Belmond (BEL) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Entity Registrant Name	Belmond Ltd.
Entity Central Index Key	1,115,836
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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	2,016
Document Fiscal Period Focus	Q1
Class A common shares at par value
Entity Common Stock, Shares Outstanding:		101,532,174
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		Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 120,984	$ 135,599
Restricted cash		6,423	2,568
Accounts receivable, net of allowances of $499 and $291		28,560	27,066
Due from unconsolidated companies		15,743	12,157
Prepaid expenses and other		14,119	13,310
Inventories		27,425	25,556
Assets held for sale		2,394	0
Total current assets		215,648	216,256
Property, plant and equipment, net of accumulated depreciation of $364,245 and $343,247		1,100,477	1,078,361
Investments in unconsolidated companies		68,986	71,724
Goodwill		116,080	113,996
Other intangible assets		13,827	13,852
Surplus for pension benefit		181	0
Other assets		15,471	15,286
Total assets	[1]	1,530,670	1,509,475
Liabilities and Equity
Accounts payable		12,976	15,826
Accrued liabilities		74,161	71,653
Deferred revenue		46,262	32,266
Current portion of long-term debt and obligations under capital leases		5,425	5,349
Total current liabilities		138,824	125,094
Long-term debt and obligations under capital leases		584,451	577,543
Liability for pension benefit		0	355
Other liabilities		22,286	20,470
Deferred income taxes		111,093	123,910
Liability for uncertain tax positions		3,765	3,678
Total liabilities	[1]	$ 860,419	$ 851,050
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		974,816	975,419
Retained earnings		14,859	16,172
Accumulated other comprehensive loss		(320,850)	(334,542)
Less: Reduction due to class B common shares owned by a subsidiary — 18,044,478 (2015 — 18,044,478)		(181)	(181)
Total shareholders’ equity		669,841	658,064
Non-controlling interests		410	361
Total equity		670,251	658,425
Total liabilities and equity		1,530,670	1,509,475
Class A common shares $0.01 par value (240,000,000 shares authorized):
Shareholders’ equity:
Common shares		1,016	1,015
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 March 31, 2016 and December 31, 2015 is Charleston Center LLC. These assets and liabilities at March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 $’000 $’000 Assets Cash and cash equivalents 3,692 2,569Accounts receivable, net of allowances of $5 and $Nil 2,231 2,712Prepaid expenses and other 787 1,232Inventories 1,238 1,231Total current assets 7,948 7,744 Property, plant and equipment, net of accumulated depreciation of $32,157 and $30,260 201,089 201,342Other assets 1,510 1,566Total assets 210,547 210,652 Liabilities Accounts payable 1,258 3,764Accrued liabilities 4,075 2,910Deferred revenue 3,100 2,551Current portion of long-term debt and obligations under capital leases 232 229Total current liabilities 8,665 9,454 Long-term debt and obligations under capital leases 96,333 96,392Other liabilities 16,690 16,540Total liabilities 121,688 122,386See further description in note 4, Variable interest entities.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets - Variable Interest Entities (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 120,984	$ 135,599
Accounts receivable, net of allowances of $5 and $Nil		28,560	27,066
Prepaid expenses and other		14,119	13,310
Inventories		27,425	25,556
Total current assets		215,648	216,256
Property, plant and equipment, net of accumulated depreciation of $32,157 and $30,260		1,100,477	1,078,361
Other assets		15,471	15,286
Total assets	[1]	1,530,670	1,509,475
Liabilities
Accounts payable		12,976	15,826
Accrued liabilities		74,161	71,653
Deferred revenue		46,262	32,266
Current portion of long-term debt and obligations under capital leases		5,425	5,349
Total current liabilities		138,824	125,094
Long-term debt and obligations under capital leases		584,451	577,543
Other liabilities		22,286	20,470
Total liabilities	[1]	860,419	851,050
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents		3,692	2,569
Accounts receivable, net of allowances of $5 and $Nil		2,231	2,712
Prepaid expenses and other		787	1,232
Inventories		1,238	1,231
Total current assets		7,948	7,744
Property, plant and equipment, net of accumulated depreciation of $32,157 and $30,260		201,089	201,342
Other assets		1,510	1,566
Total assets		210,547	210,652
Liabilities
Accounts payable		1,258	3,764
Accrued liabilities		4,075	2,910
Deferred revenue		3,100	2,551
Current portion of long-term debt and obligations under capital leases		232	229
Total current liabilities		8,665	9,454
Long-term debt and obligations under capital leases		96,333	96,392
Other liabilities		16,690	16,540
Total liabilities		$ 121,688	$ 122,386
[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 March 31, 2016 and December 31, 2015 is Charleston Center LLC. These assets and liabilities at March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 $’000 $’000 Assets Cash and cash equivalents 3,692 2,569Accounts receivable, net of allowances of $5 and $Nil 2,231 2,712Prepaid expenses and other 787 1,232Inventories 1,238 1,231Total current assets 7,948 7,744 Property, plant and equipment, net of accumulated depreciation of $32,157 and $30,260 201,089 201,342Other assets 1,510 1,566Total assets 210,547 210,652 Liabilities Accounts payable 1,258 3,764Accrued liabilities 4,075 2,910Deferred revenue 3,100 2,551Current portion of long-term debt and obligations under capital leases 232 229Total current liabilities 8,665 9,454 Long-term debt and obligations under capital leases 96,333 96,392Other liabilities 16,690 16,540Total liabilities 121,688 122,386See further description in note 4, Variable interest entities.

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable, allowances	$ 499	$ 291
Property, plant and equipment, accumulated depreciation	$ 364,245	$ 343,247
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	30,000,000	30,000,000
Preferred shares, shares issued (in shares)	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 (in shares)	240,000,000	240,000,000
Common shares, shares issued (in shares)	101,468,745	101,447,557
Class B common shares at par value
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	120,000,000	120,000,000
Common shares, shares issued (in shares)	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	$ 5	$ 0
Property, plant and equipment, accumulated depreciation	$ 32,157	$ 30,260

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 97,402	$ 99,490
Expenses:
Cost of services	45,104	47,801
Selling, general and administrative	46,644	48,021
Depreciation and amortization	13,067	12,579
Total operating costs and expenses	104,815	108,401
Gain on disposal of property, plant and equipment	150	150
Losses from operations	(7,263)	(8,761)
Interest income	116	263
Interest expense	(7,510)	(7,615)
Foreign currency, net	2,858	(2,756)
Losses before income taxes and earnings from unconsolidated companies, net of tax	(11,799)	(18,869)
Benefit from income taxes	9,596	9,280
Losses before earnings from unconsolidated companies, net of tax	(2,203)	(9,589)
Earnings from unconsolidated companies, net of tax provision/(benefit) of $876 and $(724)	835	325
Losses from continuing operations	(1,368)	(9,264)
Net losses from discontinued operations, net of tax provision/(benefit) of $Nil and $Nil	(101)	(190)
Net losses	(1,469)	(9,454)
Net (earnings)/losses attributable to non-controlling interests	(99)	(95)
Net earnings/(losses) attributable to Belmond Ltd.	$ (1,568)	$ (9,549)
Basic earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	$ (0.014)	$ (0.089)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.002)
Basic net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	(0.016)	(0.092)
Diluted earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	(0.014)	(0.089)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.002)
Diluted net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	$ (0.016)	$ (0.092)

Statements of Condensed Consol6

Statements of Condensed Consolidated Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Earnings from unconsolidated companies, tax (benefit)/provision	$ 876	$ (724)
Discontinued operations, tax (benefit)/provision	$ 0	$ 0

Statements of Condensed Consol7

Statements of Condensed Consolidated Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net losses	$ (1,469)	$ (9,454)
Other comprehensive income/(losses), net of tax:
Foreign currency translation adjustments, net of tax provision/(benefit) of $Nil and $(1,400)	15,074	(51,242)
Change in fair value of derivatives, net of tax provision/(benefit) of $(459) and $(524)	(1,468)	(1,019)
Change in pension liability, net of tax provision/(benefit) of $29 and $Nil	133	185
Total other comprehensive income/(losses), net of tax	13,739	(52,076)
Total comprehensive income/(losses)	12,270	(61,530)
Comprehensive (income)/losses attributable to non-controlling interests	(146)	89
Comprehensive income/(losses) attributable to Belmond Ltd.	$ 12,124	$ (61,441)

Statements of Condensed Consol8

Statements of Condensed Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax provision/(benefit)	$ 0	$ (1,400)
Change in fair value of derivatives, tax provision/(benefit)	(459)	(524)
Change in pension liability, tax provision/(benefit)	$ 29	$ 0

Statements of Condensed Consol9

Statements of Condensed Consolidated Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net losses	$ (1,469)	$ (9,454)
Less: Net losses from discontinued operations, net of tax	(101)	(190)
Net losses from continuing operations	(1,368)	(9,264)
Adjustments to reconcile net losses to net cash provided by operating activities:
Depreciation and amortization	13,067	12,579
Gain on disposal of property, plant and equipment	(150)	(150)
Earnings from unconsolidated companies, net of tax	(835)	(325)
Amortization of debt issuance costs and discount on secured term loan	708	695
Share-based compensation	1,642	750
Change in provisions for uncertain tax positions	68	88
Provision for/(benefit from) deferred income tax	(14,595)	(14,482)
Other non-cash movements	466	74
Effect of exchange rates on net losses	(4,084)	1,940
Change in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(684)	(4,016)
Due from unconsolidated companies	(917)	386
Prepaid expenses and other	(826)	(1,420)
Inventories	(904)	875
Escrow and prepaid customer deposits	(3,881)	(1,313)
Accounts payable	(3,945)	(5,463)
Accrued liabilities	970	4,680
Deferred revenue	12,651	12,732
Other, net	(219)	3
Other cash movements:
Dividends from equity method investees	1,106	810
Net cash used in operating activities from continuing operations	(1,730)	(821)
Net cash used in operating activities from discontinued operations	(101)	(190)
Net cash used in operating activities	(1,831)	(1,011)
Cash flows from investing activities:
Capital expenditure to acquire property, plant and equipment	(11,013)	(16,842)
Capital expenditure to acquire intangible assets	0	(706)
Release of restricted cash	80	122
Net cash used in investing activities from continuing operations	(10,933)	(17,426)
Net cash provided by investing activities from discontinued operations	0	0
Net cash used in investing activities	(10,933)	(17,426)
Cash flows from financing activities:
Repurchase of shares	(1,992)	0
Exercised share options and vested share awards	3	17
Dividend to non-controlling interest	(7)	(20)
Principal payments under long-term debt	(1,342)	(1,411)
Net cash used in financing activities from continuing operations	(3,338)	(1,414)
Net cash used in financing activities from discontinued operations	0	0
Net cash used in financing activities	(3,338)	(1,414)
Effect of exchange rate changes on cash and cash equivalents	1,487	(4,775)
Net decrease in cash and cash equivalents	(14,615)	(24,626)
Cash and cash equivalents at beginning of period (includes $Nil and $Nil of cash presented within assets held for sale)	135,599	135,118
Cash and cash equivalents at end of period (includes $Nil and $Nil of cash presented within assets held for sale)	$ 120,984	$ 110,492

