggered by the declining popularity of the destination, increased relative expense of the region for European travelers as well as increased competition from smaller independent operators. After a weak winter period, the improvement in performance in 2015 was not as strong as expected, leading management to reconsider its estimates for future profitability of the business, including future growth in ADR and occupancy rates and the related discount rates. • An impairment charge of $662,000 at Belmond Northern Belle. The Company determined that this impairment was triggered by declining performance caused by a reduction in passenger numbers sourced mainly from regional markets in the U.K. Continued softness in passenger numbers over the key summer period led management to reconsider its estimates for future profitability of the business, including future growth in ticket prices and passenger numbers and the related discount rates. During the three months ended June 30, 2015, the Company also determined that the deterioration of the economic environment in Russia which occurred in the second half of 2014 and has failed to improve significantly in 2015 with economic sanctions still in place was an indicator that the goodwill at Belmond Grand Hotel Europe should be tested for potential impairment. The first step of the impairment process indicated that the fair value of Belmond Grand Hotel Europe is below its carrying value, suggesting that the $14,148,000 goodwill assigned to this reporting unit may be impaired. As a consequence, the Company has commenced step two of the impairment assessment to determine the amount of the potential impairment loss, if any. U.S. GAAP requires that when the second step of a goodwill impairment analysis is not complete before the financial statements are issued, and a goodwill impairment loss is probable and can be reasonably estimated, the best estimate of that loss should be recognized in the financial statements. The Company has been unable, as of the date of issuing these financial statements, to advance step two of its testing to the point where it can reasonably estimate the impairment loss, if any, and thus the Company has not recorded an impairment of the goodwill in these financial statements. The Company has been unable to reasonably estimate the loss because of the difficulty in determining the current fair values of the individual assets and liabilities of the reporting unit, in particular the property value where conflicting available data indicates a wide range of possible outcomes in the goodwill impairment test. The Company therefore needs to involve an outside expert to advise on valuation of the property so that the Company can reliably estimate the implied fair value of the goodwill. The second step of the goodwill impairment testing will be completed during the three months ended September 30, 2015, with any impairment loss recorded in net income for that period. If an impairment loss is recorded, it may be material to the Company’s income for the three months ended September 30, 2015. Additionally in the current quarter, the Company considered whether the increased relative expense of the region indicated whether it was more likely than not that the fair value of Belmond La Résidence d’Angkor was less than its carrying value. Under the first step of the goodwill impairment test, the fair value of Belmond La Résidence d’Angkor was approximately 9% in excess of its carrying value. Belmond La Résidence d’Angkor had a goodwill balance of $1,548,000 at June 30, 2015. Factors that could reasonably be expected to have an adverse effect on the fair value of the reporting unit are the future operating projections of the hotel, volatility in debt or equity markets could result in a higher discount rate, political instability in the region or changes in future travel patterns or local competitive supply.

Other intangible assets

Other intangible assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets	Other intangible assets Other intangible assets consist of the following as of June 30, 2015 : Favorable lease assets Internet sites Trade names Total $'000 $'000 $'000 $'000 Carrying amount: Balance at January 1, 2015 8,586 1,888 7,100 17,574 Additions 706 — — 706 Foreign currency translation adjustment (224 ) 12 — (212 ) Balance at June 30, 2015 9,068 1,900 7,100 18,068 Accumulated amortization: Balance at January 1, 2015 2,486 1,130 3,616 Charge for the period 157 65 222 Foreign currency translation adjustment (69 ) 8 (61 ) Balance at June 30, 2015 2,574 1,203 3,777 Net book value: At June 30, 2015 6,494 697 7,100 14,291 At December 31, 2014 6,100 758 7,100 13,958 Favorable lease intangible assets are amortized over the terms of the leases, which are between 19 and 60 years . Internet sites are amortized over a period of five to ten years . 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. Favorable lease asset additions of $706,000 relate to a concession obtained by Belmond Villa Sant’Andrea in Sicily, Italy to operate a portion of beach adjacent to the hotel. Total amortization expense for the three and six months ended June 30, 2015 was $128,000 ( June 30, 2014 - $124,000 ) and $222,000 ( June 30, 2014 - $192,000 ). Estimated total amortization expense for the remainder of the year ending December 31, 2015 is $222,000 and for each of the years ending December 31, 2016 to December 31, 2020 is $444,000 .

Debt and obligations under capi

Debt and obligations under capital lease	6 Months Ended
	Jun. 30, 2015
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 consist of the following: June 30, December 31, $’000 $’000 Loans from banks and other parties collateralized by tangible and intangible personal property and real estate with a maturity of four to 13 years (2014 - five to 14 years), with a weighted average interest rate of 4.28% (2014 - 4.35%) 603,333 620,106 Obligations under capital lease 79 129 Total long-term debt and obligations under capital lease 603,412 620,235 Less: Current portion 5,380 5,549 Less: Discount on secured term loan 2,255 2,451 Non-current portion of long-term debt and obligations under capital lease 595,777 612,235 On March 21, 2014, Belmond entered into a $551,955,000 secured term loan and a $105,000,000 revolving credit facility, the proceeds of which were used to repay all outstanding funded debt apart from the debt of Charleston Center LLC, a consolidated VIE, and the debt of Belmond’s unconsolidated joint venture companies. The term loan consists of two tranches, a $345,000,000 U.S. dollar tranche and a €150,000,000 euro-denominated tranche (equivalent to $206,955,000 at drawdown). The dollar tranche bears interest at a rate of LIBOR plus 3% per annum, and the euro tranche bears interest at a rate of EURIBOR plus 3.25% per annum. Both tranches are subject to a 1% interest rate floor. The term loan matures in seven years and the annual mandatory amortization is 1% of the principal amount. The euro-denominated tranche was repriced in June 2015 to a rate of EURIBOR plus 3% per annum. The revolving credit facility has a maturity of five years and bears interest at a rate of LIBOR plus 2.75% per annum, with a commitment fee of 0.4% paid on the undrawn amount. The term loan and revolving credit facility are secured by pledges of shares in certain Company subsidiaries and by security interests in tangible and intangible personal property. There are no mortgages over real estate. In August 2014, Charleston Center LLC refinanced a secured loan of $83,200,000 with a new $86,000,000 loan secured on its real and personal property. The loan has a five year maturity and bears interest at a rate of LIBOR plus 2.12% per annum. This loan has no amortization and is non-recourse to Belmond. The following is a summary of the aggregate maturities of consolidated long-term debt, including obligations under capital lease, at June 30, 2015 : $’000 Remainder of 2015 2,686 2016 5,386 2017 5,380 2018 5,391 2019 91,396 2020 5,407 2021 and thereafter 487,766 Total long-term debt and obligations under capital lease 603,412 The Company has guaranteed $505,895,000 of the long-term debt of its subsidiary companies as at June 30, 2015 ( December 31, 2014 - $522,561,000 ). Deferred financing costs related to the above outstanding long-term debt were $12,847,000 at June 30, 2015 ( December 31, 2014 - $13,095,000 ) and are amortized to interest expense over the term of the corresponding long-term debt. These costs are included in Other assets on the condensed consolidated balance sheets. A loss on extinguishment of debt of $Nil was recognized in the six months ended June 30, 2015 ( June 30, 2014 - loss of $14,506,000 ). The loss in the six months ended June 30, 2014 comprised costs associated with the March corporate debt refinancing. The tables above include the debt of Charleston Center LLC, a consolidated VIE, of $97,438,000 at June 30, 2015 ( December 31, 2014 - $97,545,000 ). This amount includes the $86,000,000 refinanced in August 2014 and is non-recourse to Belmond. Deferred financing costs related to this debt were $823,000 at June 30, 2015 ( December 31, 2014 - $922,000 ). (b) Revolving credit and working capital facilities Belmond had approximately $106,191,000 of revolving credit and working capital facilities at June 30, 2015 ( December 31, 2014 - $107,004,000 ) of which $106,191,000 was available ( December 31, 2014 - $101,486,000 ).

Other liabilities

Other liabilities	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Other liabilities	Other liabilities The major balances in other liabilities are as follows: June 30, December 31, $’000 $’000 Interest rate swaps (see Note 19) 1,168 618 Long-term accrued interest on subordinated debt at Charleston Center LLC 16,240 15,940 Deferred gain on sale of Inn at Perry Cabin by Belmond (see Note 3) 2,250 2,550 Deferred lease incentive 289 315 Accrued income tax 1,952 2,118 Withholding tax provision classified as interest 284 2,356 Total other liabilities 22,183 23,897

Pensions

Pensions	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pensions	Pensions Components of net periodic pension benefit cost are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Service cost — — — — Interest cost on projected benefit obligation 246 279 489 554 Expected return on assets (259 ) (291 ) (514 ) (578 ) Net amortization and deferrals 187 140 372 279 Net periodic benefit cost 174 128 347 255 From January 1, 2003, a number of non-U.S. Belmond employees participated in a funded defined benefit pension plan in the United Kingdom called the Belmond (UK) Ltd. 2003 Pension Scheme. On May 31, 2006, the plan was closed for future benefit accruals. A U.K. subsidiary of Belmond is obligated to the plan’s trust to pay £1,272,000 (equivalent to $2,000,000 at June 30, 2015 ) annually until the plan is fully funded, which, based on its December 2012 actuarial assessment, is projected to occur in 2017 . During the three and six months ended June 30, 2015 , contributions of $483,000 ( June 30, 2014 - $540,000 ) and $963,000 ( June 30, 2014 - $1,077,000 ), respectively, were made to the pension plan and Belmond anticipates contributing an additional $1,037,000 to fund the plan in 2015 for a total of $2,000,000 . Once the plan is fully funded, the U.K. subsidiary will remain obligated to restore the plan to a fully funded balance should its position deteriorate. In May 2014, Belmond guaranteed the payment obligations of the U.K. subsidiary through 2023, subject to a cap of £8,200,000 (equivalent to $12,895,000 at June 30, 2015 ), which reduces commensurately with every payment made to the plan since December 31, 2012.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income taxes In the three and six months ended June 30, 2015 , the income tax provision was $16,338,000 ( June 30, 2014 - $11,561,000 ) and $7,058,000 ( June 30, 2014 - $1,319,000 ), respectively. Although the disposal of the Hotel Ritz by Belmond in the three months ended June 30, 2015 does not give rise to a tax charge, it has the effect of increasing the current quarterly profit to which the annual effective tax rate is applied. This has the impact of increasing the tax expense in the three months ended June 30, 2015 by approximately $5,000,000 but, as the transaction does not give rise to a tax charge, this effect will be reversed over the remainder of 2015.

Interest expense

Interest expense	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Interest expense	Interest expense The balances in interest expense are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Interest expense on long-term debt and obligations under capital lease 6,682 7,565 13,652 15,617 Withholding tax provision classified as interest (1,000 ) — (1,000 ) — Amortization of deferred financing costs and discount on secured term loan 798 956 1,443 2,439 Total interest expense 6,480 8,521 14,095 18,056

Supplemental cash flow informat

Supplemental cash flow information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	Supplemental cash flow information Six months ended June 30, June 30, $’000 $’000 Cash paid during the period for: Interest 13,980 15,775 Income taxes, net of refunds 8,810 9,115 To reflect the actual cash paid for capital expenditure to acquire property, plant and equipment, increases in accounts payable for capital expenditure are non-cash and excluded from capital expenditure, while decreases are cash payments and included. The change in accounts payable was a decrease of $103,000 for the six months ended June 30, 2015 ( June 30, 2014 - increase of $29,000 ).

Restricted cash

Restricted cash	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Restricted cash	Restricted cash The major balances in restricted cash are as follows: June 30, December 31, $’000 $’000 Refundable and non-refundable cash deposits held with banks pending completion of asset sales — 500 Cash deposits required to be held with lending banks as collateral 921 768 Prepaid customer deposits which will be released to Belmond under its revenue recognition policy 2,151 647 Bonds and guarantees 724 758 Total restricted cash 3,796 2,673 Restricted cash classified as long-term and included in other assets on the condensed consolidated balance sheets at June 30, 2015 was $921,000 ( December 31, 2014 - $768,000 ).

