Belmond (BEL) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Entity Registrant Name	BELMOND LTD.
Entity Central Index Key	1,115,836
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
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	2,017
Document Fiscal Period Focus	Q1
Class A common shares at par value
Entity Common Stock, Shares Outstanding:		102,121,870
Class B common shares at par value
Entity Common Stock, Shares Outstanding:		18,044,478

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents		$ 130,953	$ 153,425
Restricted cash		7,043	1,830
Accounts receivable, net of allowances of $461 and $420		28,703	25,775
Due from unconsolidated companies		15,445	12,165
Prepaid expenses and other		14,600	12,262
Inventories		23,977	23,931
Total current assets		220,721	229,388
Property, plant and equipment, net of accumulated depreciation of $386,924 and $368,939		1,089,083	1,074,676
Investments in unconsolidated companies		75,948	79,327
Goodwill		114,891	113,343
Other intangible assets		14,276	13,877
Other assets		12,950	13,457
Total assets	[1]	1,527,869	1,524,068
Liabilities and Equity
Accounts payable		13,201	16,366
Accrued liabilities		70,862	69,046
Deferred revenue		46,894	31,350
Current portion of long-term debt and obligations under capital leases		5,307	5,284
Total current liabilities		136,264	122,046
Long-term debt and obligations under capital leases		587,101	585,768
Liability for pension benefit		1,005	1,447
Other liabilities		4,816	5,366
Deferred income taxes		114,049	122,291
Liability for uncertain tax positions		340	318
Total liabilities		843,575	837,236
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		980,993	979,458
Retained earnings		40,202	58,313
Accumulated other comprehensive loss		(338,401)	(352,339)
Less: Reduction due to class B common shares owned by a subsidiary — 18,044,478 (2016 — 18,044,478)		(181)	(181)
Total shareholders’ equity		683,815	686,450
Non-controlling interests		479	382
Total equity		684,294	686,832
Total liabilities and equity		1,527,869	1,524,068
Class A common shares $0.01 par value (240,000,000 shares authorized):
Shareholders’ equity:
Common shares		1,021	1,018
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, 2017 and December 31, 2016 is Charleston Center LLC. These assets and liabilities at March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 $’000 $’000 Assets Cash and cash equivalents 719 2,233Accounts receivable, net of allowances of $Nil and $Nil 3,314 3,066Prepaid expenses and other 1,052 365Inventories 1,292 1,296Total current assets 6,377 6,960 Property, plant and equipment, net of accumulated depreciation of $37,535 and $35,902 200,864 201,861Other assets 1,393 1,455Total assets 208,634 210,276 Liabilities Accounts payable 1,880 4,558Accrued liabilities 3,254 3,099Deferred revenue 3,283 1,714Current portion of long-term debt and obligations under capital leases 245 242Total current liabilities 8,662 9,613 Long-term debt and obligations under capital leases 111,935 111,968Other liabilities — 40Total liabilities 120,597 121,621See further description in note 4, Variable interest entities.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) - Variable Interest Entities (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents		$ 130,953	$ 153,425
Accounts receivable, net of allowances of $Nil and $Nil		28,703	25,775
Prepaid expenses and other		14,600	12,262
Inventories		23,977	23,931
Total current assets		220,721	229,388
Property, plant and equipment, net of accumulated depreciation of $37,535 and $35,902		1,089,083	1,074,676
Other assets		12,950	13,457
Total assets	[1]	1,527,869	1,524,068
Liabilities
Accounts payable		13,201	16,366
Accrued liabilities		70,862	69,046
Deferred revenue		46,894	31,350
Current portion of long-term debt and obligations under capital leases		5,307	5,284
Total current liabilities		136,264	122,046
Long-term debt and obligations under capital leases		587,101	585,768
Other liabilities		4,816	5,366
Total liabilities		843,575	837,236
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents		719	2,233
Accounts receivable, net of allowances of $Nil and $Nil		3,314	3,066
Prepaid expenses and other		1,052	365
Inventories		1,292	1,296
Total current assets		6,377	6,960
Property, plant and equipment, net of accumulated depreciation of $37,535 and $35,902		200,864	201,861
Other assets		1,393	1,455
Total assets		208,634	210,276
Liabilities
Accounts payable		1,880	4,558
Accrued liabilities		3,254	3,099
Deferred revenue		3,283	1,714
Current portion of long-term debt and obligations under capital leases		245	242
Total current liabilities		8,662	9,613
Long-term debt and obligations under capital leases		111,935	111,968
Other liabilities		0	40
Total liabilities		$ 120,597	$ 121,621
[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, 2017 and December 31, 2016 is Charleston Center LLC. These assets and liabilities at March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 $’000 $’000 Assets Cash and cash equivalents 719 2,233Accounts receivable, net of allowances of $Nil and $Nil 3,314 3,066Prepaid expenses and other 1,052 365Inventories 1,292 1,296Total current assets 6,377 6,960 Property, plant and equipment, net of accumulated depreciation of $37,535 and $35,902 200,864 201,861Other assets 1,393 1,455Total assets 208,634 210,276 Liabilities Accounts payable 1,880 4,558Accrued liabilities 3,254 3,099Deferred revenue 3,283 1,714Current portion of long-term debt and obligations under capital leases 245 242Total current liabilities 8,662 9,613 Long-term debt and obligations under capital leases 111,935 111,968Other liabilities — 40Total liabilities 120,597 121,621See further description in note 4, Variable interest entities.