Statements of Condensed Conso10

Statements of Condensed Consolidated Cash Flows (Parenthetical) - Assets held for sale - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Cash presented within assets held for sale at beginning of period	$ 0	$ 0	$ 0
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, 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	750				750
Exercised stock options and vested share awards	17		2		15
Dividend to non-controlling interest	0
Comprehensive (losses)/income:
Net (losses)/earnings attributable to common shares	(9,454)					(9,549)			95
Other comprehensive income	(52,076)						(51,892)		(184)
Balance at Mar. 31, 2015	701,498	0	1,042	181	1,001,568	(3,786)	(298,312)	(181)	986
Balance at Dec. 31, 2015	658,425	0	1,015	181	975,419	16,172	(334,542)	(181)	361
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,642				1,642
Exercised stock options and vested share awards	3		3
Repurchase of shares	(1,992)		(2)		(2,245)	255
Dividend to non-controlling interest	(97)								(97)
Comprehensive (losses)/income:
Net (losses)/earnings attributable to common shares	(1,469)					(1,568)			99
Other comprehensive income	13,739						13,692		47
Balance at Mar. 31, 2016	$ 670,251	$ 0	$ 1,016	$ 181	$ 974,816	$ 14,859	$ (320,850)	$ (181)	$ 410

Basis of financial statement pr

Basis of financial statement presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of financial statement presentation	Basis of financial statement presentation Business The terms “Belmond” and the “Company” are used in this report to refer to Belmond Ltd. and Belmond Ltd. and its subsidiaries, unless otherwise stated. At March 31, 2016 , Belmond owned, invested in or managed 34 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, six 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 (“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, 2016 . 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, 2015 . See Note 2 to the consolidated financial statements in the 2015 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 or unusual 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. Accounting policies The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year. Accounting pronouncements adopted during the period In February 2015, the Financial Accounting Standards Board (“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. 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. In March 2016, the FASB issued additional guidance which amends the principal-versus-agent implementation guidance and illustrations in the original accounting pronouncement. 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, to annual and interim periods beginning after December 15, 2017. Early adoption is permitted only for periods beginning after December 15, 2016. 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 2016, the FASB issued its new standard on accounting for leases, which introduces a lessee model that brings most leases on the balance sheet. A distinction between finance leases and operating leases is retained, with the result that the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous lease guidance. The guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. Some elements of the new guidance are applicable on a prospective basis, some elements on a retrospective basis and some using a modified retrospective transition method. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2016
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 March 31, March 31, Numerator ($'000) Net earnings/(losses) from continuing operations (1,368 ) (9,264 ) Net earnings/(losses) from discontinued operations (101 ) (190 ) Net losses/(earnings) attributable to non-controlling interests (99 ) (95 ) Net earnings/(losses) attributable to Belmond Ltd. (1,568 ) (9,549 ) Denominator (shares '000) Basic weighted average shares outstanding 101,315 104,112 Effect of dilution — — Diluted weighted average shares outstanding 101,315 104,112 $ $ Basic earnings per share Net earnings/(losses) from continuing operations (0.014 ) (0.089 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.002 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.016 ) (0.092 ) Diluted earnings per share Net earnings/(losses) from continuing operations (0.014 ) (0.089 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.002 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.016 ) (0.092 ) The total number of share options and share-based awards excluded from computing diluted earnings per share was as follows: Three months ended March 31, March 31, Share options 2,754,007 3,098,063 Share-based awards 1,442,405 1,664,766 Total 4,196,412 4,762,829 The number of share options and share-based awards unexercised at March 31, 2016 was 4,196,412 ( March 31, 2015 - 4,762,849 ).

Assets held for sale and discon

Assets held for sale and discontinued operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale and discontinued operations	Assets held for sale and discontinued operations (a) Properties sold There were no properties sold during the three months ended March 31, 2016 and 2015 . (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 the owner's unannounced dispossession of Belmond from the hotel in November 2013, however, Belmond was unable to continue to operate the hotel. Belmond believed that the owner's actions were unlawful and constituted a wrongful dispossession and has pursued 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 the sale of Porto Cupecoy are presented within discontinued operations for all periods shown. Summarized operating results of the properties classified as discontinued operations for the three months ended March 31, 2016 and 2015 are as follows: Three months ended March 31, 2016 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (97 ) (4 ) (101 ) Losses before tax (97 ) (4 ) (101 ) Net losses from discontinued operations (97 ) (4 ) (101 ) Three months ended March 31, 2015 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (150 ) (40 ) (190 ) Losses before tax (150 ) (40 ) (190 ) Net losses from discontinued operations (150 ) (40 ) (190 ) The results of discontinued operations for the three months ended March 31, 2016 include legal fees of $97,000 ( March 31, 2015 - $150,000 ) 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 At March 31, 2016 , property, plant and equipment of $2,394,000 related to the trains carriages that were formerly operated as the Great South Pacific Express in Queensland, Australia, was held for sale, as an agreement had been reached to sell these carriages to the Company’s PeruRail joint venture for their carrying value. There were no assets or liabilities classified as held for sale at December 31, 2015 .

Variable interest entities

Variable interest entities	3 Months Ended
	Mar. 31, 2016
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 $210,547,000 at March 31, 2016 ( December 31, 2015 - $210,652,000 ) and exclude goodwill of $40,395,000 ( December 31, 2015 - $40,395,000 ). The liabilities of Charleston Center LLC for which creditors do not have recourse to the general credit of Belmond totaled $121,688,000 at March 31, 2016 ( December 31, 2015 - $122,386,000 ). 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 25% equity investment in Eastern and Oriental Express Ltd., which operates the Eastern & Oriental Express luxury tourist train in Southeast Asia. Belmond concluded that the Eastern & Oriental Express 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. Belmond is not the primary beneficiary of the joint venture because it does not have the power to direct the activities that most significantly impact the economic performance of the entity. The joint venture is accounted for under the equity method of accounting and included in earnings/(losses) before income taxes and earnings from unconsolidated companies in the statements of consolidated operations. The carrying amounts and maximum exposure to loss as a result of Belmond's involvement with its Eastern & Oriental Express joint venture are as follows: Carrying amounts Maximum exposure March 31, December 31, March 31, December 31, $’000 $’000 $’000 $’000 Investment 3,040 2,972 3,040 2,972 Due from unconsolidated company 4,526 4,872 4,526 4,872 Guarantees — — — — Contingent guarantees — — — — Total 7,566 7,844 7,566 7,844

Investments in unconsolidated c

Investments in unconsolidated companies	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated companies	Investments in unconsolidated companies Investments in unconsolidated companies represent equity interests of 50% or less and in which 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 March 31, 2016 , 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, a joint venture in which Belmond holds a 50% equity interest acquired real estate in Buzios, a beach resort area in 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 joint venture company when the building permits were obtained from the local authorities. In February 2009, the Municipality of Buzios commenced a process for the expropriation of the land in exchange for a payment of fair compensation to the joint venture. In April 2011, the State of Rio de Janeiro took over the expropriation process as part of a broader State plan to develop a large environmental park. Under applicable law, the State had five years to carry out the expropriation in exchange for fair value, which it has failed to do by the April 18, 2016 deadline. As a result, the land returns unencumbered to the joint venture, although it can be subject to expropriation again after a period of one year. The Company and its joint venture partner are assessing their options, including negotiation with or litigation against the State to seek a permanent resolution of the status of the land, but in any case, the Company expects to recover its investment in the project. 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 ( $144,529,000 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 and a gain of $19,676,000 . Summarized financial data for Belmond’s unconsolidated companies are as follows: March 31, December 31, $’000 $’000 Current assets 83,481 59,372 Property, plant and equipment, net of accumulated depreciation 281,589 207,469 Other non-current assets 29,267 30,643 Non-current assets 310,856 238,112 Total assets 394,337 297,484 Current liabilities, including $20,099 and $19,171 current portion of third-party debt 95,800 86,092 Long-term debt 139,898 48,681 Other non-current liabilities 28,017 26,540 Non-current liabilities 167,915 75,221 Total shareholders’ equity 130,622 136,171 Total liabilities and shareholders’ equity 394,337 297,484 Three months ended March 31, March 31, $’000 $’000 Revenue 38,738 33,836 Gross profit 1 25,844 18,846 Net earnings 2 1,804 796 1 Gross profit is defined as revenues less cost of services of the unconsolidated companies. 2 There were no discontinued operations 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 March 31, 2016 , Belmond does not expect that it will be required to fund these guarantees relating to these joint venture companies. Belmond has contingently guaranteed, through 2020 , $19,084,000 of debt obligations of the joint venture in Peru that operates four hotels and has contingently guaranteed $650,000 of the debt obligations of the rail joint venture in Peru through May 2016 . Belmond 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 . Previously, Belmond had 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 year ended December 31, 2015.

Property, plant and equipment

Property, plant and equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment The major classes of property, plant and equipment are as follows: March 31, December 31, $’000 $’000 Land and buildings 1,024,844 994,382 Machinery and equipment 185,723 182,510 Fixtures, fittings and office equipment 235,222 225,943 River cruise ship and canal boats 18,933 18,773 1,464,722 1,421,608 Less: Accumulated depreciation (364,245 ) (343,247 ) Total property, plant and equipment, net of accumulated depreciation 1,100,477 1,078,361 The depreciation charge on property, plant and equipment for the three months ended March 31, 2016 was $12,944,000 ( March 31, 2015 - $12,485,000 ). The table above includes property, plant and equipment, net of accumulated depreciation, of Charleston Center LLC, a consolidated VIE, of $201,089,000 at March 31, 2016 ( December 31, 2015 - $201,342,000 ). There were no impairments of property, plant and equipment in the three months ended March 31, 2016 and 2015 . In the three months ended March 31, 2016 , Belmond considered whether the decline in performance of Belmond Road to Mandalay and Belmond Orcaella caused by increased competition in Myanmar indicated that the carrying amounts of these businesses’ fixed assets may not be recoverable. Belmond concluded that an impairment trigger existed and an impairment test was required.Under the first step of the fixed assets impairment test, the sums of the undiscounted cash flows expected to result from Belmond Road to Mandalay and Belmond Orcaella were approximately 21% and 25% , respectively, in excess of their carrying values. Factors that could reasonably be expected to potentially have an adverse effect on the sum of the undiscounted cash flows of the asset groups include the future operating projections of the river cruise businesses, particularly passenger numbers, ticket prices and fixed costs. In the current quarter Belmond also considered whether the decline in performance of Belmond Northern Belle caused by a reduction in passenger numbers sourced mainly from regional markets in the U.K. indicated that the carrying amount of Belmond Northern Belle’s fixed assets may not be recoverable. While Belmond concluded that there was no impairment trigger in the current quarter as the performance of the asset group is in line with operating projections, it is carefully monitoring the situation. Factors that could reasonably be expected to potentially have an adverse effect on the sum of the undiscounted cash flows of the asset group include the future operating projections of the train, particularly passenger numbers and ticket prices, and any deterioration in the U.K. regional economy. There was no capitalized interest in the three months ended March 31, 2016 and 2015 .