Share-based compensation plans

Share-based compensation plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation plans	Share-based compensation plans At June 30, 2015 , Belmond had three share-based compensation plans. The compensation cost that has been charged to selling, general and administrative expense for these plans for the three and six months ended June 30, 2015 was $2,983,000 ( June 30, 2014 - $2,185,000 ) and $3,733,000 ( June 30, 2014 - $2,976,000 ), respectively. The total compensation cost related to unexercised options and unvested share awards at June 30, 2015 to be recognized over the period July 1, 2015 to June 30, 2019 was $14,842,000 and the weighted average period over which it is expected to be recognized is 27 months . Measured from the grant date, substantially all awards of deferred shares and restricted shares have a maximum term of up to four years, and substantially all awards of share options have a maximum term of ten years. There were no grants under the 2000 stock option plan or 2004 stock option plan during the six months ended June 30, 2015 . 2009 share award and incentive plan During the six months ended June 30, 2015 , the following awards were made under the 2009 share award and incentive plan on the following dates. Estimates of fair values of share options and deferred shares with and without performance criteria were made using the Black-Scholes options pricing model. 2009 share award and incentive plan Class A common shares Date granted Vesting date Purchase price Expected share price volatility Risk-free interest rate Expected dividends per share Expected life of awards Share options 48,319 June 19, 2015 June 19, 2019 $12.50 43% 1.59% $— 5.5 years Share options 48,319 June 19, 2015 June 19, 2018 $12.50 41% 1.59% $— 4.5 years Share options 48,319 June 19, 2015 June 19, 2017 $12.50 35% 0.99% $— 3.5 years Share options 48,319 June 19, 2015 June 19, 2016 $12.50 29% 0.65% $— 2.5 years Restricted shares without performance criteria 64,000 June 19, 2015 June 19, 2016 $0.01 27% 0.25% $— 1 year Restricted shares without performance criteria 36,000 June 19, 2015 June 19, 2018 $0.01 34% 0.99% $— 3 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2019 $0.01 43% 1.42% $— 4 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2018 $0.01 36% 0.95% $— 3 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2017 $0.01 31% 0.60% $— 2 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2016 $0.01 30% 0.24% $— 1 year Deferred shares with performance criteria 256,358 March 20, 2015 March 20, 2018 $0.01 36% 0.95% $— 3 years

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Outstanding contracts to purchase property, plant and equipment were approximately $9,458,000 at June 30, 2015 ( December 31, 2014 - $15,486,000 ). 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 Belmond 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. As a precautionary measure to defend the hotel, CHP commenced a declaratory lawsuit in the Rio state court in December 2013 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, which judgment was subsequently reversed on appeal in May 2014. CHP sought reconsideration from the appellate court of this decision, but the court dismissed its request. CHP is considering whether to appeal this decision regarding the quashing of the injunction. Management cannot estimate the range of possible loss if the SCL plaintiffs assert claims against the Company or CHP, and Belmond has made no accruals in respect of this matter. If any such claims were brought, Belmond would continue to defend its interests vigorously. In November 2013, the third-party owner of Ubud Hanging Gardens in Bali, Indonesia dispossessed Belmond from the hotel under long-term lease without prior notice. As a result, Belmond has been unable to continue operating the hotel and, accordingly, to prevent any confusion to its guests, Belmond ceased referring to the property in its sales and marketing materials, including all electronic marketing. Belmond believes that the owner's actions were unlawful and in breach of the lease arrangement and constituted a wrongful dispossession. Belmond is pursuing its legal remedies under the lease, which provides for resolution of disputes by arbitration in Singapore, where Belmond has sought emergency arbitral orders to return the hotel to Belmond's possession and management and to stay court proceedings in Indonesia brought by the owner in November 2013 seeking annulment of the lease and damages from Belmond. In April 2014, the Indonesian trial court dismissed the owner’s case for lack of jurisdiction due to the arbitration clause in the parties’ lease. The owner appealed this decision, which was reversed by the Appellate Court in October 2014. Belmond has appealed this case to the Indonesian Supreme Court. The owner has subsequently filed numerous claims against Belmond, as well as its legal counsel and the Indonesian Investment Coordinating Board, the agency of the Indonesian government responsible for foreign direct investment, in the Indonesian courts. In April 2015, the Indonesian District Court in Bali dismissed another of the owner’s claims on the basis of lack of jurisdiction as disputes between the parties are to be resolved by arbitration in Singapore. Supplementally, Belmond commenced contempt proceedings in the High Court in London, England, where the owner resides, for pursuing the Indonesian proceedings contrary to an earlier High Court injunction, and obtained against the owner in July 2014 a contempt order, which subsequently resulted in the court issuing a committal order of imprisonment for 120 days. On June 26, 2015, the Singapore arbitration panel issued its final award in favor of Belmond, holding that the owner had breached Indonesian law and the lease and granting monetary damages and costs to the Company in an amount equal to approximately $8,500,000 . The Company has since issued a demand letter to the owner for those monies and has commenced the process of enforcing this arbitral award. Belmond does not believe there is any merit in the owner’s outstanding Indonesian actions and is vigorously defending its rights while it seeks to enforce the Singapore arbitral award. While the Company can give no assurances, it believes that it should ultimately be able to enforce its arbitral award. Given the uncertainty involved in this litigation and the enforcement of the Singapore arbitral award, Belmond recorded in the year ended December 31, 2013, a non-cash impairment charge in the amount of $7,031,000 relating to long-lived assets and goodwill of Ubud Hanging Gardens and has not booked a receivable in respect of the award. In September 2014, the Secretary of the Brazilian Ministry of Planning, Budget and Management notified the Company that the Ministry was denying its application to amend the lease for Belmond Hotel das Cataratas, which was entered into in 2007, among other things, to extend the term and reduce the rent. Belmond had applied for the amendment in 2009 based on its claim that it suffered additional unanticipated and/or unforeseeable costs in performing the refurbishment of the hotel as required by the lease and related tender documentation in order to raise the standard of the property to a five star luxury standard. The Company has appealed to the Secretary to re-consider its decision on both procedural and substantive grounds. If the Secretary does not alter its decision, the Company can appeal directly to the Minister for Planning and ultimately to the Brazilian courts. Belmond’s current annual lease expense for the hotel is R$16,666,000 (equivalent to $5,371,000 at June 30, 2015 ). However, since October 2009 the Company had been paying, with the approval of the Ministry, the amount of R$11,065,000 ( $3,566,000 ) per annum without the yearly adjustment for inflation as provided for in the lease, pending resolution of the case. The Company has expensed the full rental amount. Consequently, the difference between the cumulative rental charge and the amount paid of R$16,282,000 ( $5,247,000 ) has been fully accrued. Based on the Secretary’s decision, the Ministry will be assessing rent at the contractual rate, which has been included in the table of future rental payments as at June 30, 2015 below. Beyond the amounts accrued, management estimates that the range of possible additional loss to Belmond could be between R$2,500,000 and R$3,500,000 (equivalent to $806,000 and $1,128,000 at June 30, 2015 ) plus interest from the date of the September 2014 decision until a final non-appealable decision is rendered. On March 20, 2015, the Ministry provided notice to the hotel that an aggregate amount of approximately R$17,000,000 ( $5,480,000 ) was due on March 31, 2015 as a result of the denial of the application. The Company intends to continue to press for a reconsideration by the Ministry of its request, which the Ministry has yet to address through its administrative process. In the meantime, the Company is considering proceedings against the Ministry in the Brazilian courts. As part of its decision, the Company will determine whether and to what extent of the assessed amount it might pay. In January 2015, Peru Belmond Hotels S.A. received notification of a claim filed by the Public Prosecutor's office of the Regional Government of Cusco, seeking annulment of a contract and public deed of amendment extending the term of the Belmond Sanctuary Lodge concession for ten years from May 2015 to May 2025. The claim alleges that the amendment is invalid principally because the President of the Region, who executed the public deed on December 27, 2013, did not have proper authority to execute the amendment because a resolution dismissing him from office had been issued the day before. The court of first instance dismissed the case on May 8, 2015 on technical grounds and the claimant has appealed to the Superior Court of Cusco. A hearing is scheduled before that court in September 2015. If this decision was reversed on appeal, Belmond believes it has meritorious defenses and intends to defend the matter vigorously. In July 2015, Cupecoy Village Development N.V. received notification from the tax authorities in Sint Maarten of an intention to issue tax assessments for periods 2007-2010 in respect of wages taxes, social security, turnover tax and penalties. Belmond believes that the report received from the tax authorities contains a number of material miscalculations and misinterpretations of fact and law. The Company does not expect the resolution of this claim to result in a payment of more than $200,000 , which is the amount that has been accrued at June 30, 2015 . Beyond the amount accrued, management estimates the range of possible additional loss to Belmond to be between $Nil and $16,300,000 . In May 2010, after prevailing in litigation at the trial and appellate court levels, Belmond settled litigation in the United Kingdom for infringement of its UK and Community (European wide) registrations for the “Cipriani” trademark. Defendants paid the amount of $3,947,000 to Belmond in March 2010 with the balance of $9,833,000 being payable in installments over five years with interest. Belmond received the final payment in the amount of $1,178,000 in June 2015. Subsequent to Belmond’s success before the UK courts, there has arisen a number of European trade mark opposition and infringement cases. These include an ongoing invalidity action filed by Arrigo Cipriani in the European Trade Mark Office (“OHIM”) against Belmond’s Community trade mark. To date, Belmond has successfully rebutted this challenge at every level of administrative appeal, and this case is now before the General Court where Belmond expects to prevail. Also before the OHIM, Belmond has recently been successful in opposing a Community trade mark application filed for “Cipriani”by an affiliated company of the Cipriani family. There are a number of ongoing trade mark disputes with the Cipriani family in Italy. In January 2015, the Cipriani family and affiliated entities commenced proceedings against Belmond in the Court of Venice, asserting that a 1967 agreement pursuant to which the family sold their interest in the Hotel Cipriani constituted a coexistence agreement allowing both the Company to use “Hotel Cipriani” and the Cipriani family to use “Cipriani”. This argument had already been considered and rejected by the London High Court in the 2010 litigation mentioned above, and Belmond intends to vigorously defend its interests against this latest claim. In addition, the Cipriani family has recently initiated proceedings in Italy against Belmond seeking a declaration that they be allowed to use their family name of Cipriani in relation to restaurants. The Cipriani family and their associates have made this argument in prior proceedings that proved unsuccessful, and Belmond does not expect the family’s arguments to succeed in these latest Italian litigations. While Belmond believes that it has meritorious cases in all of these proceedings, Belmond cannot estimate the range of possible additional loss to Belmond if it should not prevail in any or all of these cases and Belmond has made no accruals in these matters. 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. Future rental payments as at June 30, 2015 under operating leases in respect of equipment rentals and leased premises are payable as follows: $’000 Remainder of 2015 5,285 2016 10,018 2017 9,947 2018 9,518 2019 9,111 2020 9,221 2021 and thereafter 70,030 Future rental payments under operating leases 123,130 Rental expense for the three and six months ended June 30, 2015 amounted to $2,744,000 ( June 30, 2014 - $3,146,000 ) and $5,588,000 ( June 30, 2014 - $6,294,000 ), respectively. Belmond has granted to James Sherwood, a former director of the Company, a right of first refusal to purchase the Belmond Hotel Cipriani in Venice, Italy in the event Belmond 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 Belmond Hotel Cipriani between Mr. Sherwood and Belmond and its predecessor companies have been in place since 1983 and were last amended and restated in 2005.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements (a) Financial instruments recorded at fair value The following tables summarize the valuation of Belmond’s financial instruments recorded at fair value by the fair value hierarchy at June 30, 2015 and December 31, 2014 : Level 1 Level 2 Level 3 Total June 30, 2015 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — 4 — 4 Total assets — 4 — 4 Liabilities at fair value: Derivative financial instruments — (4,084 ) — (4,084 ) Total net liabilities — (4,080 ) — (4,080 ) Level 1 Level 2 Level 3 Total December 31, 2014 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — 13 — 13 Total assets — 13 — 13 Liabilities at fair value: Derivative financial instruments — (3,602 ) — (3,602 ) Total net liabilities — (3,589 ) — (3,589 ) During the three and six months ended June 30, 2015 , there were no transfers between levels of the fair value hierarchy. (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 condensed consolidated balance sheets approximate their fair value due to the short-term nature of those instruments. The fair value of Belmond'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 market interest rates adjusted for credit spreads. Credit spreads take into consideration general market conditions, the maturity of flows and collateral. The estimated carrying values, fair values, and levels of the fair value hierarchy of Belmond's long-term debt as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Carrying Fair value Carrying Fair value Loans from banks and other parties (see Note 9) Level 3 603,333 663,845 620,106 663,653 (c) Non-financial assets measured at fair value on a non-recurring basis There were no non-financial assets measured at fair value on a non-recurring basis in the six months ended June 30, 2014 . The estimated fair values of Belmond’s non-financial assets measured on a non-recurring basis for the six months ended June 30, 2015 were as follows: Fair value measurement inputs Fair value Level 1 Level 2 Level 3 Total losses in the six months ended June 30, 2015 $’000 $’000 $’000 $’000 $’000 Goodwill — — — — (5,698 ) Goodwill In the six months ended June 30, 2015 , goodwill of Belmond Jimbaran Puri, Belmond La Résidence Phou Vao and Belmond Northern Belle with a combined carrying value of $5,698,000 was written down to fair value of $Nil , resulting in a non-cash impairment charge of $5,698,000 . See Note 7. This impairment is included in earnings from continuing operations in the period incurred.