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts receivable, allowances	$ 461	$ 420
Property, plant and equipment, accumulated depreciation	$ 386,924	$ 368,939
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)	102,120,268	101,793,829
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	$ 0	$ 0
Property, plant and equipment, accumulated depreciation	$ 37,535	$ 35,902

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 95,361	$ 97,402
Expenses:
Cost of services	45,919	45,104
Selling, general and administrative	51,754	46,644
Depreciation and amortization	13,728	13,067
Total operating costs and expenses	111,401	104,815
Gain on disposal of property, plant and equipment	150	150
Losses from operations	(15,890)	(7,263)
Interest income	146	116
Interest expense	(7,676)	(7,510)
Foreign currency, net	(234)	2,858
Losses before income taxes and earnings from unconsolidated companies, net of tax	(23,654)	(11,799)
Benefit from income taxes	5,266	9,596
Losses before earnings from unconsolidated companies, net of tax	(18,388)	(2,203)
Earnings from unconsolidated companies, net of tax provision of $246 and $876	376	835
Losses from continuing operations	(18,012)	(1,368)
Net earnings/(losses) from discontinued operations, net of tax provision/(benefit) of $Nil and $Nil	35	(101)
Net losses	(17,977)	(1,469)
Net earnings attributable to non-controlling interests	(134)	(99)
Net earnings/(losses) attributable to Belmond Ltd.	$ (18,111)	$ (1,568)
Basic earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	$ (0.177)	$ (0.014)
Net earnings/(losses) from discontinued operations (in dollars per share)	0	(0.001)
Basic net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	(0.178)	(0.016)
Diluted earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	(0.177)	(0.014)
Net earnings/(losses) from discontinued operations (in dollars per share)	0	(0.001)
Diluted net earnings/(losses) per share attributable to Belmond Ltd. (in dollars per share)	$ (0.178)	$ (0.016)

Statements of Condensed Consol6

Statements of Condensed Consolidated Operations (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Earnings from unconsolidated companies, tax provision	$ 246	$ 876
Discontinued operations, tax (benefit)/provision	$ 0	$ 0

Statements of Condensed Consol7

Statements of Condensed Consolidated Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net losses	$ (17,977)	$ (1,469)
Other comprehensive income/(losses), net of tax:
Foreign currency translation adjustments, net of tax benefit of $Nil and $Nil	13,081	15,074
Change in fair value of derivatives, net of tax provision/(benefit) of $175 and $(459)	664	(1,468)
Change in pension liability, net of tax provision of $32 and $29	156	133
Total other comprehensive income, net of tax	13,901	13,739
Total comprehensive (loss)/income	(4,076)	12,270
Comprehensive income attributable to non-controlling interests	(97)	(146)
Comprehensive income attributable to Belmond Ltd.	$ (4,173)	$ 12,124

Statements of Condensed Consol8

Statements of Condensed Consolidated Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ 0	$ 0
Change in fair value of derivatives, tax provision/(benefit)	175	(459)
Change in pension liability, tax provision/(benefit)	$ 32	$ 29