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2016 are as follows: At January 1, 2016 At March 31, 2016 Gross goodwill amount Accumulated impairment Net goodwill amount Impairment Foreign currency translation adjustment Gross goodwill amount Accumulated impairment Net goodwill amount $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Owned hotels: Europe 64,263 (14,202 ) 50,061 — 2,640 66,903 (14,202 ) 52,701 North America 66,101 (16,110 ) 49,991 — — 66,101 (16,110 ) 49,991 Rest of world 19,975 (13,149 ) 6,826 — 298 20,273 (13,149 ) 7,124 Owned trains and cruises 7,780 (662 ) 7,118 — (854 ) 6,926 (662 ) 6,264 Total 158,119 (44,123 ) 113,996 — 2,084 160,203 (44,123 ) 116,080 In the three months ended March 31, 2016 , Belmond considered whether the increased relative expense of the Asia region indicated that it was more likely than not that the fair value of Belmond La Résidence d’Angkor was less than its carrying value. Belmond concluded that an impairment trigger existed and an impairment test was required. Under the first step of the goodwill impairment test, the fair value of Belmond La Résidence d’Angkor was approximately 15% in excess of its carrying value. Belmond La Résidence d’Angkor had a goodwill balance of $1,548,000 at March 31, 2016 . Factors that could reasonably be expected to potentially have an adverse effect on the fair value of the reporting unit include the future operating projections of the hotel, volatility in debt or equity markets that could result in changes to the discount rate, political instability in the region or changes in future travel patterns or local competitive supply. Also in the three months ended March 31, 2016 , Belmond considered whether the continued volatility of the Russian economic environment as a result of economic sanctions and low oil prices indicated that it was more likely than not that the fair value of Belmond Grand Hotel Europe was less than its carrying value. While Belmond concluded that there was no impairment trigger in the current quarter as the performance of the reporting unit is in line with operating projections, it is carefully monitoring the situation. Goodwill assigned to this reporting unit was RUB558.0 million (equivalent to $8,253,000 ) at March 31, 2016 . Factors that could reasonably be expected to potentially have an adverse effect on the fair value of the reporting unit include the future operating projections of the hotel, volatility in debt or equity markets that could result in changes to the discount rate, economic sanctions and the timing and extent of recovery in the Russian economy.

Other intangible assets

Other intangible assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets	Other intangible assets Other intangible assets consist of the following as of March 31, 2016 : Favorable lease assets Internet sites Trade names Total $'000 $'000 $'000 $'000 Carrying amount: Balance at January 1, 2016 8,493 1,791 7,100 17,384 Additions — — — — Foreign currency translation adjustment 145 (48 ) — 97 Balance at March 31, 2016 8,638 1,743 7,100 17,481 Accumulated amortization: Balance at January 1, 2016 2,272 1,260 3,532 Charge for the period 93 30 123 Foreign currency translation adjustment 33 (34 ) (1 ) Balance at March 31, 2016 2,398 1,256 3,654 Net book value: At March 31, 2016 6,240 487 7,100 13,827 At December 31, 2015 6,221 531 7,100 13,852 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. In the three months ended March 31, 2016 , Belmond considered whether the continued volatility of the Russian economic environment as a result of economic sanctions and low oil prices indicated that it was more likely than not that the fair value of the Belmond Grand Hotel Europe trade name was less than its carrying value. While Belmond concluded that there was no impairment trigger in the current quarter, it is carefully monitoring the situation. Belmond Grand Hotel Europe had a trade name balance of $7,100,000 at March 31, 2016 . See Note 7 for discussion of factors that could reasonably be expected to potentially have an adverse effect on the fair value of the trade name. Total amortization expense for the three months ended March 31, 2016 was $123,000 ( March 31, 2015 - $94,000 ). Estimated total amortization expense for the remainder of the year ending December 31, 2016 is $369,000 and for each of the years ending December 31, 2016 to December 31, 2020 is $492,000 .

Debt and obligations under capi

Debt and obligations under capital lease	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, $’000 $’000 Loans from banks and other parties collateralized by tangible and intangible personal property and real estate with a maturity of three to 12 years (2015 - four to 13 years), with a weighted average interest rate of 4.28% (2015 - 4.28%) 602,798 596,428 Obligations under capital lease 50 59 Total long-term debt and obligations under capital lease 602,848 596,487 Less: Current portion 5,425 5,349 Less: Discount on secured term loan 1,832 1,894 Less: Debt issuance costs 11,140 11,701 Non-current portion of long-term debt and obligations under capital lease 584,451 577,543 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 has two tranches, a U.S. dollar tranche ( $345,000,000 initial amount) and a euro-denominated tranche ( €150,000,000 initial amount, 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 originally had an interest rate of EURIBOR plus 3.25% per annum. The euro-denominated tranche was repriced in June 2015 to a rate of EURIBOR plus 3% per annum. Both tranches are subject to a 1% interest rate floor. The term loan matures in 2021 and the annual mandatory amortization is 1% of the principal amount. 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 matures in 2019 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 March 31, 2016 : $’000 Remainder of 2016 4,072 2017 5,416 2018 5,417 2019 91,428 2020 5,443 2021 481,072 2022 and thereafter 10,000 Total long-term debt and obligations under capital lease 602,848 The Company has guaranteed $505,526,000 of the long-term debt of its subsidiary companies as at March 31, 2016 ( December 31, 2015 - $499,100,000 ). The tables above include the debt of Charleston Center LLC of $97,272,000 at March 31, 2016 ( December 31, 2015 - $97,328,000 ). The debt is non-recourse to Belmond and includes $86,000,000 which was refinanced in August 2014 and a 1984 development loan from a public agency in the principal amount of $10,000,000 on which interest of $16,690,000 has accrued ( December 31, 2015 - $16,540,000 ). These amounts are included in the liabilities of Charleston Center LLC (see Note 4). The development loan matures in 2028 and during its term provides for the lenders to receive 15% of the “net proceeds” (as defined in the applicable loan agreement) from any sale or refinancing of the property (other than a refinancing of the $86,000,000 first mortgage loan). Debt issuance costs related to the above outstanding long-term debt were $11,140,000 at March 31, 2016 ( December 31, 2015 - $11,701,000 ), including $707,000 at March 31, 2016 ( December 31, 2015 - $707,000 ) related to the debt of Charleston Center LLC, a consolidated VIE, and are amortized to interest expense over the term of the corresponding long-term debt. (b) Revolving credit and working capital facilities Belmond had approximately $106,136,000 of revolving credit and working capital facilities at March 31, 2016 ( December 31, 2015 - $106,082,000 ) of which $106,136,000 was available ( December 31, 2015 - $106,082,000 ).

Other liabilities

Other liabilities	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
Other liabilities	Other liabilities The major balances in other liabilities are as follows: March 31, December 31, $’000 $’000 Interest rate swaps (see Note 19) 3,569 1,733 Long-term accrued interest on subordinated debt at Charleston Center LLC 16,690 16,540 Deferred gain on sale of Inn at Perry Cabin by Belmond 1,800 1,950 Deferred lease incentive 227 247 Total other liabilities 22,286 20,470

Pensions

Pensions	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pensions	Pensions Components of net periodic pension benefit cost are as follows: Three months ended March 31, March 31, $’000 $’000 Service cost — — Interest cost on projected benefit obligation 226 243 Expected return on assets (295 ) (255 ) Net amortization and deferrals 162 185 Net periodic benefit cost 93 173 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 $1,832,000 at March 31, 2016 ) annually until the plan is fully funded, which, based on its December 2012 actuarial assessment (prepared using assumptions which differ in some respects to those used to value the liability for these financial statements), is projected to occur in 2017 . During the three months ended March 31, 2016 , contributions of $455,000 ( March 31, 2015 - $480,000 ) were made to the pension plan and Belmond anticipates contributing an additional $1,377,000 to fund the plan in 2016 for a total of $1,832,000 . 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 $11,808,000 at March 31, 2016 ), which reduces commensurately with every payment made to the plan since December 31, 2012.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income taxes	Income taxes In the three months ended March 31, 2016 , the income tax benefit was $9,596,000 ( March 31, 2015 - $9,280,000 ). This increase in additional income tax benefits is due to a reduction in enacted tax rates in one territory and the exclusion of certain loss-making territories from the calculation of the annual effective tax rate, and is partially offset by a decrease in pre-tax losses to $11,799,000 for the three months ended March 31, 2016 from $18,869,000 for the three months ended March 31, 2015 .

Interest expense

Interest expense	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Interest expense	Interest expense The balances in interest expense are as follows: Three months ended March 31, March 31, $’000 $’000 Interest expense on long-term debt and obligations under capital lease 6,660 6,920 Interest on legal settlements 142 — Amortization of debt issuance costs and discount on secured term loan 708 695 Total interest expense 7,510 7,615

Supplemental cash flow informat

Supplemental cash flow information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	Supplemental cash flow information Three months ended March 31, March 31, $’000 $’000 Cash paid during the period for: Interest 6,313 6,897 Income taxes, net of refunds 4,931 5,114 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 increase of $845,000 for the three months ended March 31, 2016 ( March 31, 2015 - increase of $107,000 ).

Restricted cash

Restricted cash	3 Months Ended
	Mar. 31, 2016
Cash and Cash Equivalents [Abstract]
Restricted cash	Restricted cash The major balances in restricted cash are as follows: March 31, December 31, $’000 $’000 Cash deposits required to be held with lending banks as collateral 669 749 Prepaid customer deposits which will be released to Belmond under its revenue recognition policy 5,766 1,909 Bonds and guarantees 657 659 Total restricted cash 7,092 3,317 Restricted cash classified as long-term and included in other assets on the condensed consolidated balance sheets at March 31, 2016 was $669,000 ( December 31, 2015 - $749,000 ).