Derivatives and hedging activit

Derivatives and hedging activities	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and hedging activities	Derivatives and hedging activities Cash flow hedges of interest rate risk As of June 30, 2015 and December 31, 2014 , Belmond 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: June 30, December 31, ’000 ’000 Interest rate swaps € 74,063 € 74,438 Interest rate swaps $ 213,344 $ 214,206 Interest rate caps $ 17,200 $ 17,200 Fair value The table below presents the fair value of Belmond’s derivative financial instruments and their classification as of June 30, 2015 and December 31, 2014 : Fair value as of June 30, 2015 Fair value as of Balance sheet location $’000 $’000 Derivatives designated in a cash flow hedging relationship: Interest rate derivatives Other assets 4 13 Interest rate derivatives Accrued liabilities (2,916 ) (2,984 ) Interest rate derivatives Other liabilities (1,168 ) (618 ) Total (4,080 ) (3,589 ) Offsetting There was no offsetting within derivative assets or derivative liabilities at June 30, 2015 and December 31, 2014 . However, these derivatives are subject to master netting arrangements. Other comprehensive loss Information concerning the movements in other comprehensive income/(loss) for cash flow hedges of interest rate risk is shown in Note 20. At June 30, 2015 , the amount accounted for in other comprehensive income/(loss) which is expected to be reclassified to interest expense in the next 12 months is $2,854,000 . Movement in other comprehensive income/(loss) for net investment hedges recorded through foreign currency translation adjustments for the three and six months ended June 30, 2015 was a loss of $6,488,000 ( June 30, 2014 - gain of $1,359,000 ) and a gain of $13,666,000 ( June 30, 2014 - gain of $1,039,000 ), respectively. Credit-risk-related contingent features Belmond has agreements with some of its derivative counterparties that contain provisions under which, if Belmond defaults on the debt associated with the hedging instrument, Belmond could also be declared in default in respect of its derivative obligations. As of June 30, 2015 , the fair value of derivatives in a net liability position, which includes accrued interest and an adjustment for non-performance risk, related to these agreements was $4,084,000 ( December 31, 2014 - $3,602,000 ). If Belmond breached any of the provisions, it would be required to settle its obligations under the agreements at their termination value of $4,085,000 ( December 31, 2014 - $3,615,000 ). Non-derivative financial instruments — net investment hedges Belmond 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. Belmond 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 notional value of non-derivative hedging instruments was $165,626,000 at June 30, 2015 , being a liability of Belmond ( December 31, 2014 - $180,149,000 ).

Accumulated other comprehensive

Accumulated other comprehensive income/loss	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated other comprehensive income/loss	Accumulated other comprehensive income/loss Changes in accumulated other comprehensive income/(loss) (“AOCI”) by component (net of tax) are as follows: Foreign currency translation adjustments Derivative financial instruments Pension liability Total Six months ended June 30, 2015 $’000 $’000 $’000 $’000 Balance at January 1, 2015 (232,328 ) (3,569 ) (10,523 ) (246,420 ) Other comprehensive income/(loss) before reclassifications (40,183 ) (1,701 ) 298 (41,586 ) Amounts reclassified from AOCI — 1,467 — 1,467 Net current period other comprehensive income/(loss) (40,183 ) (234 ) 298 (40,119 ) Balance at June 30, 2015 (272,511 ) (3,803 ) (10,225 ) (286,539 ) Reclassifications out of AOCI (net of tax) are as follows: Amount reclassified from AOCI Three months ended June 30, 2015 June 30, 2014 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 hedged debt instruments 738 595 Interest expense Total reclassifications for the period 738 595 Amount reclassified from AOCI Six months ended June 30, 2015 June 30, 2014 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 1,467 1,205 Interest expense Total reclassifications for the period 1,467 1,205

Segment information

Segment information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment information	Segment information 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/(loss)”). Belmond'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 Belmond owns including its one stand-alone restaurant; • Part-owned/managed hotels which derive earnings from hotels that Belmond jointly owns or manages; • Owned trains and cruises which derive earnings from the train and cruise businesses that Belmond owns; and • Part-owned/managed trains which derive earnings from the train businesses that Belmond jointly owns or manages. The following tables present information regarding these reportable segments. Revenue from external customers by segment: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Owned hotels: Europe 71,778 78,179 83,696 92,715 North America 39,660 37,329 80,638 75,562 Rest of world 25,514 33,195 62,322 69,725 Total owned hotels 136,952 148,703 226,656 238,002 Part-owned/managed hotels 1,545 1,775 2,405 2,738 Total hotels 138,497 150,478 229,061 240,740 Owned trains and cruises 20,111 23,284 27,719 34,280 Part-owned/managed trains 2,197 1,842 3,515 3,127 Total trains and cruises 22,308 25,126 31,234 37,407 Total revenue 160,805 175,604 260,295 278,147 Reconciliation of the total of segment profit/(loss) to consolidated net earnings/(losses) from operations: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Owned hotels: Europe 29,350 29,904 21,960 21,510 North America 9,411 6,889 20,231 14,206 Rest of world 3,043 6,690 14,470 17,466 Total owned hotels 41,804 43,483 56,661 53,182 Part-owned/managed hotels (10 ) 1,811 (317 ) 1,306 Total hotels 41,794 45,294 56,344 54,488 Owned trains and cruises 2,799 2,475 501 1,694 Part-owned/managed trains 5,523 3,956 7,380 5,837 Total trains and cruises 8,322 6,431 7,881 7,531 Reconciliation to net earnings/(losses): Total segment profit 50,116 51,725 64,225 62,019 Gain on disposal of property, plant and equipment and equity method investments 19,825 153 19,975 3,857 Impairment of goodwill (5,698 ) — (5,698 ) — Central overheads (9,153 ) (8,437 ) (19,243 ) (16,810 ) Share-based compensation (2,983 ) (2,185 ) (3,733 ) (2,976 ) Depreciation and amortization (12,425 ) (12,771 ) (25,004 ) (24,890 ) Loss on extinguishment of debt — — — (14,506 ) Interest income 187 298 450 700 Interest expense (6,480 ) (8,521 ) (14,095 ) (18,056 ) Foreign currency, net (1,056 ) (1,328 ) (3,812 ) (880 ) Provision for income taxes (16,338 ) (11,561 ) (7,058 ) (1,319 ) Share of (provision for)/benefit from income taxes of unconsolidated companies (608 ) (910 ) 116 (585 ) Earnings/(losses) from continuing operations 15,387 6,463 6,123 (13,446 ) Losses from discontinued operations (53 ) (467 ) (243 ) (1,202 ) Net earnings/(losses) 15,334 5,996 5,880 (14,648 ) Earnings from unconsolidated companies, net of tax: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Part-owned/managed hotels (977 ) 114 (1,482 ) (752 ) Part-owned/managed trains 2,334 1,337 3,164 1,790 Total earnings from unconsolidated companies, net of tax 1,357 1,451 1,682 1,038 Reconciliation of capital expenditure to acquire property, plant and equipment by segment: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Owned hotels: Europe 5,454 10,913 14,419 19,920 North America 3,350 3,895 6,611 9,235 Rest of world 3,808 4,417 5,786 8,239 Total owned hotels 12,612 19,225 26,816 37,394 Owned trains and cruises 1,824 1,678 4,296 2,558 Unallocated corporate 87 16 253 88 Total capital expenditure to acquire property, plant and equipment 14,523 20,919 31,365 40,040 Revenue from external customers in Belmond’s country of domicile and significant countries (based on the location of the property): Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Bermuda — — — — Italy 49,903 53,099 51,204 54,417 United Kingdom 20,678 22,975 27,991 31,566 United States 30,117 28,512 55,192 51,896 Brazil 15,685 22,221 35,595 43,508 All other countries 44,422 48,797 90,313 96,760 Total revenue 160,805 175,604 260,295 278,147

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related party transactions	Related party transactions Belmond manages, under long-term contract, the tourist train owned by Eastern and Oriental Express Ltd., in which Belmond has a 25% ownership interest. In the three and six months ended June 30, 2015 , Belmond earned management fees from Eastern and Oriental Express Ltd. of $15,000 ( June 30, 2014 - $33,000 ) and $140,000 ( June 30, 2014 - $205,000 ), respectively, which are recorded in revenue. The amount due to Belmond from Eastern and Oriental Express Ltd. at June 30, 2015 was $4,935,000 ( December 31, 2014 - $5,227,000 ). Belmond manages, under long-term contracts in Peru, Belmond Hotel Monasterio, Belmond Palacio Nazarenas, Belmond Sanctuary Lodge, Belmond Hotel Rio Sagrado, PeruRail and Ferrocarril Transandino, in all of which Belmond has a 50% ownership interest. Belmond provides loans, guarantees and other credit accommodation to these joint ventures. In the three and six months ended June 30, 2015 , Belmond earned management and guarantee fees from its Peruvian joint ventures of $3,534,000 ( June 30, 2014 - $3,085,000 ) and $5,394,000 ( June 30, 2014 - $4,884,000 ), respectively, which are recorded in revenue. The amount due to Belmond from its Peruvian joint ventures at June 30, 2015 was $5,522,000 ( December 31, 2014 - $7,728,000 ). Belmond managed, under long-term contract, Hotel Ritz by Belmond, in which Belmond had a 50% ownership interest. In the three and six months ended June 30, 2015 , Belmond earned $138,000 ( June 30, 2014 - $327,000 ) and $328,000 ( June 30, 2014 - $555,000 ), respectively, in management fees from Hotel Ritz by Belmond, which are recorded in revenue, and $175,000 ( June 30, 2014 - $174,000 ) and $301,000 ( June 30, 2014 - $326,000 ), respectively in interest income. The amount due to Belmond from Hotel Ritz by Belmond at June 30, 2015 was $Nil ( December 31, 2014 - $30,371,000 ). On May 21, 2015, Belmond sold its ownership interest in Hotel Ritz by Belmond. See Note 5.