Statements of Condensed Consol9

Statements of Condensed Consolidated Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net losses	$ (17,977)	$ (1,469)
Less: Net earnings/(losses) from discontinued operations, net of tax	35	(101)
Net losses from continuing operations	(18,012)	(1,368)
Adjustments to reconcile net losses to net cash used in operating activities:
Depreciation and amortization	13,728	13,067
Gain on disposal of property, plant and equipment	(150)	(150)
Earnings from unconsolidated companies, net of tax	(376)	(835)
Amortization of debt issuance costs and discount on secured term loan	720	708
Share-based compensation	1,535	1,642
Change in provisions for uncertain tax positions	17	68
Benefit from deferred income tax	(9,611)	(14,595)
Other non-cash movements	602	466
Effect of exchange rates on net losses	(396)	(4,084)
Change in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(2,510)	(684)
Due from unconsolidated companies	(369)	(917)
Prepaid expenses and other	(2,182)	(826)
Inventories	365	(904)
Escrow and prepaid customer deposits	(5,139)	(3,881)
Accounts payable	(4,612)	(3,945)
Accrued liabilities	750	970
Deferred revenue	14,936	12,651
Other, net	262	(219)
Other cash movements:
Dividends from equity method investees	960	1,106
Net cash used in operating activities from continuing operations	(9,482)	(1,730)
Net cash provided by/(used in) operating activities from discontinued operations	0	(101)
Net cash used in operating activities	(9,482)	(1,831)
Cash flows from investing activities:
Capital expenditure to acquire property, plant and equipment	(11,995)	(11,013)
Release of restricted cash	69	80
Net cash used in investing activities from continuing operations	(11,926)	(10,933)
Net cash provided by investing activities from discontinued operations	0	0
Net cash used in investing activities	(11,926)	(10,933)
Cash flows from financing activities:
Repurchase of shares	0	(1,992)
Exercised share options and vested share awards	4	3
Dividend to non-controlling interest	0	(7)
Principal payments under long-term debt	(1,670)	(1,342)
Net cash used in financing activities from continuing operations	(1,666)	(3,338)
Net cash used in financing activities from discontinued operations	0	0
Net cash used in financing activities	(1,666)	(3,338)
Effect of exchange rate changes on cash and cash equivalents	602	1,487
Net decrease in cash and cash equivalents	(22,472)	(14,615)
Cash and cash equivalents at beginning of period (includes $Nil and $Nil of cash presented within assets held for sale)	153,425	135,599
Cash and cash equivalents at end of period (includes $Nil and $Nil of cash presented within assets held for sale)	$ 130,953	$ 120,984

Statements of Condensed Conso10

Statements of Condensed Consolidated Cash Flows (unaudited) (Parenthetical) - Assets held for sale - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
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 (unaudited) - 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	Retained earnings	Accumulated other comprehensive loss	Class B common shares held by a subsidiary	Non-controlling interests
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		0
Repurchase of shares	(1,992)		(2)		(2,245)	255
Dividend to non-controlling interest	(97)								(97)
Comprehensive income/(losses):
Net losses 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
Balance at Dec. 31, 2016	686,832	0	1,018	181	979,458	58,313	(352,339)	(181)	382
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,535				1,535
Exercised stock options and vested share awards	3		3		0
Comprehensive income/(losses):
Net losses attributable to common shares	(17,977)					(18,111)			134
Other comprehensive income	13,901						13,938		(37)
Balance at Mar. 31, 2017	$ 684,294	$ 0	$ 1,021	$ 181	$ 980,993	$ 40,202	$ (338,401)	$ (181)	$ 479