Share-based compensation plans

Share-based compensation plans	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation plans	Share-based compensation plans At March 31, 2016 , Belmond had two share-based compensation plans. The compensation cost that has been charged to selling, general and administrative expense for these plans for the three months ended March 31, 2016 was $1,642,000 ( March 31, 2015 - $750,000 ). The total compensation cost related to unexercised options and unvested share awards at March 31, 2016 to be recognized over the period April 1, 2016 to March 31, 2020 was $12,336,000 and the weighted average period over which it is expected to be recognized is 30 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 2004 stock option plan during the three months ended March 31, 2016 . The last outstanding award under the 2000 stock option plan lapsed during the three months ended March 31, 2016 . 2009 share award and incentive plan During the three months ended March 31, 2016 , the following deferred and restricted share awards were made under the 2009 share award and incentive plan on the following dates: 2009 share award and incentive plan Class A common shares Date granted Vesting date Purchase price Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2017 $0.01 Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2018 $0.01 Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2019 $0.01 Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2020 $0.01 Deferred shares with performance criteria 70,100 March 18, 2016 March 18, 2019 $0.01 Deferred shares with performance criteria 223,800 March 18, 2016 March 18, 2019 $0.01

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Outstanding contracts to purchase property, plant and equipment were approximately $8,133,000 at March 31, 2016 ( December 31, 2015 - $8,662,000 ). 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 the Court 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 that are continuing in Bermuda. Possible claims could be asserted against the Company or CHP in connection with this Brazilian litigation that has to date only involved SCL, although no claims have been asserted. 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. In September 2014, CHP sought reconsideration from the appellate court of this decision, but the court dismissed its request, resulting in the return of the declaratory lawsuit proceedings to the Rio State Court. 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 was 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 believed that the owner's actions were unlawful and in breach of the lease arrangement and constituted a wrongful dispossession. Belmond pursued its legal remedies through arbitration proceedings required under the lease. In June 2015, a 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 . Since its receipt of the arbitral award, Belmond has been engaged in the process of enforcing this arbitral award in the Indonesian courts. Starting in April 2014, the Indonesian trial courts have dismissed six separate actions filed by the owner for lack of jurisdiction due to the arbitration clause in the parties’ lease. The owner has appealed these decisions, one of which was reversed by the Appellate Court in October 2014. Belmond has appealed this case to the Indonesian Supreme Court. As supplemental proceedings to its arbitration claim, Belmond commenced contempt proceedings in the High Court in London, England, where the owner resided, 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. The owner left England before the court order was issued and has not yet served the sentence. 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, 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 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$16,715,000 (equivalent to $4,697,000 at March 31, 2016 ). However, until August 2014, the Company had been paying, with the approval of the Ministry, the amount of R$11,065,000 ( $3,109,000 ) per annum without an annual adjustment for inflation as provided 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 plus monetary correction, which totals R$19,219,000 ( $5,400,000 ), 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 March 31, 2016 below. Beyond the amounts accrued, management estimates that the range of possible additional loss to Belmond could be between R$1,000,000 and R$1,500,000 (equivalent to $281,000 and $421,000 at March 31, 2016 ) 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 ( $4,778,000 ) was due on March 31, 2015 as a result of the denial of the application. The Secretary has yet to address Belmond’s request for re-consideration of the Ministry’s decision, so that pending this requested reconsideration and exhaustion of administrative remedies, the Company has not paid to the Ministry the amount claimed due. In the meantime, the Company is considering proceedings against the Ministry in the Brazilian courts. 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 alleged that the amendment was 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 in May 2015 on technical grounds and the claimant appealed to the Superior Court of Cusco. At a hearing before the Superior Court of Cusco in September 2015, the Superior Court overturned the decision of the court of first instance and declared that the entire proceeding be vacated. The court of first instance reconsidered the matter in January 2016 and again dismissed the Public Prosecutor's claim on technical grounds. The Public Prosecutor's office has appealed this decision as well and a hearing is scheduled for June 16, 2016 at the Superior Court of Cusco. As both a procedural and substantive matter, Belmond believes it has meritorious defenses and intends to contest 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, which Belmond believes indicates a maximum possible loss of $16,500,000 . Belmond believes that the report received from the tax authorities contains a number of material miscalculations and misinterpretations of fact and law. The Company has provided a written response to the tax authorities disputing their assessment and expects the resolution of this dispute to result in only an immaterial cost. 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 U.K. 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 U.K. courts, there have arisen a number of European trademark opposition and infringement cases relating to Belmond "Cipriani" and "Hotel Cipriani" Community trademarks. These include an ongoing invalidity action filed by Arrigo Cipriani in the European Trade Mark Office (“OHIM”) against Belmond’s "Cipriani" Community trademark. 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 also expects to prevail. Belmond has recently been successful in securing the cancellation in Portugal of a trademark application filed by an affiliated company of the Cipriani family for “Cipriani”. Belmond has also been successful in obtaining cancellations of "Cipriani" trademark applications made by the Cipriani family's corporate entity in Russia. In addition, there are a number of ongoing trademark 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”, and in August 2015, pursuant to a separate claim filed by the Cipriani family, the Court of Venice ruled in favor of the Cipriani family, determining that their use of their full name (rather than just an initial with their surname), would not constitute infringement of the Company’s registered trademark. The Court’s ruling purports to apply to restaurants on an EU-wide basis (other than the U.K.) rather than only Italy. The Company has appealed this decision. Separate proceedings brought by Belmond in Spain to defend Belmond's marks against a use by the Cipriani family and its affiliated entities of "Cipriani" to promote a restaurant have been stayed pending the outcome of the Venice appeal. While Belmond believes that it has meritorious cases in all of these Italian 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 March 31, 2016 under operating leases in respect of equipment rentals and leased premises are payable as follows: $’000 Remainder of 2016 6,979 2017 9,667 2018 10,024 2019 8,695 2020 8,706 2021 9,550 2022 and thereafter 62,896 Future rental payments under operating leases 116,517 Rental expense for the three months ended March 31, 2016 amounted to $2,620,000 ( March 31, 2015 - $2,844,000 ). 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : Level 1 Level 2 Level 3 Total March 31, 2016 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — 2 — 2 Total assets — 2 — 2 Liabilities at fair value: Derivative financial instruments — (6,382 ) — (6,382 ) Total net liabilities — (6,380 ) — (6,380 ) Level 1 Level 2 Level 3 Total December 31, 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 — (4,464 ) — (4,464 ) Total net liabilities — (4,460 ) — (4,460 ) During the three months ended March 31, 2016 , 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 the current market cost of debt and adjusted for the credit spreads. Credit spreads take into consideration general market conditions, maturity and collateral. The estimated carrying values, fair values, and levels of the fair value hierarchy of Belmond's long-term debt as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Carrying Fair value Carrying Fair value Total long-term debt, before deduction of discount on secured term loan and debt issuance costs, excluding obligations under capital leases Level 3 602,798 572,823 596,428 630,455 (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 three months ended March 31, 2016 and 2015 .

Derivatives and hedging activit

Derivatives and hedging activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and hedging activities	Derivatives and hedging activities Belmond hedges its interest rate risk, ensuring that an element of its floating rate interest is fixed by using interest rate derivatives. Belmond designates these derivatives as cash flow hedges. Additionally, Belmond designates its foreign currency borrowings and currency derivatives as net investment hedges of overseas operations. Cash flow hedges of interest rate risk As of March 31, 2016 and December 31, 2015 , 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: March 31, December 31, ’000 ’000 Interest rate swaps € 73,500 € 73,688 Interest rate swaps $ 212,050 $ 212,481 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 March 31, 2016 and December 31, 2015 : Fair value as of March 31, 2016 Fair value as of Balance sheet location $’000 $’000 Derivatives designated in a cash flow hedging relationship: Interest rate derivatives Other assets 2 4 Interest rate derivatives Accrued liabilities (2,813 ) (2,731 ) Interest rate derivatives Other liabilities (3,569 ) (1,733 ) Total (6,380 ) (4,460 ) Offsetting There was no offsetting within derivative assets or derivative liabilities at March 31, 2016 and December 31, 2015 . 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 March 31, 2016 , the amount accounted for in other comprehensive income/(loss) which is expected to be reclassified to interest expense in the next 12 months is $2,760,000 . Movement in other comprehensive income/(loss) for net investment hedges recorded through foreign currency translation adjustments for the three months ended March 31, 2016 was a loss of $7,661,000 ( March 31, 2015 - gain of $20,155,000 ). 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 March 31, 2016 , 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 $6,382,000 ( December 31, 2015 - $4,464,000 ). If Belmond breached any of the provisions, it would be required to settle its obligations under the agreements at their termination value of $6,540,000 ( December 31, 2015 - $4,513,000 ). 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 $167,426,000 at March 31, 2016 , being a liability of Belmond ( December 31, 2015 - $160,138,000 ).

Accumulated other comprehensive

Accumulated other comprehensive income/loss	3 Months Ended
	Mar. 31, 2016
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 Three months ended March 31, 2016 $’000 $’000 $’000 $’000 Balance at January 1, 2016 (320,508 ) (4,091 ) (9,943 ) (334,542 ) Other comprehensive income/(loss) before reclassifications 15,027 (2,177 ) 133 12,983 Amounts reclassified from AOCI — 709 — 709 Net current period other comprehensive income/(loss) 15,027 (1,468 ) 133 13,692 Balance at March 31, 2016 (305,481 ) (5,559 ) (9,810 ) (320,850 ) Reclassifications out of AOCI (net of tax) are as follows: Amount reclassified from AOCI Three months ended March 31, 2016 March 31, 2015 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 709 729 Interest expense Total reclassifications for the period 709 729

Segment information

Segment information	3 Months Ended
	Mar. 31, 2016
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 March 31, March 31, $’000 $’000 Owned hotels: Europe 13,425 11,918 North America 39,602 40,978 Rest of world 35,268 36,808 Total owned hotels 88,295 89,704 Part-owned/managed hotels 674 860 Total hotels 88,969 90,564 Owned trains and cruises 6,439 7,608 Part-owned/managed trains 1,994 1,318 Total trains and cruises 8,433 8,926 Total revenue 97,402 99,490 Reconciliation of the total of segment profit/(loss) to consolidated net earnings/(losses) from operations: Three months ended March 31, March 31, $’000 $’000 Owned hotels: Europe (5,617 ) (7,390 ) North America 9,496 10,820 Rest of world 11,511 11,427 Total owned hotels 15,390 14,857 Part-owned/managed hotels 395 (307 ) Total hotels 15,785 14,550 Owned trains and cruises (2,881 ) (2,298 ) Part-owned/managed trains 3,720 1,857 Total trains and cruises 839 (441 ) Reconciliation to net losses: Total segment profit 16,624 14,109 Gain on disposal of property, plant and equipment and equity method investments 150 150 Central overheads (7,617 ) (10,090 ) Share-based compensation (1,642 ) (750 ) Depreciation and amortization (13,067 ) (12,579 ) Interest income 116 263 Interest expense (7,510 ) (7,615 ) Foreign currency, net 2,858 (2,756 ) Benefit from income taxes 9,596 9,280 Share of (provision for)/benefit from income taxes of unconsolidated companies (876 ) 724 Losses from continuing operations (1,368 ) (9,264 ) Losses from discontinued operations (101 ) (190 ) Net losses (1,469 ) (9,454 ) Earnings from unconsolidated companies, net of tax: Three months ended March 31, March 31, $’000 $’000 Part-owned/managed hotels (87 ) (505 ) Part-owned/managed trains 922 830 Total earnings from unconsolidated companies, net of tax 835 325 Reconciliation of capital expenditure to acquire property, plant and equipment by segment: Three months ended March 31, March 31, $’000 $’000 Owned hotels: Europe 3,078 8,965 North America 2,169 3,261 Rest of world 1,885 1,978 Total owned hotels 7,132 14,204 Owned trains and cruises 3,349 2,472 Unallocated corporate 532 166 Total capital expenditure to acquire property, plant and equipment 11,013 16,842 Revenue from external customers in Belmond’s country of domicile and significant countries (based on the location of the property): Three months ended March 31, March 31, $’000 $’000 Bermuda — — Italy 2,243 1,301 United Kingdom 6,798 7,313 United States 24,095 25,075 Brazil 18,443 19,910 All other countries 45,823 45,891 Total revenue 97,402 99,490