Basis of financial statement 34

Basis of financial statement presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reporting on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows for the interim period have been included in these condensed consolidated financial statements. The interim results presented are not necessarily indicative of results that may be expected for any subsequent interim period or the fiscal year ending December 31, 2015 . These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . See Note 2 to the consolidated financial statements in the 2014 Annual Report on Form 10-K for additional information regarding significant accounting policies. For interim reporting purposes, Belmond calculates its tax expense by estimating its global annual effective tax rate and applies that rate in providing for income taxes on a year-to-date basis. Belmond has calculated an expected annual effective tax rate, excluding significant, unusual or extraordinary items, and the tax effect of jurisdictions with losses for which a tax benefit cannot be recognized. The income tax expense (or benefit) related to all other items is individually computed and recognized when the items occur.
Reclassifications	Reclassifications Discontinued operations and assets and liabilities held for sale were reclassified in the condensed consolidated financial statements for all periods presented. See Note 3 for a summary of the results of discontinued operations and assets and liabilities held for sale.
Functional currency change	Functional currency change Prior to 2014, Belmond’s Brazilian operations used the U.S. dollar as their functional currency. Effective January 1, 2014, Belmond changed the functional currency to the Brazilian real. Belmond believes that the growth in the Brazilian operations’ real-denominated revenues and expenses indicated a change in the economic facts and circumstances that justified the change in the functional currency. In the six months ended June 30, 2014 , a foreign currency translation adjustment loss of $49,356,000 arising on the remeasurement of non-monetary assets and liabilities of Belmond’s Brazilian operations, of which the majority related to property, plant and equipment, is included in other comprehensive losses.
Accounting pronouncements adopted during the period and to be adopted	Accounting pronouncements adopted during the period In April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance that amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions. The revised guidance will change how entities identify and disclose information about disposal transactions. The guidance is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. The adoption of this guidance did not have a material effect on Belmond’s consolidated financial position, results of operations and cash flows. Accounting pronouncements to be adopted In May 2014, the FASB issued new guidance which is intended to improve the comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The guidance supersedes existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the new guidance. The guidance was originally effective for annual and interim periods beginning after December 15, 2016, however in July 2015 the FASB confirmed that the effective date would be deferred by one year. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In August 2014, the FASB issued new guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. Further, an entity must provide certain disclosures if there is “substantial doubt about the entity’s ability to continue as a going concern”. The guidance is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Belmond is assessing what impact, if any, the adoption of this guidance will have on its disclosures. In February 2015, the FASB issued new guidance which amends consolidation requirements and changes the analysis required in relation to variable interest entities and whether or not these entities should be consolidated. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In April 2015, the FASB issued new guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The standard does not affect the recognition and measurement of debt issuance costs, which would continue to be calculated using the interest method and be reported as interest expense. Additionally, the other areas of U.S. GAAP that prescribe the accounting treatment for third-party debt issuance costs will not be affected. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis when applicable.
Segment reporting	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/(loss)”). Belmond'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 Belmond owns including its one stand-alone restaurant; • Part-owned/managed hotels which derive earnings from hotels that Belmond jointly owns or manages; • Owned trains and cruises which derive earnings from the train and cruise businesses that Belmond owns; and • Part-owned/managed trains which derive earnings from the train businesses that Belmond jointly owns or manages.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2015
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: Three months ended Six months ended June 30, June 30, June 30, June 30, Numerator ($'000) Net earnings/(losses) from continuing operations 15,387 6,463 6,123 (13,446 ) Net earnings/(losses) from discontinued operations (53 ) (467 ) (243 ) (1,202 ) Net losses/(earnings) attributable to non-controlling interests 90 89 (5 ) (27 ) Net earnings/(losses) attributable to Belmond Ltd. 15,424 6,085 5,875 (14,675 ) Denominator (shares '000) Basic weighted average shares outstanding 103,652 103,734 103,880 103,727 Effect of dilution 2,049 2,184 1,969 — Diluted weighted average shares outstanding 105,701 105,918 105,849 103,727 $ $ $ $ Basic earnings per share Net earnings/(losses) from continuing operations 0.148 0.062 0.059 (0.130 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.005 ) (0.002 ) (0.012 ) Net losses/(earnings) attributable to non-controlling interests 0.001 0.001 — — Net earnings/(losses) attributable to Belmond Ltd. 0.148 0.058 0.057 (0.142 ) Diluted earnings per share Net earnings/(losses) from continuing operations 0.146 0.061 0.058 (0.130 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.004 ) (0.002 ) (0.012 ) Net losses/(earnings) attributable to non-controlling interests 0.001 0.001 — — Net earnings/(losses) attributable to Belmond Ltd. 0.146 0.058 0.056 (0.142 )
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 was as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Share options 701,600 163,900 894,876 2,913,300 Share-based awards — — — 1,503,000 Total 701,600 163,900 894,876 4,416,300

Assets held for sale and disc36

Assets held for sale and discontinued operations (Tables)	6 Months Ended
	Jun. 30, 2015
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 Inn at Perry Cabin by Belmond: Inn at Perry Cabin by Belmond March 21, $'000 Property, plant and equipment 32,293 Net working capital deficit (820 ) Net assets 31,473 Transfer of foreign currency translation loss/(gain) — 31,473 Consideration: Cash 25,680 Reduction in debt facility on sale of hotel 11,020 Key money retained by buyer 3,000 Less: Working capital adjustment (1,130 ) Less: Costs to sell (393 ) 38,177 Gain on sale 6,704 Summarized operating results of the properties classified as discontinued operations for the three and six months ended June 30, 2015 and 2014 are as follows: Three months ended June 30, 2015 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (42 ) (11 ) (53 ) Impairment — — — Gain on sale — — — Losses before tax (42 ) (11 ) (53 ) Tax benefit — — — Net losses from discontinued operations (42 ) (11 ) (53 ) Three months ended June 30, 2014 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (241 ) (226 ) (467 ) Losses before tax (241 ) (226 ) (467 ) Net losses from discontinued operations (241 ) (226 ) (467 ) Six months ended June 30, 2015 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (192 ) (51 ) (243 ) Losses before tax (192 ) (51 ) (243 ) Net losses from discontinued operations (192 ) (51 ) (243 ) Six months ended June 30, 2014 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (918 ) (284 ) (1,202 ) Losses before tax (918 ) (284 ) (1,202 ) Net losses from discontinued operations (918 ) (284 ) (1,202 )

Variable interest entities (Tab

Variable interest entities (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of variable interest entities	The carrying amounts and maximum exposures to loss as a result of Belmond’s involvement with its Peru rail joint venture are as follows: Carrying amounts Maximum exposure June 30, December 31, June 30, December 31, $’000 $’000 $’000 $’000 Investment 45,009 41,713 45,009 41,713 Due from unconsolidated company 4,108 5,931 4,108 5,931 Guarantees — — — 4,124 Contingent guarantees — — 9,983 11,226 Total 49,117 47,644 59,100 62,994

Investments in unconsolidated38

Investments in unconsolidated companies (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summarized financial data for unconsolidated companies	The following table shows the net proceeds to Belmond and a summary of net assets sold, resulting in a gain of $19,676,000 that is reported within gain on disposal of property, plant and equipment and equity method investments in the statements of condensed consolidated operations: Hotel Ritz by Belmond May 21, $'000 Receivables due from unconsolidated companies 29,679 Investments in unconsolidated companies — Net assets sold 29,679 Transfer of foreign currency translation gain (5,613 ) 24,066 Consideration: Cash 42,197 Less: Costs to sell (747 ) Plus: Management contract termination fee 2,292 43,742 Gain on sale 19,676 Summarized financial data for Belmond’s unconsolidated companies are as follows: June 30, December 31, $’000 $’000 Current assets 44,438 52,289 Property, plant and equipment, net 198,853 340,546 Other assets 33,312 37,917 Non-current assets 232,165 378,463 Total assets 276,603 430,752 Current liabilities, including $30,379 and $96,824 current portion of third-party debt 89,050 157,273 Long-term debt 18,855 27,014 Other liabilities 39,591 125,210 Non-current liabilities 58,446 152,224 Total shareholders’ equity 129,107 121,255 Total liabilities and shareholders’ equity 276,603 430,752 Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Revenue 43,255 45,626 77,091 80,341 Gross profit 1 29,198 28,052 48,044 46,533 Net earnings 2 2,526 2,948 3,322 2,596 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.

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of major classes of property plant and equipment	The major classes of property, plant and equipment are as follows: June 30, December 31, $’000 $’000 Land and buildings 1,037,895 1,069,846 Machinery and equipment 190,159 194,155 Fixtures, fittings and office equipment 228,913 224,270 River cruise ship and canal boats 18,787 18,924 1,475,754 1,507,195 Less: Accumulated depreciation (345,493 ) (338,438 ) Total property, plant and equipment, net of accumulated depreciation 1,130,261 1,168,757
Schedule of major classes of assets under capital leases	The major classes of assets under capital leases included above are as follows: June 30, December 31, $’000 $’000 Machinery and equipment 695 716 Fixtures, fittings and office equipment 171 181 866 897 Less: Accumulated depreciation (656 ) (652 ) Total assets under capital leases, net of accumulated depreciation 210 245

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the six months ended June 30, 2015 are as follows: At January 1, 2015 Gross goodwill amount Accumulated impairment Net goodwill amount Impairment Foreign currency translation adjustment At June 30, 2015 $'000 $'000 $'000 $'000 $'000 $'000 Owned hotels: Europe 71,292 (10,104 ) 61,188 — (3,514 ) 57,674 North America 66,101 (16,110 ) 49,991 — — 49,991 Rest of world 21,705 (8,113 ) 13,592 (5,036 ) (936 ) 7,620 Owned trains and cruises 7,873 — 7,873 (662 ) 19 7,230 Total 166,971 (34,327 ) 132,644 (5,698 ) (4,431 ) 122,515

Other intangible assets (Tables

Other intangible assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of other intangible assets	Other intangible assets consist of the following as of June 30, 2015 : Favorable lease assets Internet sites Trade names Total $'000 $'000 $'000 $'000 Carrying amount: Balance at January 1, 2015 8,586 1,888 7,100 17,574 Additions 706 — — 706 Foreign currency translation adjustment (224 ) 12 — (212 ) Balance at June 30, 2015 9,068 1,900 7,100 18,068 Accumulated amortization: Balance at January 1, 2015 2,486 1,130 3,616 Charge for the period 157 65 222 Foreign currency translation adjustment (69 ) 8 (61 ) Balance at June 30, 2015 2,574 1,203 3,777 Net book value: At June 30, 2015 6,494 697 7,100 14,291 At December 31, 2014 6,100 758 7,100 13,958

Debt and obligations under ca42

Debt and obligations under capital lease (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt and obligations under capital lease	Long-term debt and obligations under capital lease consist of the following: June 30, December 31, $’000 $’000 Loans from banks and other parties collateralized by tangible and intangible personal property and real estate with a maturity of four to 13 years (2014 - five to 14 years), with a weighted average interest rate of 4.28% (2014 - 4.35%) 603,333 620,106 Obligations under capital lease 79 129 Total long-term debt and obligations under capital lease 603,412 620,235 Less: Current portion 5,380 5,549 Less: Discount on secured term loan 2,255 2,451 Non-current portion of long-term debt and obligations under capital lease 595,777 612,235
Summary of the aggregate maturities of long-term debt including obligations under capital lease	The following is a summary of the aggregate maturities of consolidated long-term debt, including obligations under capital lease, at June 30, 2015 : $’000 Remainder of 2015 2,686 2016 5,386 2017 5,380 2018 5,391 2019 91,396 2020 5,407 2021 and thereafter 487,766 Total long-term debt and obligations under capital lease 603,412

Other liabilities (Tables)

Other liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Schedule of major balances in other liabilities	The major balances in other liabilities are as follows: June 30, December 31, $’000 $’000 Interest rate swaps (see Note 19) 1,168 618 Long-term accrued interest on subordinated debt at Charleston Center LLC 16,240 15,940 Deferred gain on sale of Inn at Perry Cabin by Belmond (see Note 3) 2,250 2,550 Deferred lease incentive 289 315 Accrued income tax 1,952 2,118 Withholding tax provision classified as interest 284 2,356 Total other liabilities 22,183 23,897

Pensions (Tables)

Pensions (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic pension benefit cost	Components of net periodic pension benefit cost are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Service cost — — — — Interest cost on projected benefit obligation 246 279 489 554 Expected return on assets (259 ) (291 ) (514 ) (578 ) Net amortization and deferrals 187 140 372 279 Net periodic benefit cost 174 128 347 255

Interest expense (Tables)

Interest expense (Tables)	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Balances in interest expense	The balances in interest expense are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Interest expense on long-term debt and obligations under capital lease 6,682 7,565 13,652 15,617 Withholding tax provision classified as interest (1,000 ) — (1,000 ) — Amortization of deferred financing costs and discount on secured term loan 798 956 1,443 2,439 Total interest expense 6,480 8,521 14,095 18,056

Supplemental cash flow inform46

Supplemental cash flow information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Six months ended June 30, June 30, $’000 $’000 Cash paid during the period for: Interest 13,980 15,775 Income taxes, net of refunds 8,810 9,115

Restricted cash (Tables)

Restricted cash (Tables)	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Major balances in restricted cash	The major balances in restricted cash are as follows: June 30, December 31, $’000 $’000 Refundable and non-refundable cash deposits held with banks pending completion of asset sales — 500 Cash deposits required to be held with lending banks as collateral 921 768 Prepaid customer deposits which will be released to Belmond under its revenue recognition policy 2,151 647 Bonds and guarantees 724 758 Total restricted cash 3,796 2,673