Basis of financial statement pr

Basis of financial statement presentation	3 Months Ended
	Mar. 31, 2017
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, 2017 , Belmond owned, partially-owned 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, seven tourist trains in Europe, Southeast Asia and Peru, two river cruise businesses in Myanmar (Burma) and one canal boat business in France. In addition, there is one hotel scheduled for future opening over the coming twelve months, Belmond Cadogan Hotel in England. Subsequent to the balance sheet date, the Company launched the Belmond Andean Explorer luxury sleeper train in Peru in May 2017, and completed the acquisition of a hotel in Colca Canyon, Peru through the Company’s existing 50/50 joint venture with local partners in April 2017. 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, 2017 . 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, 2016 . See Note 2 to the consolidated financial statements in the 2016 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. Reclassifications In the period, the Company has corrected a prior period misstatement to reclassify an immaterial deferred tax entry related to a change of functional currency at the Company's Brazilian subsidiaries in 2014. As a result, opening Retained earnings has increased by $5,562,000 and opening Accumulated other comprehensive income has decreased by $5,562,000 , with no net change in Total Equity. There is no impact on net earnings, EPS or cash flows in any period presented. 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 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. In May 2016, the FASB issued an update that clarified guidance in certain narrow aspects of the topic. 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 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 August 2016, the FASB issued new guidance which clarifies the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The new guidance will be applied on a retrospective basis where applicable. Belmond is currently evaluating the impact, if any, of the adoption of this guidance on its condensed consolidated financial statements. In October 2016, the FASB issued new guidance which is intended to simplify the tax consequences of certain types of intra-entity asset transfers. The guidance is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted. The new guidance will be applied on a modified retrospective basis. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In November 2016, the FASB issued new guidance which clarifies the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods therein, with early adoption permitted. Belmond is currently assessing what impact the adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued new guidance to simplify the accounting for goodwill impairment by eliminating step 2 from the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance is effective for annual and interim impairment tests for periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The new guidance will be applied on a prospective basis. Belmond is currently assessing what impact the adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued new guidance to clarify the definition of a business.The guidance is effective in annual periods beginning after December 15, 2017, including interim periods therein, with early adoption permitted. The new guidance will be applied on a prospective basis. Belmond is currently assessing what impact the adoption of this guidance will have on its consolidated financial statements.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2017
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 (18,012 ) (1,368 ) Net earnings/(losses) from discontinued operations 35 (101 ) Net losses/(earnings) attributable to non-controlling interests (134 ) (99 ) Net earnings/(losses) attributable to Belmond Ltd. (18,111 ) (1,568 ) Denominator (shares '000) Basic weighted average shares outstanding 101,863 101,315 Effect of dilution — — Diluted weighted average shares outstanding 101,863 101,315 $ $ Basic earnings per share Net earnings/(losses) from continuing operations (0.177 ) (0.014 ) Net earnings/(losses) from discontinued operations — (0.001 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.178 ) (0.016 ) Diluted earnings per share Net earnings/(losses) from continuing operations (0.177 ) (0.014 ) Net earnings/(losses) from discontinued operations — (0.001 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.178 ) (0.016 ) 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 2,415,014 2,754,007 Share-based awards 1,422,565 1,442,405 Total 3,837,579 4,196,412 The number of share options and share-based awards unexercised at March 31, 2017 was 3,837,579 ( March 31, 2016 - 4,196,412 ).

Assets held for sale and discon

Assets held for sale and discontinued operations	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale and discontinued operations	Assets held for sale and discontinued operations (a) 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, 2017 and 2016 are as follows: Three months ended March 31, 2017 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Earnings before tax, gain on sale and impairment — 35 35 Earnings before tax — 35 35 Net earnings from discontinued operations — 35 35 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 ) The results of discontinued operations for the three months ended March 31, 2017 included earnings of $35,000 at Porto Cupecoy due to the release of remaining accruals that Belmond is discharged from. The results of discontinued operations for the three months ended March 31, 2016 comprised legal fees of $97,000 in relation to Ubud Hanging Gardens, as Belmond is pursuing legal remedies following its dispossession by the owner in November 2013. See Note 17. (b) Assets and liabilities held for sale There were no assets or liabilities classified as held for sale at March 31, 2017 and December 31, 2016 .

Variable interest entities

Variable interest entities	3 Months Ended
	Mar. 31, 2017
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 $208,634,000 at March 31, 2017 ( December 31, 2016 - $210,276,000 ) and exclude goodwill of $40,395,000 ( December 31, 2016 - $40,395,000 ). The liabilities of Charleston Center LLC for which creditors do not have recourse to the general credit of Belmond totaled $120,597,000 at March 31, 2017 ( December 31, 2016 - $121,621,000 ). 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 condensed 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 2,858 2,818 2,858 2,818 Due from unconsolidated company 4,797 4,771 4,797 4,771 Guarantees — — — — Contingent guarantees — — — — Total 7,655 7,589 7,655 7,589

Investments in unconsolidated c

Investments in unconsolidated companies	3 Months Ended
	Mar. 31, 2017
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, 2017 , 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 is 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 coastal environmental park. Under applicable law, the State had five years to carry out the expropriation in exchange for fair value, which it failed to do by the April 18, 2016 deadline. As a result, the land returned unencumbered to the joint venture, although is subject to expropriation again. 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. Summarized financial data for Belmond’s unconsolidated companies are as follows: March 31, December 31, $’000 $’000 Current assets 83,258 96,247 Property, plant and equipment, net of accumulated depreciation 298,338 295,662 Other non-current assets 29,651 29,442 Non-current assets 327,989 325,104 Total assets 411,247 421,351 Current liabilities, including $21,120 and $21,021 current portion of third-party debt 91,252 89,785 Long-term debt 148,709 153,876 Other non-current liabilities 28,005 27,545 Non-current liabilities 176,714 181,421 Total shareholders’ equity 143,281 150,145 Total liabilities and shareholders’ equity 411,247 421,351 Three months ended March 31, March 31, $’000 $’000 Revenue 39,465 38,738 Gross profit 1 25,519 25,844 Net earnings 2 827 1,804 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 and is not expected to occur. As at March 31, 2017 , Belmond does not expect that it will be required to fund these guarantees relating to these joint venture companies. Belmond has contingently guaranteed, through 2021 , $17,267,000 of debt obligations of the joint venture in Peru that operates four hotels and has contingently guaranteed the Peru rail joint venture’s obligations relating to the performance of its governmental rail concessions, currently in the amount of $7,261,000 , through May 2017 .