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 , Belmond earned management fees from Eastern and Oriental Express Ltd. of $122,000 ( March 31, 2015 - $125,000 ), which are recorded in revenue. The amount due to Belmond from Eastern and Oriental Express Ltd. at March 31, 2016 was $4,526,000 ( December 31, 2015 - $4,872,000 ). 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 months ended March 31, 2016 , Belmond earned management and guarantee fees from its Peruvian joint ventures of $2,575,000 ( March 31, 2015 - $1,860,000 ), which are recorded in revenue. The amount due to Belmond from its Peruvian joint ventures at March 31, 2016 was $10,902,000 ( December 31, 2015 - $7,285,000 ). Belmond owns 50% of a company holding real estate in Buzios, Brazil. The amount due to Belmond from the joint venture at March 31, 2016 was $315,000 ( December 31, 2015 - $272,000 ). Belmond managed, under long-term contract, Hotel Ritz by Belmond, in which Belmond had a 50% ownership interest. In the three months ended March 31, 2016 , Belmond earned $Nil ( March 31, 2015 - $190,000 ) in management fees from Hotel Ritz by Belmond, which are recorded in revenue, and $Nil ( March 31, 2015 - $126,000 ) in interest income. The amount due to Belmond from Hotel Ritz by Belmond at March 31, 2016 was $Nil ( December 31, 2015 - $Nil ). 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)	3 Months Ended
	Mar. 31, 2016
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 (“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, 2016 . 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, 2015 . See Note 2 to the consolidated financial statements in the 2015 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 or unusual 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.
Accounting pronouncements adopted during the period and to be adopted	Accounting pronouncements adopted during the period In February 2015, the Financial Accounting Standards Board (“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. 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. In March 2016, the FASB issued additional guidance which amends the principal-versus-agent implementation guidance and illustrations in the original accounting pronouncement. 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, to annual and interim periods beginning after December 15, 2017. Early adoption is permitted only for periods beginning after December 15, 2016. 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 2016, the FASB issued its new standard on accounting for leases, which introduces a lessee model that brings most leases on the balance sheet. A distinction between finance leases and operating leases is retained, with the result that the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous lease guidance. The guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. Some elements of the new guidance are applicable on a prospective basis, some elements on a retrospective basis and some using a modified retrospective transition method. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements.
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)	3 Months Ended
	Mar. 31, 2016
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 March 31, March 31, Numerator ($'000) Net earnings/(losses) from continuing operations (1,368 ) (9,264 ) Net earnings/(losses) from discontinued operations (101 ) (190 ) Net losses/(earnings) attributable to non-controlling interests (99 ) (95 ) Net earnings/(losses) attributable to Belmond Ltd. (1,568 ) (9,549 ) Denominator (shares '000) Basic weighted average shares outstanding 101,315 104,112 Effect of dilution — — Diluted weighted average shares outstanding 101,315 104,112 $ $ Basic earnings per share Net earnings/(losses) from continuing operations (0.014 ) (0.089 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.002 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.016 ) (0.092 ) Diluted earnings per share Net earnings/(losses) from continuing operations (0.014 ) (0.089 ) Net earnings/(losses) from discontinued operations (0.001 ) (0.002 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.016 ) (0.092 )
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 March 31, March 31, Share options 2,754,007 3,098,063 Share-based awards 1,442,405 1,664,766 Total 4,196,412 4,762,829

Assets held for sale and disc36

Assets held for sale and discontinued operations (Tables)	3 Months Ended
	Mar. 31, 2016
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	Summarized operating results of the properties classified as discontinued operations for the three months ended March 31, 2016 and 2015 are as follows: Three months ended March 31, 2016 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (97 ) (4 ) (101 ) Losses before tax (97 ) (4 ) (101 ) Net losses from discontinued operations (97 ) (4 ) (101 ) Three months ended March 31, 2015 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Losses before tax, gain on sale and impairment (150 ) (40 ) (190 ) Losses before tax (150 ) (40 ) (190 ) Net losses from discontinued operations (150 ) (40 ) (190 )

Variable interest entities (Tab

Variable interest entities (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and maximum exposure to loss as a result of Belmond's involvement with its Eastern & Oriental Express joint venture are as follows: Carrying amounts Maximum exposure March 31, December 31, March 31, December 31, $’000 $’000 $’000 $’000 Investment 3,040 2,972 3,040 2,972 Due from unconsolidated company 4,526 4,872 4,526 4,872 Guarantees — — — — Contingent guarantees — — — — Total 7,566 7,844 7,566 7,844

Investments in unconsolidated38

Investments in unconsolidated companies (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summarized financial data for unconsolidated companies	Summarized financial data for Belmond’s unconsolidated companies are as follows: March 31, December 31, $’000 $’000 Current assets 83,481 59,372 Property, plant and equipment, net of accumulated depreciation 281,589 207,469 Other non-current assets 29,267 30,643 Non-current assets 310,856 238,112 Total assets 394,337 297,484 Current liabilities, including $20,099 and $19,171 current portion of third-party debt 95,800 86,092 Long-term debt 139,898 48,681 Other non-current liabilities 28,017 26,540 Non-current liabilities 167,915 75,221 Total shareholders’ equity 130,622 136,171 Total liabilities and shareholders’ equity 394,337 297,484 Three months ended March 31, March 31, $’000 $’000 Revenue 38,738 33,836 Gross profit 1 25,844 18,846 Net earnings 2 1,804 796 1 Gross profit is defined as revenues less cost of services of the unconsolidated companies. 2 There were no discontinued operations or cumulative effects of a change in an accounting principle in the unconsolidated companies.

Property, plant and equipment (

Property, plant and equipment (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, $’000 $’000 Land and buildings 1,024,844 994,382 Machinery and equipment 185,723 182,510 Fixtures, fittings and office equipment 235,222 225,943 River cruise ship and canal boats 18,933 18,773 1,464,722 1,421,608 Less: Accumulated depreciation (364,245 ) (343,247 ) Total property, plant and equipment, net of accumulated depreciation 1,100,477 1,078,361

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2016 are as follows: At January 1, 2016 At March 31, 2016 Gross goodwill amount Accumulated impairment Net goodwill amount Impairment Foreign currency translation adjustment Gross goodwill amount Accumulated impairment Net goodwill amount $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Owned hotels: Europe 64,263 (14,202 ) 50,061 — 2,640 66,903 (14,202 ) 52,701 North America 66,101 (16,110 ) 49,991 — — 66,101 (16,110 ) 49,991 Rest of world 19,975 (13,149 ) 6,826 — 298 20,273 (13,149 ) 7,124 Owned trains and cruises 7,780 (662 ) 7,118 — (854 ) 6,926 (662 ) 6,264 Total 158,119 (44,123 ) 113,996 — 2,084 160,203 (44,123 ) 116,080

Other intangible assets (Tables

Other intangible assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of other intangible assets	Other intangible assets consist of the following as of March 31, 2016 : Favorable lease assets Internet sites Trade names Total $'000 $'000 $'000 $'000 Carrying amount: Balance at January 1, 2016 8,493 1,791 7,100 17,384 Additions — — — — Foreign currency translation adjustment 145 (48 ) — 97 Balance at March 31, 2016 8,638 1,743 7,100 17,481 Accumulated amortization: Balance at January 1, 2016 2,272 1,260 3,532 Charge for the period 93 30 123 Foreign currency translation adjustment 33 (34 ) (1 ) Balance at March 31, 2016 2,398 1,256 3,654 Net book value: At March 31, 2016 6,240 487 7,100 13,827 At December 31, 2015 6,221 531 7,100 13,852

Debt and obligations under ca42

Debt and obligations under capital lease (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, $’000 $’000 Loans from banks and other parties collateralized by tangible and intangible personal property and real estate with a maturity of three to 12 years (2015 - four to 13 years), with a weighted average interest rate of 4.28% (2015 - 4.28%) 602,798 596,428 Obligations under capital lease 50 59 Total long-term debt and obligations under capital lease 602,848 596,487 Less: Current portion 5,425 5,349 Less: Discount on secured term loan 1,832 1,894 Less: Debt issuance costs 11,140 11,701 Non-current portion of long-term debt and obligations under capital lease 584,451 577,543
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 March 31, 2016 : $’000 Remainder of 2016 4,072 2017 5,416 2018 5,417 2019 91,428 2020 5,443 2021 481,072 2022 and thereafter 10,000 Total long-term debt and obligations under capital lease 602,848

Other liabilities (Tables)

Other liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
Schedule of major balances in other liabilities	The major balances in other liabilities are as follows: March 31, December 31, $’000 $’000 Interest rate swaps (see Note 19) 3,569 1,733 Long-term accrued interest on subordinated debt at Charleston Center LLC 16,690 16,540 Deferred gain on sale of Inn at Perry Cabin by Belmond 1,800 1,950 Deferred lease incentive 227 247 Total other liabilities 22,286 20,470

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, March 31, $’000 $’000 Service cost — — Interest cost on projected benefit obligation 226 243 Expected return on assets (295 ) (255 ) Net amortization and deferrals 162 185 Net periodic benefit cost 93 173

Interest expense (Tables)

Interest expense (Tables)	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Balances in interest expense	The balances in interest expense are as follows: Three months ended March 31, March 31, $’000 $’000 Interest expense on long-term debt and obligations under capital lease 6,660 6,920 Interest on legal settlements 142 — Amortization of debt issuance costs and discount on secured term loan 708 695 Total interest expense 7,510 7,615

Supplemental cash flow inform46

Supplemental cash flow information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Three months ended March 31, March 31, $’000 $’000 Cash paid during the period for: Interest 6,313 6,897 Income taxes, net of refunds 4,931 5,114

Restricted cash (Tables)

Restricted cash (Tables)	3 Months Ended
	Mar. 31, 2016
Cash and Cash Equivalents [Abstract]
Major balances in restricted cash	The major balances in restricted cash are as follows: March 31, December 31, $’000 $’000 Cash deposits required to be held with lending banks as collateral 669 749 Prepaid customer deposits which will be released to Belmond under its revenue recognition policy 5,766 1,909 Bonds and guarantees 657 659 Total restricted cash 7,092 3,317

Share-based compensation plans

Share-based compensation plans (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of assumptions	During the three months ended March 31, 2016 , the following deferred and restricted share awards were made under the 2009 share award and incentive plan on the following dates: 2009 share award and incentive plan Class A common shares Date granted Vesting date Purchase price Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2017 $0.01 Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2018 $0.01 Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2019 $0.01 Restricted shares without performance criteria 43,625 March 18, 2016 March 18, 2020 $0.01 Deferred shares with performance criteria 70,100 March 18, 2016 March 18, 2019 $0.01 Deferred shares with performance criteria 223,800 March 18, 2016 March 18, 2019 $0.01

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future rental payments under operating leases	Future rental payments as at March 31, 2016 under operating leases in respect of equipment rentals and leased premises are payable as follows: $’000 Remainder of 2016 6,979 2017 9,667 2018 10,024 2019 8,695 2020 8,706 2021 9,550 2022 and thereafter 62,896 Future rental payments under operating leases 116,517