Share-based compensation plans

Share-based compensation plans (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of assumptions	During the six months ended June 30, 2015 , the following awards were made under the 2009 share award and incentive plan on the following dates. Estimates of fair values of share options and deferred shares with and without performance criteria were made using the Black-Scholes options pricing model. 2009 share award and incentive plan Class A common shares Date granted Vesting date Purchase price Expected share price volatility Risk-free interest rate Expected dividends per share Expected life of awards Share options 48,319 June 19, 2015 June 19, 2019 $12.50 43% 1.59% $— 5.5 years Share options 48,319 June 19, 2015 June 19, 2018 $12.50 41% 1.59% $— 4.5 years Share options 48,319 June 19, 2015 June 19, 2017 $12.50 35% 0.99% $— 3.5 years Share options 48,319 June 19, 2015 June 19, 2016 $12.50 29% 0.65% $— 2.5 years Restricted shares without performance criteria 64,000 June 19, 2015 June 19, 2016 $0.01 27% 0.25% $— 1 year Restricted shares without performance criteria 36,000 June 19, 2015 June 19, 2018 $0.01 34% 0.99% $— 3 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2019 $0.01 43% 1.42% $— 4 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2018 $0.01 36% 0.95% $— 3 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2017 $0.01 31% 0.60% $— 2 years Deferred shares without performance criteria 38,825 March 20, 2015 March 20, 2016 $0.01 30% 0.24% $— 1 year Deferred shares with performance criteria 256,358 March 20, 2015 March 20, 2018 $0.01 36% 0.95% $— 3 years

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future rental payments under operating leases	Future rental payments as at June 30, 2015 under operating leases in respect of equipment rentals and leased premises are payable as follows: $’000 Remainder of 2015 5,285 2016 10,018 2017 9,947 2018 9,518 2019 9,111 2020 9,221 2021 and thereafter 70,030 Future rental payments under operating leases 123,130

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured on a recurring basis	The following tables summarize the valuation of Belmond’s financial instruments recorded at fair value by the fair value hierarchy at June 30, 2015 and December 31, 2014 : Level 1 Level 2 Level 3 Total June 30, 2015 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — 4 — 4 Total assets — 4 — 4 Liabilities at fair value: Derivative financial instruments — (4,084 ) — (4,084 ) Total net liabilities — (4,080 ) — (4,080 ) Level 1 Level 2 Level 3 Total December 31, 2014 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — 13 — 13 Total assets — 13 — 13 Liabilities at fair value: Derivative financial instruments — (3,602 ) — (3,602 ) Total net liabilities — (3,589 ) — (3,589 )
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 Belmond's long-term debt as of June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Carrying Fair value Carrying Fair value Loans from banks and other parties (see Note 9) Level 3 603,333 663,845 620,106 663,653
Schedule of estimated fair values of non-recurring financial assets measured on a non-recurring basis	The estimated fair values of Belmond’s non-financial assets measured on a non-recurring basis for the six months ended June 30, 2015 were as follows: Fair value measurement inputs Fair value Level 1 Level 2 Level 3 Total losses in the six months ended June 30, 2015 $’000 $’000 $’000 $’000 $’000 Goodwill — — — — (5,698 )

Derivatives and hedging activ51

Derivatives and hedging activities (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 , Belmond 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: June 30, December 31, ’000 ’000 Interest rate swaps € 74,063 € 74,438 Interest rate swaps $ 213,344 $ 214,206 Interest rate caps $ 17,200 $ 17,200
Schedule of fair value of derivative financial instruments	The table below presents the fair value of Belmond’s derivative financial instruments and their classification as of June 30, 2015 and December 31, 2014 : Fair value as of June 30, 2015 Fair value as of Balance sheet location $’000 $’000 Derivatives designated in a cash flow hedging relationship: Interest rate derivatives Other assets 4 13 Interest rate derivatives Accrued liabilities (2,916 ) (2,984 ) Interest rate derivatives Other liabilities (1,168 ) (618 ) Total (4,080 ) (3,589 )

Accumulated other comprehensi52

Accumulated other comprehensive income/loss (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of changes in accumulated other comprehensive income/(loss) by component (net of tax)	Changes in accumulated other comprehensive income/(loss) (“AOCI”) by component (net of tax) are as follows: Foreign currency translation adjustments Derivative financial instruments Pension liability Total Six months ended June 30, 2015 $’000 $’000 $’000 $’000 Balance at January 1, 2015 (232,328 ) (3,569 ) (10,523 ) (246,420 ) Other comprehensive income/(loss) before reclassifications (40,183 ) (1,701 ) 298 (41,586 ) Amounts reclassified from AOCI — 1,467 — 1,467 Net current period other comprehensive income/(loss) (40,183 ) (234 ) 298 (40,119 ) Balance at June 30, 2015 (272,511 ) (3,803 ) (10,225 ) (286,539 )
Schedule of reclassification out of accumulated other comprehensive income/(loss)	Reclassifications out of AOCI (net of tax) are as follows: Amount reclassified from AOCI Three months ended June 30, 2015 June 30, 2014 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 hedged debt instruments 738 595 Interest expense Total reclassifications for the period 738 595 Amount reclassified from AOCI Six months ended June 30, 2015 June 30, 2014 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 1,467 1,205 Interest expense Total reclassifications for the period 1,467 1,205

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reconciliation of revenue from segments to consolidated	Revenue from external customers by segment: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Owned hotels: Europe 71,778 78,179 83,696 92,715 North America 39,660 37,329 80,638 75,562 Rest of world 25,514 33,195 62,322 69,725 Total owned hotels 136,952 148,703 226,656 238,002 Part-owned/managed hotels 1,545 1,775 2,405 2,738 Total hotels 138,497 150,478 229,061 240,740 Owned trains and cruises 20,111 23,284 27,719 34,280 Part-owned/managed trains 2,197 1,842 3,515 3,127 Total trains and cruises 22,308 25,126 31,234 37,407 Total revenue 160,805 175,604 260,295 278,147
Reconciliation of adjusted earnings by segment to net earnings/losses	Reconciliation of the total of segment profit/(loss) to consolidated net earnings/(losses) from operations: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Owned hotels: Europe 29,350 29,904 21,960 21,510 North America 9,411 6,889 20,231 14,206 Rest of world 3,043 6,690 14,470 17,466 Total owned hotels 41,804 43,483 56,661 53,182 Part-owned/managed hotels (10 ) 1,811 (317 ) 1,306 Total hotels 41,794 45,294 56,344 54,488 Owned trains and cruises 2,799 2,475 501 1,694 Part-owned/managed trains 5,523 3,956 7,380 5,837 Total trains and cruises 8,322 6,431 7,881 7,531 Reconciliation to net earnings/(losses): Total segment profit 50,116 51,725 64,225 62,019 Gain on disposal of property, plant and equipment and equity method investments 19,825 153 19,975 3,857 Impairment of goodwill (5,698 ) — (5,698 ) — Central overheads (9,153 ) (8,437 ) (19,243 ) (16,810 ) Share-based compensation (2,983 ) (2,185 ) (3,733 ) (2,976 ) Depreciation and amortization (12,425 ) (12,771 ) (25,004 ) (24,890 ) Loss on extinguishment of debt — — — (14,506 ) Interest income 187 298 450 700 Interest expense (6,480 ) (8,521 ) (14,095 ) (18,056 ) Foreign currency, net (1,056 ) (1,328 ) (3,812 ) (880 ) Provision for income taxes (16,338 ) (11,561 ) (7,058 ) (1,319 ) Share of (provision for)/benefit from income taxes of unconsolidated companies (608 ) (910 ) 116 (585 ) Earnings/(losses) from continuing operations 15,387 6,463 6,123 (13,446 ) Losses from discontinued operations (53 ) (467 ) (243 ) (1,202 ) Net earnings/(losses) 15,334 5,996 5,880 (14,648 )
Reconciliation of other significant reconciling items from segments to consolidated	Earnings from unconsolidated companies, net of tax: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Part-owned/managed hotels (977 ) 114 (1,482 ) (752 ) Part-owned/managed trains 2,334 1,337 3,164 1,790 Total earnings from unconsolidated companies, net of tax 1,357 1,451 1,682 1,038 Reconciliation of capital expenditure to acquire property, plant and equipment by segment: Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Owned hotels: Europe 5,454 10,913 14,419 19,920 North America 3,350 3,895 6,611 9,235 Rest of world 3,808 4,417 5,786 8,239 Total owned hotels 12,612 19,225 26,816 37,394 Owned trains and cruises 1,824 1,678 4,296 2,558 Unallocated corporate 87 16 253 88 Total capital expenditure to acquire property, plant and equipment 14,523 20,919 31,365 40,040
Schedule of financial information regarding geographic areas based on the location of properties	Revenue from external customers in Belmond’s country of domicile and significant countries (based on the location of the property): Three months ended Six months ended June 30, June 30, June 30, June 30, $’000 $’000 $’000 $’000 Bermuda — — — — Italy 49,903 53,099 51,204 54,417 United Kingdom 20,678 22,975 27,991 31,566 United States 30,117 28,512 55,192 51,896 Brazil 15,685 22,221 35,595 43,508 All other countries 44,422 48,797 90,313 96,760 Total revenue 160,805 175,604 260,295 278,147

Basis of financial statement 54

Basis of financial statement presentation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)restauranttraincanalboathotelship	Dec. 31, 2014USD ($)
Basis of Presentation [Line Items]
Number of hotels | hotel		35
Number of restaurants | restaurant		1
Number of trains | train		7
Number of river cruise ship businesses | ship		2
Number of canal boat businesses | canalboat		1
Other assets
Basis of Presentation [Line Items]
Debt issuance costs		$ 12,847	$ 13,095
Brazilian hotels
Basis of Presentation [Line Items]
Foreign currency translation adjustment loss	$ 49,356

Earnings per share - Calculatio

Earnings per share - Calculation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator ($'000)
Net earnings/(losses) from continuing operations	$ 15,387	$ 6,463	$ 6,123	$ (13,446)
Net earnings/(losses) from discontinued operations	(53)	(467)	(243)	(1,202)
Net (earnings)/losses attributable to non-controlling interests	90	89	(5)	(27)
Net earnings/(losses) attributable to Belmond Ltd.	$ 15,424	$ 6,085	$ 5,875	$ (14,675)
Denominator (shares '000)
Basic weighted average shares outstanding (in shares)	103,652	103,734	103,880	103,727
Effect of dilution (in shares)	2,049	2,184	1,969	0
Diluted weighted average shares outstanding (in shares)	105,701	105,918	105,849	103,727
Basic earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	$ 0.148	$ 0.062	$ 0.059	$ (0.130)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.005)	(0.002)	(0.012)
Net losses/(earnings) attributable to non-controlling interests (in dollars per share)	0.001	0.001	0	0
Basic net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	0.148	0.058	0.057	(0.142)
Diluted earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	0.146	0.061	0.058	(0.130)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.004)	(0.002)	(0.012)
Net losses/(earnings) attributable to non-controlling interests (in dollars per share)	0.001	0.001	0	0
Diluted net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	$ 0.146	$ 0.058	$ 0.056	$ (0.142)

Earnings per share - Securities

Earnings per share - Securities excluded from the computation of diluted earnings per share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
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)	701,600	163,900	894,876	4,416,300
Number of share options and share-based awards unexercised (in shares)	4,690,526	4,416,300	4,690,526	4,416,300
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)	701,600	163,900	894,876	2,913,300
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)	0	0	0	1,503,000

Assets held for sale and disc57

Assets held for sale and discontinued operations (Details) $ in Thousands	Mar. 21, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties classified as held for sale | property		0		0		0
Key money retained by buyer				$ 0	$ 3,000
Deferred gain on sale of Inn at Perry Cabin by Belmond		$ 2,250		2,250		$ 2,550
Inn at Perry Cabin by Belmond
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Gross proceeds from divestiture of businesses, including reduction in debt facility on sale of asset	$ 39,700
Cash consideration received on sale of hotel	25,680
Reduction in debt facility on sale of hotel	11,020
Key money retained by buyer	$ 3,000
Management agreement term	10 years
Gain on sale	$ 6,704
Disposal group including discontinued operation, gain/(loss) before income tax, recognized on completion	3,704
Deferred gain on sale of Inn at Perry Cabin by Belmond	$ 3,000
Ubud Hanging Gardens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Discontinued operations, legal fees		$ 42	$ 241	$ 192	$ 918