Property, plant and equipment

Property, plant and equipment	3 Months Ended
	Mar. 31, 2017
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 1,026,444 1,010,362 Machinery and equipment 185,587 179,537 Fixtures, fittings and office equipment 244,896 235,098 River cruise ship and canal boats 19,080 18,618 1,476,007 1,443,615 Less: Accumulated depreciation (386,924 ) (368,939 ) Total property, plant and equipment, net of accumulated depreciation 1,089,083 1,074,676 The depreciation charge on property, plant and equipment for the three months ended March 31, 2017 was $13,595,000 ( March 31, 2016 - $12,944,000 ). The table above includes property, plant and equipment, net of accumulated depreciation, of Charleston Center LLC, a consolidated VIE, of $200,864,000 at March 31, 2017 ( December 31, 2016 - $201,861,000 ). There were no impairments of property, plant and equipment in the three months ended March 31, 2017 and in the three months ended March 31, 2016 . In the three months ended March 31, 2017 , Belmond considered whether the decline in performance of Belmond Road to Mandalay caused by increased competition in Myanmar indicated that the carrying amount of the business’s 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 sum of the undiscounted cash flows expected to result from Belmond Road to Mandalay was approximately 23% in excess of its carrying value. The impairment test remains sensitive to changes in assumptions; 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 river cruise business, particularly passenger numbers, ticket prices and fixed costs. Any failure to meet these assumptions may result in an impairment charge that would write down the carrying value of assets to fair value in future periods. In the three months ended March 31, 2017 , Belmond 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 the business’s fixed assets may not be recoverable. While Belmond concluded that there was no impairment trigger in the current quarter, it is carefully monitoring the situation. The impairment test remains sensitive to changes in assumptions; 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, ticket prices and maintenance spend, and any deterioration in the U.K. regional economy. Any failure to meet these assumptions may result in an impairment charge that would write down the carrying value of assets to fair value in future periods. There was no capitalized interest in the three months ended March 31, 2017 and 2016 .

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2017 are as follows: At January 1, 2017 At March 31, 2017 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 64,459 (14,202 ) 50,257 — 1,355 65,814 (14,202 ) 51,612 North America 66,101 (16,110 ) 49,991 — — 66,101 (16,110 ) 49,991 Rest of world 20,581 (13,149 ) 7,432 — 105 20,686 (13,149 ) 7,537 Owned trains and cruises 6,325 (662 ) 5,663 — 88 6,413 (662 ) 5,751 Total 157,466 (44,123 ) 113,343 — 1,548 159,014 (44,123 ) 114,891

Other intangible assets

Other intangible assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets	Other intangible assets Other intangible assets consist of the following as of March 31, 2017 : Favorable lease assets Internet sites Trade names Total $'000 $'000 $'000 $'000 Carrying amount: Balance at January 1, 2017 8,501 1,658 7,579 17,738 Additions — — — — Foreign currency translation adjustment 50 26 493 569 Balance at March 31, 2017 8,551 1,684 8,072 18,307 Accumulated amortization: Balance at January 1, 2017 2,636 1,225 3,861 Charge for the period 92 41 133 Foreign currency translation adjustment 17 20 37 Balance at March 31, 2017 2,745 1,286 4,031 Net book value: At March 31, 2017 5,806 398 8,072 14,276 At December 31, 2016 5,865 433 7,579 13,877 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. Amortization expense for the three months ended March 31, 2017 was $133,000 ( March 31, 2016 - $123,000 ). Estimated total amortization expense for the remainder of the year ending December 31, 2017 is $399,000 and for each of the years ending December 31, 2018 to December 31, 2021 is $532,000 .