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : Level 1 Level 2 Level 3 Total March 31, 2016 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — 2 — 2 Total assets — 2 — 2 Liabilities at fair value: Derivative financial instruments — (6,382 ) — (6,382 ) Total net liabilities — (6,380 ) — (6,380 ) Level 1 Level 2 Level 3 Total December 31, 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 — (4,464 ) — (4,464 ) Total net liabilities — (4,460 ) — (4,460 )
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 March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Carrying Fair value Carrying Fair value Total long-term debt, before deduction of discount on secured term loan and debt issuance costs, excluding obligations under capital leases Level 3 602,798 572,823 596,428 630,455

Derivatives and hedging activ51

Derivatives and hedging activities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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: March 31, December 31, ’000 ’000 Interest rate swaps € 73,500 € 73,688 Interest rate swaps $ 212,050 $ 212,481 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 March 31, 2016 and December 31, 2015 : Fair value as of March 31, 2016 Fair value as of Balance sheet location $’000 $’000 Derivatives designated in a cash flow hedging relationship: Interest rate derivatives Other assets 2 4 Interest rate derivatives Accrued liabilities (2,813 ) (2,731 ) Interest rate derivatives Other liabilities (3,569 ) (1,733 ) Total (6,380 ) (4,460 )

Accumulated other comprehensi52

Accumulated other comprehensive income/loss (Tables)	3 Months Ended
	Mar. 31, 2016
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 Three months ended March 31, 2016 $’000 $’000 $’000 $’000 Balance at January 1, 2016 (320,508 ) (4,091 ) (9,943 ) (334,542 ) Other comprehensive income/(loss) before reclassifications 15,027 (2,177 ) 133 12,983 Amounts reclassified from AOCI — 709 — 709 Net current period other comprehensive income/(loss) 15,027 (1,468 ) 133 13,692 Balance at March 31, 2016 (305,481 ) (5,559 ) (9,810 ) (320,850 )
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 March 31, 2016 March 31, 2015 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 709 729 Interest expense Total reclassifications for the period 709 729

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reconciliation of revenue from segments to consolidated	Revenue from external customers by segment: Three months ended March 31, March 31, $’000 $’000 Owned hotels: Europe 13,425 11,918 North America 39,602 40,978 Rest of world 35,268 36,808 Total owned hotels 88,295 89,704 Part-owned/managed hotels 674 860 Total hotels 88,969 90,564 Owned trains and cruises 6,439 7,608 Part-owned/managed trains 1,994 1,318 Total trains and cruises 8,433 8,926 Total revenue 97,402 99,490
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 March 31, March 31, $’000 $’000 Owned hotels: Europe (5,617 ) (7,390 ) North America 9,496 10,820 Rest of world 11,511 11,427 Total owned hotels 15,390 14,857 Part-owned/managed hotels 395 (307 ) Total hotels 15,785 14,550 Owned trains and cruises (2,881 ) (2,298 ) Part-owned/managed trains 3,720 1,857 Total trains and cruises 839 (441 ) Reconciliation to net losses: Total segment profit 16,624 14,109 Gain on disposal of property, plant and equipment and equity method investments 150 150 Central overheads (7,617 ) (10,090 ) Share-based compensation (1,642 ) (750 ) Depreciation and amortization (13,067 ) (12,579 ) Interest income 116 263 Interest expense (7,510 ) (7,615 ) Foreign currency, net 2,858 (2,756 ) Benefit from income taxes 9,596 9,280 Share of (provision for)/benefit from income taxes of unconsolidated companies (876 ) 724 Losses from continuing operations (1,368 ) (9,264 ) Losses from discontinued operations (101 ) (190 ) Net losses (1,469 ) (9,454 )
Reconciliation of other significant reconciling items from segments to consolidated	Earnings from unconsolidated companies, net of tax: Three months ended March 31, March 31, $’000 $’000 Part-owned/managed hotels (87 ) (505 ) Part-owned/managed trains 922 830 Total earnings from unconsolidated companies, net of tax 835 325 Reconciliation of capital expenditure to acquire property, plant and equipment by segment: Three months ended March 31, March 31, $’000 $’000 Owned hotels: Europe 3,078 8,965 North America 2,169 3,261 Rest of world 1,885 1,978 Total owned hotels 7,132 14,204 Owned trains and cruises 3,349 2,472 Unallocated corporate 532 166 Total capital expenditure to acquire property, plant and equipment 11,013 16,842
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 March 31, March 31, $’000 $’000 Bermuda — — Italy 2,243 1,301 United Kingdom 6,798 7,313 United States 24,095 25,075 Brazil 18,443 19,910 All other countries 45,823 45,891 Total revenue 97,402 99,490

Basis of financial statement 54

Basis of financial statement presentation (Details)	Mar. 31, 2016hoteltraincanalboatrestaurantship
Accounting Policies [Abstract]
Number of hotels | hotel	34
Number of restaurants | restaurant	1
Number of trains | train	6
Number of river cruise ship businesses | ship	2
Number of canal boat businesses | canalboat	1

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
	Mar. 31, 2016	Mar. 31, 2015
Numerator ($'000)
Net earnings/(losses) from continuing operations	$ (1,368)	$ (9,264)
Net earnings/(losses) from discontinued operations	(101)	(190)
Net (earnings)/losses attributable to non-controlling interests	(99)	(95)
Net earnings/(losses) attributable to Belmond Ltd.	$ (1,568)	$ (9,549)
Denominator (shares '000)
Basic weighted average shares outstanding (in shares)	101,315	104,112
Effect of dilution (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	101,315	104,112
Basic earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	$ (0.014)	$ (0.089)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.002)
Net losses/(earnings) attributable to non-controlling interests (in dollars per share)	(0.001)	(0.001)
Basic net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	(0.016)	(0.092)
Diluted earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	(0.014)	(0.089)
Net earnings/(losses) from discontinued operations (in dollars per share)	(0.001)	(0.002)
Net losses/(earnings) attributable to non-controlling interests (in dollars per share)	(0.001)	(0.001)
Diluted net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	$ (0.016)	$ (0.092)

Earnings per share - Securities

Earnings per share - Securities excluded from the computation of diluted earnings per share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of share options and share-based awards excluded from computation of earnings per share (in shares)	4,196,412	4,762,829
Number of share options and share-based awards unexercised (in shares)	4,196,412	4,762,849
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)	2,754,007	3,098,063
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of share options and share-based awards excluded from computation of earnings per share (in shares)	1,442,405	1,664,766

Assets held for sale and disc57

Assets held for sale and discontinued operations - Summarized operating results for discontinued operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating results
Revenue	$ 0	$ 0
Losses before tax, gain on sale and impairment	(101)	(190)
Losses before tax	(101)	(190)
Net earnings/(losses) from discontinued operations	(101)	(190)
Ubud Hanging Gardens
Operating results
Revenue	0	0
Losses before tax, gain on sale and impairment	(97)	(150)
Losses before tax	(97)	(150)
Net earnings/(losses) from discontinued operations	(97)	(150)
Porto Cupecoy
Operating results
Revenue	0	0
Losses before tax, gain on sale and impairment	(4)	(40)
Losses before tax	(4)	(40)
Net earnings/(losses) from discontinued operations	$ (4)	$ (40)

Assets held for sale and disc58

Assets held for sale and discontinued operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 2,394		$ 0
Ubud Hanging Gardens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, legal fees	97	$ 150
Great South Pacific Express
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 2,394

Variable interest entities (Det

Variable interest entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Goodwill	$ 116,080	$ 113,996
Variable Interest Entity, Not Primary Beneficiary | Eastern and Oriental Express Ltd.
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Ownership percentage in variable interest entity	25.00%
Carrying amounts, Total	$ 7,566	7,844
Maximum exposure	7,566	7,844
Investment | Variable Interest Entity, Not Primary Beneficiary | Eastern and Oriental Express Ltd.
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Investment/Due from unconsolidated company, Carrying amounts	3,040	2,972
Maximum exposure	3,040	2,972
Due from unconsolidated company | Variable Interest Entity, Not Primary Beneficiary | Eastern and Oriental Express Ltd.
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Investment/Due from unconsolidated company, Carrying amounts	4,526	4,872
Maximum exposure	4,526	4,872
Guarantees | Variable Interest Entity, Not Primary Beneficiary | Eastern and Oriental Express Ltd.
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Guarantees/Contingent guarantees, Carrying amounts	0	0
Maximum exposure	0	0
Contingent guarantees | Variable Interest Entity, Not Primary Beneficiary | Eastern and Oriental Express Ltd.
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Guarantees/Contingent guarantees, Carrying amounts	0	0
Maximum exposure	$ 0	0
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	$ 210,547	210,652
Goodwill	40,395	40,395
Liabilities of consolidated VIE for which creditors do not have recourse to Belmond	$ 121,688	$ 122,386

Investments in unconsolidated60

Investments in unconsolidated companies (Details) € in Thousands, $ in Thousands	May. 21, 2015USD ($)	May. 21, 2015EUR (€)	Mar. 31, 2016USD ($)hotel	Dec. 31, 2015USD ($)	Jun. 30, 2007USD ($)
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%
State of Rio de Janeiro, initial expropriation period			5 years
State of Rio de Janeiro, additional expropriation period			1 year
Number of hotels | hotel			34
Peruvian rail joint venture
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment			50.00%
Peruvian rail joint venture | Contingent Financial Guarantee Debt 2017 | Variable Interest Entity, Not Primary Beneficiary
Schedule of Cost and Equity Method Investments [Line Items]
Guarantor obligations, maximum exposure			$ 650
Peruvian rail joint venture | Guarantee of Governmental Concession | Variable Interest Entity, Not Primary Beneficiary
Schedule of Cost and Equity Method Investments [Line Items]
Guarantor obligations, maximum exposure			$ 6,676
Peruvian rail joint venture | Financial Guarantee Additional Debt 2017 | Variable Interest Entity, Not Primary Beneficiary
Schedule of Cost and Equity Method Investments [Line Items]
Guarantor obligations, maximum exposure				$ 4,124
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%
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	$ 144,529	€ 130,000
Management contract termination fee	2,292
Gain on sale	$ 19,676
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 and rail joint ventures | Guarantees
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			$ 19,084

Investments in unconsolidated61

Investments in unconsolidated companies - Summarized financial data for investments in unconsolidated companies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Summarized financial data for OEH's unconsolidated companies
Current assets	$ 83,481		$ 59,372
Property, plant and equipment, net of accumulated depreciation	281,589		207,469
Other non-current assets	29,267		30,643
Non-current assets	310,856		238,112
Total assets	394,337		297,484
Current liabilities, including $20,099 and $19,171 current portion of third-party debt	95,800		86,092
Long-term debt	139,898		48,681
Other non-current liabilities	28,017		26,540
Non-current liabilities	167,915		75,221
Total shareholders’ equity	130,622		136,171
Total liabilities and shareholders’ equity	394,337		297,484
Revenue	38,738	$ 33,836
Gross profit	25,844	18,846
Net earnings	1,804	$ 796
Current portion of long-term debt and obligations under capital leases	5,425		5,349
Equity Method Investments
Summarized financial data for OEH's unconsolidated companies
Current portion of long-term debt and obligations under capital leases	$ 20,099		$ 19,171