Assets held for sale and disc58

Assets held for sale and discontinued operations - Summary of net assets sold and the gain/loss recorded on sale (Details) - USD ($) $ in Thousands	Mar. 21, 2014	Jun. 30, 2015	Jun. 30, 2014
Consideration:
Key money retained by buyer		$ 0	$ 3,000
Inn at Perry Cabin by Belmond
Net assets sold and gain on sale
Property, plant and equipment	$ 32,293
Net working capital deficit	(820)
Net assets	31,473
Transfer of foreign currency translation loss/(gain)	0
Net assets after adjustments	31,473
Consideration:
Cash	25,680
Reduction in debt facility on sale of hotel	11,020
Key money retained by buyer	3,000
Less: Working capital adjustment	(1,130)
Less: Costs to sell	(393)
Net proceeds from divestiture of businesses	38,177
Gain on sale	$ 6,704

Assets held for sale and disc59

Assets held for sale and discontinued operations - Summarized operating results for discontinued operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Operating results
Revenue	$ 0	$ 0	$ 0	$ 0
Losses before tax, gain on sale and impairment	(53)	(467)	(243)	(1,202)
Impairment	0
Gain on sale	0
Losses before tax	(53)	(467)	(243)	(1,202)
Tax benefit	0	0	0	0
Net earnings/(losses) from discontinued operations	(53)	(467)	(243)	(1,202)
Ubud Hanging Gardens
Operating results
Revenue	0	0	0	0
Losses before tax, gain on sale and impairment	(42)	(241)	(192)	(918)
Impairment	0				$ (7,031)
Gain on sale	0
Losses before tax	(42)	(241)	(192)	(918)
Tax benefit	0
Net earnings/(losses) from discontinued operations	(42)	(241)	(192)	(918)
Porto Cupecoy
Operating results
Revenue	0	0	0	0
Losses before tax, gain on sale and impairment	(11)	(226)	(51)	(284)
Impairment	0
Gain on sale	0
Losses before tax	(11)	(226)	(51)	(284)
Tax benefit	0
Net earnings/(losses) from discontinued operations	$ (11)	$ (226)	$ (51)	$ (284)

Variable interest entities (Det

Variable interest entities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Goodwill	$ 122,515	$ 132,644
Variable Interest Entity, Not Primary Beneficiary | Peruvian rail joint venture
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Ownership percentage in variable interest entity	50.00%
Guarantor obligations, triggering event, ownership percentage falls below 50%	50.00%
Variable Interest Entity, Not Primary Beneficiary | Contingent Financial Guarantee Debt 2017 | Peruvian rail joint venture
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Guarantor obligations, maximum exposure	$ 3,307
Variable Interest Entity, Not Primary Beneficiary | Guarantee of Governmental Concession | Peruvian rail joint venture
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Guarantor obligations, maximum exposure	$ 6,676
Variable Interest Entity, Not Primary Beneficiary | Financial Guarantee Additional Debt 2017 | Peruvian rail joint venture
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Guarantor obligations, maximum exposure		4,124
Charleston Center LLC | Variable Interest Entity, Primary Beneficiary
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Ownership percentage in variable interest entity	19.90%
Assets of consolidated VIE that can be used only to settle obligations of the consolidated VIE	$ 210,760	207,739
Goodwill	40,395	40,395
Liabilities of consolidated VIE for which creditors do not have recourse to Belmond	$ 121,605	$ 122,058

Variable interest entities - Ca

Variable interest entities - Carrying amounts and maximum exposure to loss for Peru rail joint venture (Details) - Variable Interest Entity, Not Primary Beneficiary - Peruvian rail joint venture - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	$ 49,117	$ 47,644
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	59,100	62,994
Investment
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	45,009	41,713
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	45,009	41,713
Due from unconsolidated company
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	4,108	5,931
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	4,108	5,931
Guarantees
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0	0
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	4,124
Contingent guarantees
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0	0
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 9,983	$ 11,226

Investments in unconsolidated62

Investments in unconsolidated companies (Details) $ in Thousands	May. 21, 2015USD ($)	May. 21, 2015EUR (€)	Jun. 30, 2015USD ($)hotel	Dec. 31, 2014USD ($)	Jun. 30, 2007USD ($)
Schedule of Cost and Equity Method Investments [Line Items]
Current portion of long-term debt and obligations under capital leases			$ 5,380	$ 5,549
Number of hotels | hotel			35
Peruvian rail joint venture
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%
Eastern and Oriental Express Ltd.
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			25.00%
Buzios land joint venture
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%		50.00%
Cash consideration					$ 5,000
Hotel Ritz, Madrid
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment	50.00%	50.00%	50.00%
Gross proceeds from divestiture of businesses, including reduction in debt facility on sale of asset	$ 145,288	€ 130,000,000
Management contract termination fee	2,292
Gain on sale	$ 19,676
Equity Method Investments
Schedule of Cost and Equity Method Investments [Line Items]
Current portion of long-term debt and obligations under capital leases			$ 30,379	$ 96,824
Peruvian hotel and rail joint ventures
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%
Peruvian hotel joint venture
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%
Number of hotels | hotel			4
Peruvian hotel joint venture | Contingent Financial Guarantee Additional Debt 2020
Schedule of Cost and Equity Method Investments [Line Items]
Guarantor obligations, maximum exposure			$ 18,334
Maximum
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%
Minimum | Peruvian hotel and rail joint ventures | Guarantees
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%

Investments in unconsolidated63

Investments in unconsolidated companies - Calculation of gain or loss on disposal of equity method investment (Details) - USD ($) $ in Thousands	May. 21, 2015	Jun. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in unconsolidated companies		$ 68,529	$ 65,831
Hotel Ritz, Madrid
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables due from unconsolidated companies	$ 29,679
Investments in unconsolidated companies	0
Net assets	29,679
Transfer of foreign currency translation gain	(5,613)
Net assets after adjustments	24,066
Cash	42,197
Less: Costs to sell	(747)
Management contract termination fee	2,292
Equity Method Investment, Net Sales Proceeds	43,742
Gain on sale	$ 19,676

Investments in unconsolidated64

Investments in unconsolidated companies - Summarized financial data for investments in unconsolidated companies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Summarized financial data for OEH's unconsolidated companies
Current assets	$ 44,438		$ 44,438		$ 52,289
Property, plant and equipment, net	198,853		198,853		340,546
Other assets	33,312		33,312		37,917
Non-current assets	232,165		232,165		378,463
Total assets	276,603		276,603		430,752
Current liabilities, including $30,379 and $96,824 current portion of third-party debt	89,050		89,050		157,273
Long-term debt	18,855		18,855		27,014
Other liabilities	39,591		39,591		125,210
Non-current liabilities	58,446		58,446		152,224
Total shareholders’ equity	129,107		129,107		121,255
Total liabilities and shareholders’ equity	276,603		276,603		$ 430,752
Revenue	43,255	$ 45,626	77,091	$ 80,341
Gross profit	29,198	28,052	48,044	46,533
Net earnings	$ 2,526	$ 2,948	$ 3,322	$ 2,596

Property, plant and equipment -

Property, plant and equipment - Major classes of property, plant and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, plant and equipment
Property, plant and equipment, gross	$ 1,475,754	$ 1,507,195
Less: Accumulated depreciation	(345,493)	(338,438)
Total property, plant and equipment, net of accumulated depreciation	1,130,261	1,168,757
Land and buildings
Property, plant and equipment
Property, plant and equipment, gross	1,037,895	1,069,846
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	190,159	194,155
Fixtures, fittings and office equipment
Property, plant and equipment
Property, plant and equipment, gross	228,913	224,270
River cruise ship and canal boats
Property, plant and equipment
Property, plant and equipment, gross	$ 18,787	$ 18,924

Property, plant and equipment66

Property, plant and equipment - Major classes of assets under capital leases (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets under capital leases
Assets under capital leases, gross	$ 866	$ 897
Less: Accumulated depreciation	(656)	(652)
Total assets under capital leases, net of accumulated depreciation	210	245
Machinery and equipment
Assets under capital leases
Assets under capital leases, gross	695	716
Fixtures, fittings and office equipment
Assets under capital leases
Assets under capital leases, gross	$ 171	$ 181

Property, plant and equipment67

Property, plant and equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 12,297,000	$ 12,647,000	$ 24,782,000	$ 24,698,000
Property, plant and equipment, net	1,130,261,000		1,130,261,000		$ 1,168,757,000
Property, plant and equipment impairment charge	0	0	0	0
Interest costs capitalized	0	$ 0	0	$ 0
Variable Interest Entity, Primary Beneficiary
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	199,711,000		199,711,000		197,608,000
Variable Interest Entity, Primary Beneficiary | Charleston Center LLC
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 199,711,000		$ 199,711,000		$ 197,608,000

Goodwill - Changes in carrying

Goodwill - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill
Gross goodwill amount					$ 166,971
Accumulated impairment					(34,327)
Changes in the carrying amount of goodwill
Net goodwill amount			$ 132,644
Impairment	$ (5,698)	$ 0	(5,698)	$ 0
Foreign currency translation adjustment			(4,431)
At June 30, 2015	122,515		122,515
Operating Segments | Owned trains and cruises
Goodwill
Gross goodwill amount					7,873
Accumulated impairment					0
Changes in the carrying amount of goodwill
Net goodwill amount			7,873
Impairment			(662)
Foreign currency translation adjustment			19
At June 30, 2015	7,230		7,230
Operating Segments | Owned hotels - Europe | Total owned hotels
Goodwill
Gross goodwill amount					71,292
Accumulated impairment					(10,104)
Changes in the carrying amount of goodwill
Net goodwill amount			61,188
Impairment			0
Foreign currency translation adjustment			(3,514)
At June 30, 2015	57,674		57,674
Operating Segments | Owned hotels - North America | Total owned hotels
Goodwill
Gross goodwill amount					66,101
Accumulated impairment					(16,110)
Changes in the carrying amount of goodwill
Net goodwill amount			49,991
Impairment			0
Foreign currency translation adjustment			0
At June 30, 2015	49,991		49,991
Operating Segments | Owned hotels - Rest of world | Total owned hotels
Goodwill
Gross goodwill amount					21,705
Accumulated impairment					$ (8,113)
Changes in the carrying amount of goodwill
Net goodwill amount			13,592
Impairment			(5,036)
Foreign currency translation adjustment			(936)
At June 30, 2015	$ 7,620		$ 7,620

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill [Line Items]
Impairment of goodwill	$ 5,698	$ 0	$ 5,698	$ 0
Goodwill	122,515		122,515		$ 132,644
Belmond Jimbaran Puri
Goodwill [Line Items]
Impairment of goodwill			3,581
Belmond La Résidence Phou Vao
Goodwill [Line Items]
Impairment of goodwill			1,455
Belmond Northern Belle
Goodwill [Line Items]
Impairment of goodwill			662
Belmond Grand Hotel Europe
Goodwill [Line Items]
Goodwill	14,148		14,148
Belmond La Résidence d’Angkor
Goodwill [Line Items]
Goodwill	$ 1,548		$ 1,548
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	9.00%		9.00%

Other intangible assets - Rollf

Other intangible assets - Rollforward of other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Carrying amount:
Balance at January 1, 2015			$ 17,574
Additions			706	$ 0
Foreign currency translation adjustment			(212)
Balance at June 30, 2015	$ 18,068		18,068
Accumulated amortization:
Balance at January 1, 2015			3,616
Charge for the period	128	$ 124	222	$ 192
Foreign currency translation adjustment			(61)
Balance at June 30, 2015	3,777		3,777
Net book value:
Net book value	14,291		14,291		$ 13,958
Trade names
Carrying amount:
Balance at January 1, 2015			7,100
Additions			0
Foreign currency translation adjustment			0
Balance at June 30, 2015	7,100		7,100
Net book value:
Net book value	7,100		7,100		7,100
Favorable lease assets
Carrying amount:
Balance at January 1, 2015			8,586
Additions			706
Foreign currency translation adjustment			(224)
Balance at June 30, 2015	9,068		9,068
Accumulated amortization:
Balance at January 1, 2015			2,486
Charge for the period			157
Foreign currency translation adjustment			(69)
Balance at June 30, 2015	2,574		2,574
Net book value:
Net book value	6,494		6,494		6,100
Internet sites
Carrying amount:
Balance at January 1, 2015			1,888
Additions			0
Foreign currency translation adjustment			12
Balance at June 30, 2015	1,900		1,900
Accumulated amortization:
Balance at January 1, 2015			1,130
Charge for the period			65
Foreign currency translation adjustment			8
Balance at June 30, 2015	1,203		1,203
Net book value:
Net book value	$ 697		$ 697		$ 758