Debt and obligations under capi

Debt and obligations under capital lease	3 Months Ended
	Mar. 31, 2017
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 four years (2016 - two to five years), with a weighted average interest rate of 4.27% (2016 - 4.27%) 602,777 602,083 Obligations under capital lease 13 19 Total long-term debt and obligations under capital lease 602,790 602,102 Less: Current portion 5,307 5,284 Less: Discount on secured term loan 1,434 1,515 Less: Debt issuance costs 8,948 9,535 Non-current portion of long-term debt and obligations under capital lease 587,101 585,768 Belmond is financed with a $489,737,000 secured term loan and a $105,000,000 revolving credit facility. The term loan has two tranches, a U.S. dollar tranche ( $334,415,000 currently outstanding) and a euro-denominated tranche ( €145,398,000 currently outstanding, equivalent to $155,322,000 as at March 31, 2017 ). The dollar tranche bears interest at a rate of LIBOR plus 3% per annum, and the euro tranche bears interest at a rate of EURIBOR plus 3% 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 matures in March 2019 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 entered into an $86,000,000 loan secured on its real and personal property. The loan had a 2019 maturity and bore interest at a rate of LIBOR plus 2.12% per annum. In June 2016, Charleston Center LLC refinanced this loan with a $112,000,000 new loan with the same 2019 maturity. The interest rate on the new loan is LIBOR plus 2.35% per annum, has no amortization and is non-recourse to Belmond. The additional proceeds were used to repay a 1984 development loan from a municipal agency in the principal amount of $10,000,000 and accrued interest of $16,819,000 . In connection with the early repayment of the loan, Belmond negotiated a discount that resulted in a net gain reported in the statement of consolidated operations during the year ended December 31, 2016 of $1,200,000 upon extinguishment of debt, including the payment of a tax indemnity to our partners of $2,800,000 in respect of their income from the discount arising on the cancellation of indebtedness. The following is a summary of the aggregate maturities of consolidated long-term debt, including obligations under capital lease, at March 31, 2017 : $’000 Remainder of 2017 3,636 2018 5,311 2019 117,322 2020 5,337 2021 471,184 2022 and thereafter — Total long-term debt and obligations under capital lease 602,790 The Company has guaranteed $489,737,000 of the long-term debt of its subsidiary companies as at March 31, 2017 ( December 31, 2016 - $488,985,000 ). The tables above include the debt of Charleston Center LLC of $113,040,000 at March 31, 2017 ( December 31, 2016 - $113,098,000 ). The debt is non-recourse to Belmond and includes $112,000,000 which was refinanced in June 2016. Debt issuance costs related to the above outstanding long-term debt were $8,948,000 at March 31, 2017 ( December 31, 2016 - $9,535,000 ), including $860,000 at March 31, 2017 ( December 31, 2016 - $888,000 ) 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 $105,533,000 of revolving credit and working capital facilities at March 31, 2017 ( December 31, 2016 - $105,525,000 ) of which $105,533,000 was available ( December 31, 2016 - $105,525,000 ).

Other liabilities

Other liabilities	3 Months Ended
	Mar. 31, 2017
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) 663 1,054 Deferred gain on sale of Inn at Perry Cabin by Belmond 1,200 1,350 Deferred lease incentive 153 162 Tax indemnity provision on extinguishment of debt (see Note 9) 2,800 2,800 Total other liabilities 4,816 5,366

Pensions

Pensions	3 Months Ended
	Mar. 31, 2017
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 171 226 Expected return on assets (240 ) (295 ) Net amortization and deferrals 188 162 Net periodic benefit cost 119 93 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. Belmond (UK) Ltd., a wholly owned subsidiary of the Company (“Belmond UK”), is obligated to the plan’s trust to pay £1,272,000 (equivalent to $1,590,000 at March 31, 2017 ) annually until the plan is fully funded, which, based on its December 2015 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, 2017 , contributions of $394,000 ( March 31, 2016 - $455,000 ) were made to the pension plan and Belmond anticipates contributing an additional $1,196,000 to fund the plan in 2017 for a total of $1,590,000 . Once the plan is fully funded, Belmond UK 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 Belmond UK through 2023, subject to a cap of £8,200,000 (equivalent to $10,250,000 at March 31, 2017 ), which reduces commensurately with every payment made to the plan since December 31, 2012. As part of the U.K. statutorily-mandated negotiation between pension plan sponsors and pension plans that occurs every three year, Belmond expects to reinstate this guarantee by May 31, 2017, through 2026 and reset the cap at £8,200,000 .

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes	Income taxes In the three months ended March 31, 2017 , the income tax benefit was $5,266,000 ( March 31, 2016 - $9,596,000 ). This reduction in income tax benefits is mainly as a result of not being able to recognize a deferred tax credit in respect of certain UK costs in the three months ended March 31, 2017 .