Property, plant and equipment -

Property, plant and equipment - Major classes of property, plant and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Property, plant and equipment, gross	$ 1,464,722	$ 1,421,608
Less: Accumulated depreciation	(364,245)	(343,247)
Total property, plant and equipment, net of accumulated depreciation	1,100,477	1,078,361
Land and buildings
Property, plant and equipment
Property, plant and equipment, gross	1,024,844	994,382
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	185,723	182,510
Fixtures, fittings and office equipment
Property, plant and equipment
Property, plant and equipment, gross	235,222	225,943
River cruise ship and canal boats
Property, plant and equipment
Property, plant and equipment, gross	$ 18,933	$ 18,773

Property, plant and equipment63

Property, plant and equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 12,944,000	$ 12,485,000
Property, plant and equipment, net	1,100,477,000		$ 1,078,361,000
Property, plant and equipment impairment charge	0	0
Interest costs capitalized	$ 0	$ 0
Belmond Road to Mandalay | Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Reporting Unit, Percentage of Sum of Undiscounted Cash Flows in Excess of Carrying Amount	21.00%
Belmond Orcaella | Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Reporting Unit, Percentage of Sum of Undiscounted Cash Flows in Excess of Carrying Amount	25.00%
Variable Interest Entity, Primary Beneficiary
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 201,089,000		201,342,000
Variable Interest Entity, Primary Beneficiary | Charleston Center LLC
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 201,089,000		$ 201,342,000

Goodwill - Changes in carrying

Goodwill - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill
Gross goodwill amount	$ 160,203	$ 158,119
Accumulated impairment	(44,123)	(44,123)
Changes in the carrying amount of goodwill
Net goodwill amount	113,996
Impairment	0
Foreign currency translation adjustment	2,084
Net goodwill amount	116,080
Operating Segments | Owned trains and cruises
Goodwill
Gross goodwill amount	6,926	7,780
Accumulated impairment	(662)	(662)
Changes in the carrying amount of goodwill
Net goodwill amount	7,118
Impairment	0
Foreign currency translation adjustment	(854)
Net goodwill amount	6,264
Operating Segments | Owned hotels - Europe | Total owned hotels
Goodwill
Gross goodwill amount	66,903	64,263
Accumulated impairment	(14,202)	(14,202)
Changes in the carrying amount of goodwill
Net goodwill amount	50,061
Impairment	0
Foreign currency translation adjustment	2,640
Net goodwill amount	52,701
Operating Segments | Owned hotels - North America | Total owned hotels
Goodwill
Gross goodwill amount	66,101	66,101
Accumulated impairment	(16,110)	(16,110)
Changes in the carrying amount of goodwill
Net goodwill amount	49,991
Impairment	0
Foreign currency translation adjustment	0
Net goodwill amount	49,991
Operating Segments | Owned hotels - Rest of world | Total owned hotels
Goodwill
Gross goodwill amount	20,273	19,975
Accumulated impairment	(13,149)	$ (13,149)
Changes in the carrying amount of goodwill
Net goodwill amount	6,826
Impairment	0
Foreign currency translation adjustment	298
Net goodwill amount	$ 7,124

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) $ in Thousands, RUB in Millions	Mar. 31, 2016RUB	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Goodwill [Line Items]
Goodwill		$ 116,080	$ 113,996
Belmond La Résidence d’Angkor
Goodwill [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	15.00%	15.00%
Goodwill		$ 1,548
Belmond Grand Hotel Europe
Goodwill [Line Items]
Goodwill	RUB 558	$ 8,253

Other intangible assets - Rollf

Other intangible assets - Rollforward of other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Carrying amount:
Balance at January 1, 2016	$ 17,384
Additions	0	$ 706
Foreign currency translation adjustment	97
Balance at March 31, 2016	17,481
Accumulated amortization:
Balance at January 1, 2016	3,532
Charge for the period	123	$ 94
Foreign currency translation adjustment	(1)
Balance at March 31, 2016	3,654
Net book value:
Net book value	13,827		$ 13,852
Trade names
Carrying amount:
Balance at January 1, 2016	7,100
Additions	0
Foreign currency translation adjustment	0
Balance at March 31, 2016	7,100
Net book value:
Net book value	7,100		7,100
Favorable lease assets
Carrying amount:
Balance at January 1, 2016	8,493
Additions	0
Foreign currency translation adjustment	145
Balance at March 31, 2016	8,638
Accumulated amortization:
Balance at January 1, 2016	2,272
Charge for the period	93
Foreign currency translation adjustment	33
Balance at March 31, 2016	2,398
Net book value:
Net book value	6,240		6,221
Internet sites
Carrying amount:
Balance at January 1, 2016	1,791
Additions	0
Foreign currency translation adjustment	(48)
Balance at March 31, 2016	1,743
Accumulated amortization:
Balance at January 1, 2016	1,260
Charge for the period	30
Foreign currency translation adjustment	(34)
Balance at March 31, 2016	1,256
Net book value:
Net book value	$ 487		$ 531

Other intangible assets (Detail

Other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Finite Lived Intangible Assets
Intangible Assets, Net (Excluding Goodwill)	$ 13,827		$ 13,852
Amortization expense	123	$ 94
Estimated amortization expense, remainder of 2016	369
Estimated amortization expense, year ending December 31, 2017	492
Estimated amortization expense, year ending December 31, 2018	492
Estimated amortization expense, year ending December 31, 2019	492
Estimated amortization expense, year ending December 31, 2020	492
Estimated amortization expense, year ending December 31, 2021	492
Trade names
Finite Lived Intangible Assets
Intangible Assets, Net (Excluding Goodwill)	7,100		7,100
Belmond Grand Hotel Europe | Trade names
Finite Lived Intangible Assets
Intangible Assets, Net (Excluding Goodwill)	7,100
Favorable lease assets
Finite Lived Intangible Assets
Intangible Assets, Net (Excluding Goodwill)	6,240		6,221
Amortization expense	$ 93
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 Assets, Net (Excluding Goodwill)	$ 487		$ 531
Amortization expense	$ 30
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

Debt and obligations under ca68

Debt and obligations under capital lease - Long term debt and obligations under capital leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Loans from banks and other parties collateralized by tangible and intangible personal property and real estate with a maturity of three to 12 years (2015 - four to 13 years), with a weighted average interest rate of 4.28% (2015 - 4.28%)	$ 602,798	$ 596,428
Obligations under capital lease	50	59
Total long-term debt and obligations under capital lease	602,848	596,487
Less: Current portion	5,425	5,349
Less: Discount on secured term loan	1,832	1,894
Less: Debt issuance costs	11,140	11,701
Non-current portion of long-term debt and obligations under capital lease	$ 584,451	$ 577,543
Weighted-average interest rate	4.28%	4.28%
Minimum
Debt Instrument [Line Items]
Period of debt repayment	3 years	4 years
Maximum
Debt Instrument [Line Items]
Period of debt repayment	12 years	13 years

Debt and obligations under ca69

Debt and obligations under capital lease (Details)	Mar. 21, 2014USD ($)	Jun. 30, 2015	Aug. 31, 2014USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 21, 2014EUR (€)	Dec. 31, 1984USD ($)
Debt Instrument [Line Items]
Revolving and working capital facilities - maximum borrowing capacity				$ 106,136,000	$ 106,082,000
Guaranteed debt of subsidiary				505,526,000	499,100,000
Interest Payable Noncurrent				16,690,000	16,540,000
Deferred financing costs				11,140,000	11,701,000
Working capital facilities - remaining borrowing capacity				106,136,000	106,082,000
Other assets
Debt Instrument [Line Items]
Deferred financing costs				11,140,000	11,701,000
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%
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				$ 10,000,000
Amount of Debt Refinanced			$ 83,200,000
Debt of consolidated VIE				97,272,000	97,328,000
Interest Payable Noncurrent				16,690,000	16,540,000
Percentage of Net Proceeds Due to Lender							15.00%
Deferred financing costs				$ 707,000	$ 707,000
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%

Debt and obligations under ca70

Debt and obligations under capital lease - Long term debt maturities, including obligations under capital leases (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Remainder of 2016	$ 4,072
2,017	5,416
2,018	5,417
2,019	91,428
2,020	5,443
2,021	481,072
2022 and thereafter	10,000
Total long-term debt and obligations under capital lease	$ 602,848	$ 596,487

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Interest rate swaps (see Note 19)	$ 3,569	$ 1,733
Long-term accrued interest on subordinated debt at Charleston Center LLC	16,690	16,540
Deferred gain on sale of Inn at Perry Cabin by Belmond	1,800	1,950
Deferred lease incentive	227	247
Total other liabilities	$ 22,286	$ 20,470

Pensions - Components of net pe

Pensions - Components of net periodic pension benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Components of net periodic pension benefit cost
Service cost	$ 0	$ 0
Interest cost on projected benefit obligation	226	243
Expected return on assets	(295)	(255)
Net amortization and deferrals	162	185
Net periodic benefit cost	$ 93	$ 173

Pensions (Details)

Pensions (Details) £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016GBP (£)	Mar. 31, 2015USD ($)	May. 31, 2014GBP (£)
Compensation and Retirement Disclosure [Abstract]
Estimated future employer contributions in next fiscal year	$ 1,832	£ 1,272
Contribution by employer	455		$ 480
Anticipated additional contribution by employer to plan	1,377
Total contributions expected by employer in current fiscal year	1,832
Payment obligation guaranteed by Belmond	$ 11,808			£ 8,200

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (9,596)	$ (9,280)
Income (loss) before income taxes and earnings from unconsolidated companies, net of tax	$ (11,799)	$ (18,869)

Interest expense (Details)

Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Expense [Abstract]
Interest expense on long-term debt and obligations under capital lease	$ 6,660	$ 6,920
Interest on legal settlements	142	0
Amortization of debt issuance costs and discount on secured term loan	708	695
Total interest expense	$ 7,510	$ 7,615

Supplemental cash flow inform76

Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash paid during the period for:
Interest	$ 6,313	$ 6,897
Income taxes, net of refunds	4,931	5,114
Increase/(decrease) in accounts payable	$ 845	$ 107

Restricted cash - Major balance

Restricted cash - Major balances in restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 7,092	$ 3,317
Other assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, long-term	669	749
Cash deposits required to be held with lending banks as collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	669	749
Prepaid customer deposits which will be released to Belmond under its revenue recognition policy
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,766	1,909
Bonds and guarantees
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 657	$ 659

Share-based compensation plan78

Share-based compensation plans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)share_based_plan	Mar. 31, 2015USD ($)
Share-based compensation plans
Number of share-based compensation plans | share_based_plan	2
Compensation cost	$ 1,642	$ 750
Total unrecognized compensation cost related to unexercised stock options and unvested share awards	$ 12,336
Total unrecognized compensation cost related to unexercised stock options and unvested share awards, recognition period (in months)	30 months
Deferred shares
Share-based compensation plans
Maximum expected life of awards (in years)	4 years
Restricted shares
Share-based compensation plans
Maximum expected life of awards (in years)	4 years
Share options
Share-based compensation plans
Maximum expected life of awards (in years)	10 years