Other intangible assets (Detail

Other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Finite Lived Intangible Assets
Intangible asset additions			$ 706	$ 0
Amortization expense	$ 128	$ 124	222	$ 192
Estimated amortization expense, remainder of 2015	222		222
Estimated amortization expense, year ending December 31, 2016	444		444
Estimated amortization expense, year ending December 31, 2017	444		444
Estimated amortization expense, year ending December 31, 2018	444		444
Estimated amortization expense, year ending December 31, 2019	444		444
Estimated amortization expense, year ending December 31, 2020	$ 444		444
Favorable lease assets
Finite Lived Intangible Assets
Intangible asset additions			706
Amortization expense			$ 157
Favorable lease assets | Minimum
Finite Lived Intangible Assets
Amortization period (in years)			19 years
Favorable lease assets | Maximum
Finite Lived Intangible Assets
Amortization period (in years)			60 years
Internet sites
Finite Lived Intangible Assets
Intangible asset additions			$ 0
Amortization expense			$ 65
Internet sites | Minimum
Finite Lived Intangible Assets
Amortization period (in years)			5 years
Internet sites | Maximum
Finite Lived Intangible Assets
Amortization period (in years)			10 years
Grand Hotel Timeo and Villa Sant'Andrea | Favorable lease assets
Finite Lived Intangible Assets
Intangible asset additions			$ 706

Debt and obligations under ca72

Debt and obligations under capital lease - Long term debt and obligations under capital leases (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Loans from banks and other parties collateralized by tangible and intangible personal property and real estate with a maturity of four to 13 years (2014 - five to 14 years), with a weighted average interest rate of 4.28% (2014 - 4.35%)	$ 603,333	$ 620,106
Obligations under capital lease	79	129
Total long-term debt and obligations under capital lease	603,412	620,235
Less: Current portion	5,380	5,549
Less: Discount on secured term loan	2,255	2,451
Long-term debt and obligations under capital leases	$ 595,777	$ 612,235
Weighted-average interest rate	4.28%	4.35%
Minimum
Debt Instrument [Line Items]
Period of debt repayment	4 years	5 years
Maximum
Debt Instrument [Line Items]
Period of debt repayment	13 years	14 years

Debt and obligations under ca73

Debt and obligations under capital lease (Details)	Mar. 21, 2014USD ($)	Jun. 30, 2015USD ($)	Aug. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Mar. 21, 2014EUR (€)
Debt Instrument [Line Items]
Revolving and working capital facilities - maximum borrowing capacity		$ 106,191,000		$ 106,191,000		$ 106,191,000		$ 107,004,000
Guaranteed debt of subsidiary						505,895,000		522,561,000
Loss on extinguishment of debt				0	$ 0	0	$ 14,506,000
Working capital facilities - remaining borrowing capacity		106,191,000		106,191,000		106,191,000		101,486,000
Corporate Debt Refinancing
Debt Instrument [Line Items]
Loss on extinguishment of debt						0
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Deferred financing costs		823,000		823,000		823,000		922,000
Debt of consolidated VIE		$ 97,438,000		97,438,000		97,438,000		97,545,000
Belmond Ltd
Debt Instrument [Line Items]
Debt instrument, face amount	$ 551,955,000
Revolving and working capital facilities - maximum borrowing capacity	$ 105,000,000
Interest rate floor	1.00%								1.00%
Debt instrument, term	7 years
Secured term loan, annual mandatory amortization, percentage of principal amount	1.00%
Belmond Ltd | Tranche One term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 345,000,000
Belmond Ltd | Tranche One term loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.00%
Belmond Ltd | Tranche Two term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 206,955,000								€ 150,000,000
Belmond Ltd | Tranche Two term loan | European Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.25%	3.00%
Belmond Ltd | Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility, term	5 years
Belmond Ltd | Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.75%
Commitment fee, percentage	0.40%
Charleston Center LLC | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt instrument, face amount			$ 86,000,000
Debt instrument, term			5 years
Amount of Debt Refinanced			$ 83,200,000
Charleston Center LLC | London Interbank Offered Rate (LIBOR) | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Basis spread on variable interest rate			2.12%
Other assets
Debt Instrument [Line Items]
Deferred financing costs		$ 12,847,000		$ 12,847,000		$ 12,847,000		$ 13,095,000

Debt and obligations under ca74

Debt and obligations under capital lease - Long term debt maturities, including obligations under capital leases (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Remainder of 2015	$ 2,686
2,016	5,386
2,017	5,380
2,018	5,391
2,019	91,396
2,020	5,407
2021 and thereafter	487,766
Total long-term debt and obligations under capital lease	$ 603,412	$ 620,235

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities Disclosure [Abstract]
Interest rate swaps (see Note 19)	$ 1,168	$ 618
Long-term accrued interest on subordinated debt at Charleston Center LLC	16,240	15,940
Deferred gain on sale of Inn at Perry Cabin by Belmond (see Note 3)	2,250	2,550
Deferred lease incentive	289	315
Accrued income tax	1,952	2,118
Withholding tax provision classified as interest	284	2,356
Total other liabilities	$ 22,183	$ 23,897

Pensions - Components of net pe

Pensions - Components of net periodic pension benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of net periodic pension benefit cost
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost on projected benefit obligation	246	279	489	554
Expected return on assets	(259)	(291)	(514)	(578)
Net amortization and deferrals	187	140	372	279
Net periodic benefit cost	$ 174	$ 128	$ 347	$ 255

Pensions (Details)

Pensions (Details) £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015GBP (£)	Jun. 30, 2014USD ($)	May. 31, 2014GBP (£)
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year			$ 2,000	£ 1,272
Contribution by employer	$ 483	$ 540	963		$ 1,077
Anticipated additional contribution by employer to plan			1,037
Total contributions expected by employer in current fiscal year			2,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Payment obligation guaranteed by Belmond	$ 12,895		$ 12,895			£ 8,200

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Contingency [Line Items]
Provision for income taxes	$ 16,338	$ 11,561	$ 7,058	$ 1,319
Hotel Ritz, Madrid
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	$ 5,000

Interest expense (Details)

Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest Expense [Abstract]
Interest expense on long-term debt and obligations under capital lease	$ 6,682	$ 7,565	$ 13,652	$ 15,617
Withholding tax provision classified as interest	(1,000)	0	(1,000)	0
Amortization of deferred financing costs and discount on secured term loan	798	956	1,443	2,439
Total interest expense	$ 6,480	$ 8,521	$ 14,095	$ 18,056

Supplemental cash flow inform80

Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash paid during the period for:
Interest	$ 13,980	$ 15,775
Income taxes, net of refunds	8,810	9,115
Capital expenditures incurred but not yet paid	$ (103)	$ 29

Restricted cash - Major balance

Restricted cash - Major balances in restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,796	$ 2,673
Refundable and non-refundable cash deposits held with banks pending completion of asset sales
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	500
Cash deposits required to be held with lending banks as collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	921	768
Prepaid customer deposits which will be released to Belmond under its revenue recognition policy
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,151	647
Bonds and guarantees
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	724	758
Other assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, long-term	$ 921	$ 768

Share-based compensation plan82

Share-based compensation plans (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)share_based_plan	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)share_based_plan	Jun. 30, 2014USD ($)
Share-based compensation plans
Number of share-based compensation plans | share_based_plan	3		3
Compensation cost	$ 2,983	$ 2,185	$ 3,733	$ 2,976
Total unrecognized compensation cost related to unexercised stock options and unvested share awards	$ 14,842		$ 14,842
Total unrecognized compensation cost related to unexercised stock options and unvested share awards, recognition period (in months)			27 months
Maximum | Deferred shares
Share-based compensation plans
Expected life of awards (in years)			4 years
Maximum | Restricted shares
Share-based compensation plans
Expected life of awards (in years)			4 years
Maximum | Share options
Share-based compensation plans
Expected life of awards (in years)			10 years

Share-based compensation plan83

Share-based compensation plans - Grants in period and fair value assumptions for share-based compensation plans (Details) - 6 months ended Jun. 30, 2015 - 2009 share award and incentive plan - USD ($)	Total
Class A common shares vesting in June 2019 | Share options
Share-based compensation plans
Granted deferred shares (in shares)	48,319
Purchase price (in dollars per share)	$ 12.50
Expected share price volatility (as a percent)	43.00%
Risk-free interest rate (as a percent)	1.59%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	5 years 6 months
Class A common shares vesting in June 2018 | Share options
Share-based compensation plans
Granted deferred shares (in shares)	48,319
Purchase price (in dollars per share)	$ 12.50
Expected share price volatility (as a percent)	41.00%
Risk-free interest rate (as a percent)	1.59%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	4 years 6 months
Class A common shares vesting in June 2018 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	36,000
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	34.00%
Risk-free interest rate (as a percent)	0.99%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	3 years
Class A common shares vesting in June 2017 | Share options
Share-based compensation plans
Granted deferred shares (in shares)	48,319
Purchase price (in dollars per share)	$ 12.50
Expected share price volatility (as a percent)	35.00%
Risk-free interest rate (as a percent)	0.99%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	3 years 6 months
Class A common shares vesting in June 2016 | Share options
Share-based compensation plans
Granted deferred shares (in shares)	48,319
Purchase price (in dollars per share)	$ 12.50
Expected share price volatility (as a percent)	29.00%
Risk-free interest rate (as a percent)	0.65%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	2 years 6 months
Class A common shares vesting in June 2016 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	64,000
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	27.00%
Risk-free interest rate (as a percent)	0.25%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	1 year
Class A common shares vesting in March 2019 | Deferred shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	38,825
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	43.00%
Risk-free interest rate (as a percent)	1.42%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	4 years
Class A common shares vesting in March 2018 | Deferred shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	38,825
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	36.00%
Risk-free interest rate (as a percent)	0.95%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	3 years
Class A common shares vesting in March 2018 | Deferred shares with performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	256,358
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	36.00%
Risk-free interest rate (as a percent)	0.95%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	3 years
Class A common shares vesting in March 2017 | Deferred shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	38,825
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	31.00%
Risk-free interest rate (as a percent)	0.60%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	2 years
Class A common shares vesting in March 2016 | Deferred shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares)	38,825
Purchase price (in dollars per share)	$ 0.01
Expected share price volatility (as a percent)	30.00%
Risk-free interest rate (as a percent)	0.24%
Expected dividends per share (in dollars per share)	$ 0
Expected life of awards (in years)	1 year

Commitments and contingencies84

Commitments and contingencies (Details) BRL in Thousands, $ in Thousands	Jun. 26, 2015USD ($)	Jun. 30, 2015USD ($)	Jan. 31, 2015	Mar. 31, 2010USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)installment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014BRL	Dec. 31, 2013USD ($)	Jun. 30, 2015BRL	Mar. 31, 2015USD ($)	Mar. 31, 2015BRL	Feb. 28, 2013USD ($)
Commitments
Impairment charge relating to long-lived assets and goodwill					$ 0
Annual lease payments - required per lease		$ 10,018			10,018		$ 10,018
Term of concession			10 years
Rental expenses					2,744	$ 3,146	$ 5,588	$ 6,294
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 | installment							10
Significant acquisitions and disposals, length of time before expiry of former director's right of first refusal and purchase option after his death							1 year
Infringement litigation of Cipriani
Commitments
Amount received from defendants		1,178		$ 3,947
Amount receivable from defendants in installments				$ 9,833
Period for receivable amount from defendants in installments (in years)				5 years
Ubud Hanging Gardens
Commitments
Litigation Settlement, Amount	$ 8,500
Impairment charge relating to long-lived assets and goodwill					0						$ 7,031
Belmond Hotel das Cataratas
Commitments
Annual lease payments - required per lease		5,371			5,371		$ 5,371					BRL 16,666
Annual lease payments - amount paid									$ 3,566	BRL 11,065
Unasserted claim | Copacabana Palace
Commitments
Loss contingency, possible loss, amount not accrued															$ 27,000
Lease agreements | Belmond Hotel das Cataratas
Commitments
Loss contingency accrual (more than for the $200,000)		5,247			5,247		5,247					16,282
Estimate of range of possible additional loss, minimum		806			806		806					2,500
Estimate of range of possible additional loss, maximum		1,128			1,128		1,128					BRL 3,500
Aggregate amount due per Ministry													$ 5,480	BRL 17,000
Settlement with Taxing Authority [Member] | Porto Cupecoy
Commitments
Loss contingency accrual (more than for the $200,000)		200			200		200
Purchase of property, plant and equipment
Commitments
Amount of outstanding contracts							9,458		$ 15,486
Minimum | Settlement with Taxing Authority [Member] | Porto Cupecoy
Commitments
Loss contingency, possible loss, amount not accrued		0			0		0
Maximum | Settlement with Taxing Authority [Member] | Porto Cupecoy
Commitments
Loss contingency, possible loss, amount not accrued		$ 16,300			$ 16,300		$ 16,300