Interest expense

Interest expense	3 Months Ended
	Mar. 31, 2017
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 6,907 6,660 Interest on legal settlements 49 142 Amortization of debt issuance costs and discount on secured term loan 720 708 Total interest expense 7,676 7,510

Supplemental cash flow informat

Supplemental cash flow information	3 Months Ended
	Mar. 31, 2017
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 6,600 6,313 Income taxes, net of refunds 4,328 4,931 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 $1,219,000 for the three months ended March 31, 2017 ( March 31, 2016 - increase of $845,000 ).

Restricted cash

Restricted cash	3 Months Ended
	Mar. 31, 2017
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 686 755 Prepaid customer deposits which will be released to Belmond under its revenue recognition policy 6,576 1,341 Bonds and guarantees 467 489 Total restricted cash 7,729 2,585 Restricted cash classified as long-term and included in other assets on the condensed consolidated balance sheets at March 31, 2017 was $686,000 ( December 31, 2016 - $755,000 ).

Share-based compensation plans

Share-based compensation plans	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation plans	Share-based compensation plans At March 31, 2017 , Belmond had two share-based compensation plans, the 2004 stock option plan and the 2009 share award and incentive plan. The compensation cost that has been charged to selling, general and administrative expense for these plans for the three months ended March 31, 2017 was $1,535,000 ( March 31, 2016 - $1,642,000 ). The total compensation cost related to unexercised options and unvested share awards at March 31, 2017 to be recognized over the period April 1, 2017 to March 31, 2021 was $11,468,000 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, 2017 . 2009 share award and incentive plan During the three months ended March 31, 2017 , 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 34,450 March 17, 2017 March 17, 2018 $0.01 Restricted shares without performance criteria 34,450 March 17, 2017 March 17, 2019 $0.01 Restricted shares without performance criteria 117,231 March 17, 2017 March 17, 2020 $0.01 Restricted shares without performance criteria 34,450 March 17, 2017 March 17, 2021 $0.01 Deferred shares with performance criteria 228,500 March 17, 2017 March 17, 2020 $0.01