Share-based compensation plan79

Share-based compensation plans - Grants in period and fair value assumptions for share-based compensation plans (Details) - 2009 share award and incentive plan	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Vesting March 18, 2017 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	43,625
Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 18, 2018 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	43,625
Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 18, 2019 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	43,625
Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 18, 2019 | Deferred shares with performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	70,100
Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 18, 2020 | Deferred shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	43,625
Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 18, 2019 | Deferred shares with performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	223,800
Purchase price (in dollars per share) | $ / shares	$ 0.01

Commitments and contingencies80

Commitments and contingencies (Details) BRL in Thousands, $ in Thousands

Jun. 26, 2015USD ($)

Jun. 30, 2015USD ($)

Jan. 31, 2015

Mar. 31, 2010USD ($)

Mar. 31, 2016USD ($)installment

Mar. 31, 2015USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2014BRL

Dec. 31, 2013USD ($)

Mar. 31, 2016BRL

Mar. 31, 2015BRL

Feb. 28, 2013USD ($)

Commitments

Term of concession

10 years

Rental expenses

$ 2,620

$ 2,844

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

$ 7,031

Belmond Hotel das Cataratas

Commitments

Annual lease payments - required per lease

$ 4,697

BRL 16,715

Annual lease payments - amount paid

$ 3,109

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)

5,400

19,219

Aggregate amount due per Ministry

$ 4,778

BRL 17,000

Lease agreements | Minimum | Belmond Hotel das Cataratas

Commitments

Aggregate amount due per Ministry

281

1,000

Lease agreements | Maximum | Belmond Hotel das Cataratas

Commitments

Aggregate amount due per Ministry

421

BRL 1,500

Settlement with Taxing Authority [Member] | Maximum | Porto Cupecoy

Commitments

Aggregate amount due per Ministry

16,500

Purchase of property, plant and equipment

Commitments

Amount of outstanding contracts

$ 8,133

$ 8,662

Commitments and contingencies -

Commitments and contingencies - Future rental payments under operating leases (Details) $ in Thousands	Mar. 31, 2016USD ($)
Future rental payments under operating leases in respect of equipment rentals and leased premises
Remainder of 2016	$ 6,979
2,017	9,667
2,018	10,024
2,019	8,695
2,020	8,706
2,021	9,550
2022 and thereafter	62,896
Future rental payments under operating leases	$ 116,517

Fair value measurements - Finan

Fair value measurements - Financial instruments recorded at fair value (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets at fair value:
Derivative financial instruments	$ 2	$ 4
Total assets	2	4
Liabilities at fair value:
Derivative financial instruments	(6,382)	(4,464)
Total net liabilities	(6,380)	(4,460)
Level 1
Assets at fair value:
Derivative financial instruments	0	0
Total assets	0	0
Liabilities at fair value:
Derivative financial instruments	0	0
Total net liabilities	0	0
Level 2
Assets at fair value:
Derivative financial instruments	2	4
Total assets	2	4
Liabilities at fair value:
Derivative financial instruments	(6,382)	(4,464)
Total net liabilities	(6,380)	(4,460)
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	Mar. 31, 2016	Dec. 31, 2015
Estimated fair values of financial instruments (other than derivative financial instruments)
Carrying amount - Loans from banks and other parties	$ 602,798	$ 596,428
Level 3
Estimated fair values of financial instruments (other than derivative financial instruments)
Fair value - Loans from banks and other parties	$ 572,823	$ 630,455

Fair value measurements - (Deta

Fair value measurements - (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Impairments	$ 0	$ 0

Derivatives and hedging activ85

Derivatives and hedging activities - Notional amounts of outstanding interest rate derivatives (Details) € in Thousands, $ in Thousands	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)
Interest rate swaps
Derivatives and hedging activities
Derivative, notional amount	$ 212,050	€ 73,500	$ 212,481	€ 73,688
Interest rate caps
Derivatives and hedging activities
Derivative, notional amount	$ 17,200		$ 17,200

Derivatives and hedging activ86

Derivatives and hedging activities - Fair value of derivative financial instruments (Details) - Derivatives designated in a cash flow hedging relationship - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair value of derivative financial instruments
Total fair value, net	$ (6,380)	$ (4,460)
Interest Rate Contract | Other assets
Fair value of derivative financial instruments
Fair value of derivative assets	2	4
Interest Rate Contract | Accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative liabilities	(2,813)	(2,731)
Interest Rate Contract | Other liabilities
Fair value of derivative financial instruments
Fair value of derivative liabilities	$ (3,569)	$ (1,733)

Derivatives and hedging activ87

Derivatives and hedging activities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Gain/(loss) recorded in other comprehensive income/(loss)	$ 7,661	$ 20,155
Fair value of derivatives in a net liability position	(6,382)		$ (4,464)
Assets required to settle obligations under derivatives with credit-risk-related contingent features upon breach of provisions, termination value	6,540		4,513
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Fair value of non-derivative hedging instruments	167,426		$ 160,138
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	$ 2,760

Accumulated other comprehensi88

Accumulated other comprehensive income/loss - Changes in accumulated other comprehensive income/(loss) by component (net of tax) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2016	$ (334,542)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive income/(losses), net of tax	13,739	$ (52,076)
Balance at March 31, 2016	(320,850)
Foreign currency translation adjustments
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2016	(320,508)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications	15,027
Amounts reclassified from AOCI	0
Total other comprehensive income/(losses), net of tax	15,027
Balance at March 31, 2016	(305,481)
Derivative financial instruments
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2016	(4,091)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications	(2,177)
Amounts reclassified from AOCI	709
Total other comprehensive income/(losses), net of tax	(1,468)
Balance at March 31, 2016	(5,559)
Pension liability
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2016	(9,943)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications	133
Amounts reclassified from AOCI	0
Total other comprehensive income/(losses), net of tax	133
Balance at March 31, 2016	(9,810)
Accumulated other comprehensive income/(loss)
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2016	(334,542)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income/(loss) before reclassifications	12,983
Amounts reclassified from AOCI	709
Total other comprehensive income/(losses), net of tax	13,692	$ (51,892)
Balance at March 31, 2016	$ (320,850)

Accumulated other comprehensi89

Accumulated other comprehensive income/loss - Reclassifications out of accumulated other comprehensive income/(loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ 7,510	$ 7,615
Total reclassifications for the period	(1,469)	(9,454)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period	709	729
Reclassification out of Accumulated Other Comprehensive Income | Derivative financial instruments
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	$ 709	$ 729

Segment information (Details)

Segment information (Details)	3 Months Ended
	Mar. 31, 2016restaurantsegment
Segment Reporting [Abstract]
Number of reportable segments | segment	6
Number of restaurants | restaurant	1

Segment information - Revenue b

Segment information - Revenue by segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenue	$ 97,402	$ 99,490
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Revenue	88,969	90,564
Operating Segments | Hotel | Owned hotels - Europe
Segment Reporting Information [Line Items]
Revenue	13,425	11,918
Operating Segments | Hotel | Owned hotels - North America
Segment Reporting Information [Line Items]
Revenue	39,602	40,978
Operating Segments | Hotel | Owned hotels - Rest of world
Segment Reporting Information [Line Items]
Revenue	35,268	36,808
Operating Segments | Hotel | Total owned hotels
Segment Reporting Information [Line Items]
Revenue	88,295	89,704
Operating Segments | Hotel | Part-owned/managed hotels
Segment Reporting Information [Line Items]
Revenue	674	860
Operating Segments | Trains and Cruises
Segment Reporting Information [Line Items]
Revenue	8,433	8,926
Operating Segments | Trains and Cruises | Owned trains and cruises
Segment Reporting Information [Line Items]
Revenue	6,439	7,608
Operating Segments | Trains and Cruises | Part-owned/managed trains
Segment Reporting Information [Line Items]
Revenue	$ 1,994	$ 1,318

Segment information - Segment e

Segment information - Segment earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	$ 16,624	$ 14,109
Gain on disposal of property, plant and equipment	150	150
Central overheads	(7,617)	(10,090)
Share-based compensation	(1,642)	(750)
Depreciation and amortization	(13,067)	(12,579)
Interest income	116	263
Interest expense	(7,510)	(7,615)
Foreign currency, net	2,858	(2,756)
Benefit from income taxes	9,596	9,280
Share of (provision for)/benefit from income taxes of unconsolidated companies	(876)	724
Losses from continuing operations	(1,368)	(9,264)
Net earnings/(losses) from discontinued operations	(101)	(190)
Net losses	(1,469)	(9,454)
Operating Segments | Hotel
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	15,785	14,550
Operating Segments | Hotel | Owned hotels - Europe
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	(5,617)	(7,390)
Operating Segments | Hotel | Owned hotels - North America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	9,496	10,820
Operating Segments | Hotel | Owned hotels - Rest of world
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	11,511	11,427
Operating Segments | Hotel | Total owned hotels
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	15,390	14,857
Operating Segments | Hotel | Part-owned/managed hotels
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	395	(307)
Operating Segments | Trains and Cruises
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	839	(441)
Operating Segments | Trains and Cruises | Owned trains and cruises
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	(2,881)	(2,298)
Operating Segments | Trains and Cruises | Part-owned/managed trains
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit/(loss)	$ 3,720	$ 1,857

Segment information - Reconcili

Segment information - Reconciliation of other significant reconciling items from segments to consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	$ 835	$ 325
Capital expenditure to acquire property, plant and equipment	11,013	16,842
Operating Segments | Hotel | Part-owned/managed hotels
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	(87)	(505)
Operating Segments | Hotel | Owned hotels - Europe
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	3,078	8,965
Operating Segments | Hotel | Owned hotels - North America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	2,169	3,261
Operating Segments | Hotel | Owned hotels - Rest of world
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	1,885	1,978
Operating Segments | Hotel | Total owned hotels
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	7,132	14,204
Operating Segments | Trains and Cruises | Part-owned/managed trains
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	922	830
Operating Segments | Trains and Cruises | Owned trains and cruises
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	3,349	2,472
Unallocated corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	$ 532	$ 166

Segment information - Revenues

Segment information - Revenues by geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 97,402	$ 99,490
Bermuda
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0	0
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,243	1,301
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	6,798	7,313
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	24,095	25,075
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	18,443	19,910
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 45,823	$ 45,891

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	May. 21, 2015
Related party transactions
Ownership percentage in equity method investment	50.00%
Eastern and Oriental Express Ltd.
Related party transactions
Ownership percentage in equity method investment	25.00%
Management and guarantee fees earned	$ 122	$ 125
Amounts payable to Belmond	$ 4,526		$ 4,872
Peruvian hotel and rail joint ventures
Related party transactions
Ownership percentage in equity method investment	50.00%
Management and guarantee fees earned	$ 2,575	1,860
Amounts payable to Belmond	$ 10,902		7,285
Buzios land joint venture
Related party transactions
Ownership percentage in equity method investment	50.00%
Amounts payable to Belmond	$ 315		272
Hotel Ritz, Madrid
Related party transactions
Ownership percentage in equity method investment	50.00%			50.00%
Management and guarantee fees earned	$ 0	190
Amounts payable to Belmond	0		$ 0
Interest income	$ 0	$ 126