Commitments and contingencies -

Commitments and contingencies - Future rental payments under operating leases (Details) $ in Thousands	Jun. 30, 2015USD ($)
Future rental payments under operating leases in respect of equipment rentals and leased premises
Remainder of 2015	$ 5,285
2,016	10,018
2,017	9,947
2,018	9,518
2,019	9,111
2,020	9,221
2021 and thereafter	70,030
Future rental payments under operating leases	$ 123,130

Fair value measurements - Finan

Fair value measurements - Financial instruments recorded at fair value (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets at fair value:
Derivative financial instruments	$ 4	$ 13
Total assets	4	13
Liabilities at fair value:
Derivative financial instruments	(4,084)	(3,602)
Total net liabilities	(4,080)	(3,589)
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	4	13
Total assets	4	13
Liabilities at fair value:
Derivative financial instruments	(4,084)	(3,602)
Total net liabilities	(4,080)	(3,589)
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 measurements - Fair

Fair value measurements - Fair value of other financial instruments not recorded at fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Estimated fair values of financial instruments (other than derivative financial instruments)
Carrying amount - Loans from banks and other parties	$ 603,333	$ 620,106
Level 3
Estimated fair values of financial instruments (other than derivative financial instruments)
Fair value - Loans from banks and other parties	$ 663,845	$ 663,653

Fair value measurements - (Deta

Fair value measurements - (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairments	$ 0	$ 0	$ 0	$ 0
Impairment	(5,698,000)	$ 0	(5,698,000)	$ 0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0		0
Carrying value prior to impairment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 5,698,000		$ 5,698,000

Fair value measurements - Non-f

Fair value measurements - Non-financial assets measured at fair value on a non-recurring basis (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment impairment charge	$ 0	$ 0	$ 0	$ 0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0		0
Continuing Operations | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0		0
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0		0
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0		0
Continuing Operations | Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 0		0
Goodwill | Continuing Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment impairment charge			$ (5,698,000)

Derivatives and hedging activ90

Derivatives and hedging activities - Notional amounts of outstanding interest rate derivatives (Details) € in Thousands, $ in Thousands	Jun. 30, 2015USD ($)	Jun. 30, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)
Interest rate swaps
Derivatives and hedging activities
Derivative, notional amount	$ 213,344	€ 74,063	$ 214,206	€ 74,438
Interest rate caps
Derivatives and hedging activities
Derivative, notional amount	$ 17,200		$ 17,200

Derivatives and hedging activ91

Derivatives and hedging activities - Fair value of derivative financial instruments (Details) - Derivatives designated in a cash flow hedging relationship - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair value of derivative financial instruments
Total fair value, net	$ (4,080)	$ (3,589)
Interest Rate Contract | Other assets
Fair value of derivative financial instruments
Fair value of derivative assets	4	13
Interest Rate Contract | Accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative liabilities	(2,916)	(2,984)
Interest Rate Contract | Other liabilities
Fair value of derivative financial instruments
Fair value of derivative liabilities	$ (1,168)	$ (618)

Derivatives and hedging activ92

Derivatives and hedging activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gain/(loss) recorded in other comprehensive income/(loss)	$ (6,488)	$ 1,359	$ 13,666	$ 1,039
Fair value of derivatives in a net liability position	(4,084)		(4,084)		$ (3,602)
Assets required to settle obligations under derivatives with credit-risk-related contingent features upon breach of provisions, termination value	4,085		4,085		3,615
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Fair value of non-derivative hedging instruments			165,626		$ 180,149
Interest rate swaps
Derivatives, Fair Value [Line Items]
Amount recorded in other comprehensive income which is expected to be reclassified to interest expense in the next 12 months	$ 2,854		$ 2,854

Accumulated other comprehensi93

Accumulated other comprehensive income/loss - Changes in accumulated other comprehensive income/(loss) by component (net of tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2015			$ (246,420)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive income/(losses), net of tax	$ 11,804	$ 8,458	(40,272)	$ (41,014)
Balance at June 30, 2015	(286,539)		(286,539)
Foreign currency translation adjustments
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2015			(232,328)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications			(40,183)
Amounts reclassified from AOCI			0
Total other comprehensive income/(losses), net of tax			(40,183)
Balance at June 30, 2015	(272,511)		(272,511)
Derivative financial instruments
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2015			(3,569)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications			(1,701)
Amounts reclassified from AOCI			1,467
Total other comprehensive income/(losses), net of tax			(234)
Balance at June 30, 2015	(3,803)		(3,803)
Pension liability
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2015			(10,523)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications			298
Amounts reclassified from AOCI			0
Total other comprehensive income/(losses), net of tax			298
Balance at June 30, 2015	(10,225)		(10,225)
Accumulated other comprehensive income/(loss)
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2015			(246,420)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications			(41,586)
Amounts reclassified from AOCI			1,467
Total other comprehensive income/(losses), net of tax			(40,119)	$ (40,165)
Balance at June 30, 2015	$ (286,539)		$ (286,539)

Accumulated other comprehensi94

Accumulated other comprehensive income/loss - Reclassifications out of accumulated other comprehensive income/(loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cash flows from derivative financial instruments related to interest payments made for hedged debt instruments	$ 6,480	$ 8,521	$ 14,095	$ 18,056
Total reclassifications for the period	15,334	5,996	5,880	(14,648)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period	738	595	1,467	1,205
Derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cash flows from derivative financial instruments related to interest payments made for hedged debt instruments	$ 738	$ 595	$ 1,467	$ 1,205

Segment information (Details)

Segment information (Details) - Jun. 30, 2015	restaurantsegment
Segment Reporting [Abstract]
Number of reportable segments | segment	6
Number of restaurants	1

Segment information - Revenue b

Segment information - Revenue by segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenue	$ 160,805	$ 175,604	$ 260,295	$ 278,147
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Revenue	138,497	150,478	229,061	240,740
Operating Segments | Trains and Cruises
Segment Reporting Information [Line Items]
Revenue	22,308	25,126	31,234	37,407
Operating Segments | Owned hotels - Europe | Hotel
Segment Reporting Information [Line Items]
Revenue	71,778	78,179	83,696	92,715
Operating Segments | Owned hotels - North America | Hotel
Segment Reporting Information [Line Items]
Revenue	39,660	37,329	80,638	75,562
Operating Segments | Owned hotels - Rest of world | Hotel
Segment Reporting Information [Line Items]
Revenue	25,514	33,195	62,322	69,725
Operating Segments | Total owned hotels | Hotel
Segment Reporting Information [Line Items]
Revenue	136,952	148,703	226,656	238,002
Operating Segments | Part-owned/managed hotels | Hotel
Segment Reporting Information [Line Items]
Revenue	1,545	1,775	2,405	2,738
Operating Segments | Owned trains and cruises | Trains and Cruises
Segment Reporting Information [Line Items]
Revenue	20,111	23,284	27,719	34,280
Operating Segments | Part-owned/managed trains | Trains and Cruises
Segment Reporting Information [Line Items]
Revenue	$ 2,197	$ 1,842	$ 3,515	$ 3,127

Segment information - Segment e

Segment information - Segment earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	$ 50,116	$ 51,725	$ 64,225	$ 62,019
Gain on disposal of property, plant and equipment and equity method investments	19,825	153	19,975	3,857
Impairment of goodwill	(5,698)	0	(5,698)	0
Central overheads	(9,153)	(8,437)	(19,243)	(16,810)
Share-based compensation	(2,983)	(2,185)	(3,733)	(2,976)
Depreciation and amortization	(12,425)	(12,771)	(25,004)	(24,890)
Loss on extinguishment of debt	0	0	0	(14,506)
Interest income	187	298	450	700
Interest expense	(6,480)	(8,521)	(14,095)	(18,056)
Foreign currency, net	(1,056)	(1,328)	(3,812)	(880)
Provision for income taxes	(16,338)	(11,561)	(7,058)	(1,319)
Share of (provision for)/benefit from income taxes of unconsolidated companies	(608)	(910)	116	(585)
Earnings/(losses) from continuing operations	15,387	6,463	6,123	(13,446)
Net earnings/(losses) from discontinued operations	(53)	(467)	(243)	(1,202)
Net earnings/(losses)	15,334	5,996	5,880	(14,648)
Operating Segments | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	41,794	45,294	56,344	54,488
Operating Segments | Trains and Cruises
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	8,322	6,431	7,881	7,531
Operating Segments | Owned hotels - Europe | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	29,350	29,904	21,960	21,510
Operating Segments | Owned hotels - North America | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	9,411	6,889	20,231	14,206
Operating Segments | Owned hotels - Rest of world | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	3,043	6,690	14,470	17,466
Operating Segments | Total owned hotels | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	41,804	43,483	56,661	53,182
Operating Segments | Part-owned/managed hotels | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	(10)	1,811	(317)	1,306
Operating Segments | Owned trains and cruises | Trains and Cruises
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	2,799	2,475	501	1,694
Operating Segments | Part-owned/managed trains | Trains and Cruises
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	$ 5,523	$ 3,956	$ 7,380	$ 5,837

Segment information - Reconcili

Segment information - Reconciliation of other significant reconciling items from segments to consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	$ 1,357	$ 1,451	$ 1,682	$ 1,038
Capital expenditure to acquire property, plant and equipment	14,523	20,919	31,365	40,040
Unallocated corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	87	16	253	88
Part-owned/managed hotels | Hotel | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	(977)	114	(1,482)	(752)
Part-owned/managed trains | Trains and Cruises | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	2,334	1,337	3,164	1,790
Owned hotels - Europe | Hotel | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	5,454	10,913	14,419	19,920
Owned hotels - North America | Hotel | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	3,350	3,895	6,611	9,235
Owned hotels - Rest of world | Hotel | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	3,808	4,417	5,786	8,239
Total owned hotels | Hotel | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	12,612	19,225	26,816	37,394
Owned trains and cruises | Trains and Cruises | Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	$ 1,824	$ 1,678	$ 4,296	$ 2,558

Segment information - Revenues

Segment information - Revenues by geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 160,805	$ 175,604	$ 260,295	$ 278,147
Bermuda
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0	0	0	0
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	49,903	53,099	51,204	54,417
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	20,678	22,975	27,991	31,566
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	30,117	28,512	55,192	51,896
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	15,685	22,221	35,595	43,508
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 44,422	$ 48,797	$ 90,313	$ 96,760

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	May. 21, 2015	Dec. 31, 2014
Eastern and Oriental Express Ltd.
Related party transactions
Ownership percentage in equity method investment	25.00%		25.00%
Management and guarantee fees earned	$ 15	$ 33	$ 140	$ 205
Amounts payable to Belmond	$ 4,935		$ 4,935			$ 5,227
Peruvian hotel and rail joint ventures
Related party transactions
Ownership percentage in equity method investment	50.00%		50.00%
Management and guarantee fees earned	$ 3,534	3,085	$ 5,394	4,884
Amounts payable to Belmond	$ 5,522		$ 5,522			7,728
Hotel Ritz, Madrid
Related party transactions
Ownership percentage in equity method investment	50.00%		50.00%		50.00%
Management and guarantee fees earned	$ 138	327	$ 328	555
Amounts payable to Belmond	0		0			$ 30,371
Interest income	$ 175	$ 174	$ 301	$ 326