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Belmond Copacabana Palace 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. Ubud Hanging Gardens 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 appealed this case to the Indonesian Supreme Court, which in December 2016 affirmed the Appellate Court's decision. Belmond is considering its position but is likely to seek review for reconsideration by the 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. Belmond Hotel das Cataratas In September 2014, the Brazilian Ministry of Planning, Budget and Management notified the Company that it was denying the Company's application to extend the term or reduce the rent under the lease for Belmond Hotel das Cataratas, which was entered into in 2007. Belmond had applied for the amendment in 2009 based on its claim that it suffered additional unanticipated and/or unforeseeable costs in performing the refurbishment of the hotel as required by the lease and related tender documentation in order to raise the standard of the property to a five star luxury standard. Prior to August 2014, with the agreement of the Ministry, the Company had been paying the base annual rent without an annual adjustment for inflation as provided for in the lease, pending resolution of Belmond’s application. Throughout this period, the Company had expensed the full rental amount and has fully accrued the difference between the rental charge and the amount actually paid. Based on the Ministry’s decision denying any relief, the Ministry directed the Company that it would henceforth assess rent at the contractual rate, which has been included in the table of future rental payments as at March 31, 2017, and that it must pay the difference between the contractual rent and the rent that had been actually paid. On March 20, 2015, the Ministry provided notice to the hotel that an aggregate amount of approximately R$17,000,000 ( $5,365,000 ) was due on March 31, 2015 as a result of its rejection of any relief sought by Belmond. The Company appealed to the Ministry to reconsider its decision on both procedural and substantive grounds. Pending this requested reconsideration and exhaustion of administrative remedies, the Company did not pay to the Ministry the amount claimed. The Company filed a lawsuit in the Federal Court in Paraná State in August 2016 against the Government of Brazil regarding the Ministry’s failure to properly consider and modify the lease concession for Belmond Hotel das Cataratas. The Federal Court granted the Company’s request for an injunction against the Government enforcing its claim and granted the Company’s request for a 25% preliminary reduction in rent, pending a decision on the merits, which the Superior Court upheld on appeal in a decision rendered in September 2016. The Government appealed to a three judge panel of the Superior Court, which upheld the decision of the Federal Court in favor of the Company in a judgment rendered in January 2017. A discovery calendar has been agreed for the litigation on the merits in the Federal Court where the Company intends to continue to pursue its claims vigorously. In the meantime, the Company is paying rent at the reduced amount but continues to accrue rent at the full contractual amount. Amounts accrued at March 31, 2017 totaled R$22,171,000 ( $6,998,000 ). The Company does not believe that any loss above the amounts accrued is likely. Belmond Miraflores Park The Company is contesting a claim by the municipality of Miraflores in Lima, Peru, the location of its Belmond Miraflores Park Hotel (“BMP”), that BMP has violated municipal nuisance ordinances by generating noise and vibration that disturbed certain owners of apartments in an adjoining residential building. The local administrative court ruled in favor of the municipality, levying a nominal fine and injunctive relief that included the potential closure of BMP until the noise and vibration has been eliminated. In March 2016, after the administrative court's ruling was affirmed at the trial and subsequently, the appellate court level, BMP appealed to the Supreme Court of Peru. Enforcement of the ruling has been stayed pending the appeal. BMP does not expect to receive a ruling and formal notification from the Supreme Court until at least May 15, 2017, but BMP is aware that the Supreme Court has ruled in favor of the municipality. Nonetheless, management believes that the risk of closure of BMP is remote because BMP has completed its remediation and expects to be currently in compliance with municipal noise ordinances and may also seek to acquire the apartments of the owners who had originally complained about being disturbed. Accordingly, management does not believe that a material loss is probable and no accrual has been made in respect of this matter. Cupecoy Village Development N.V. In July 2015, Cupecoy Village Development N.V. ("Cupecoy") 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 contained a number of material miscalculations and misinterpretations of fact and law. The Company had provided a written response to the tax authorities disputing their assessment and expected the resolution of this dispute to result in only an immaterial cost. However, the tax authorities consistently failed to respond or otherwise engage with Belmond or Cupecoy. After multiple attempts to meet with the tax authorities, the Company provided them formal notice of its intention to wind up Cupecoy, which the Company did after receiving no response from the authorities to either a first or second notice. In October 2016, following our application to the court, Cupecoy was declared technically insolvent in light of the 2015 tax claim, at which point the Company determined that any liability in respect of Cupecoy was effectively discharged. A final bankruptcy declaration in respect of Cupecoy was made by the local Dutch court in February 2017. “Cipriani” Trademark 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 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 hotels and 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. 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 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. Capital Commitments Outstanding contracts to purchase property, plant and equipment were approximately $12,203,000 at March 31, 2017 ( December 31, 2016 - $7,772,000 ). Future rental payments and rental expense under operating leases Future rental payments as at March 31, 2017 under operating leases in respect of equipment rentals and leased premises are payable as follows: $’000 Remainder of 2017 9,541 2018 12,524 2019 10,796 2020 10,663 2021 11,401 2022 9,289 2023 and thereafter 62,755 Future rental payments under operating leases 126,969 Rental expense for the three months ended March 31, 2017 amounted to $3,498,000 ( March 31, 2016 - $2,620,000 ).

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 : Level 1 Level 2 Level 3 Total March 31, 2017 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — — — — Total assets — — — — Liabilities at fair value: Derivative financial instruments — (2,513 ) — (2,513 ) Total net liabilities — (2,513 ) — (2,513 ) Level 1 Level 2 Level 3 Total December 31, 2016 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — — — — Total assets — — — — Liabilities at fair value: Derivative financial instruments — (3,364 ) — (3,364 ) Total net liabilities — (3,364 ) — (3,364 ) During the three months ended March 31, 2017 , 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, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 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 2 602,777 626,222 602,083 626,613 (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 for the three months ended March 31, 2017 and 2016 .

Derivatives and hedging activit

Derivatives and hedging activities	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 , 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 € 72,750 € 72,938 Interest rate swaps $ 210,325 $ 210,756 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, 2017 and December 31, 2016 : Fair value as of March 31, 2017 Fair value as of Balance sheet location $’000 $’000 Derivatives designated in a cash flow hedging relationship: Interest rate derivatives Accrued liabilities (1,850 ) (2,310 ) Interest rate derivatives Other liabilities (663 ) (1,054 ) Total (2,513 ) (3,364 ) Offsetting There was no offsetting within derivative assets or derivative liabilities at March 31, 2017 and December 31, 2016 . 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, 2017 , the amount accounted for in other comprehensive income/(loss) which is expected to be reclassified to interest expense in the next 12 months is $1,821,000 . Movement in other comprehensive income/(loss) for net investment hedges recorded through foreign currency translation adjustments for the three months ended March 31, 2017 was a loss of $2,342,000 ( March 31, 2016 - loss of $7,661,000 ). 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, 2017 , 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 $2,513,000 ( December 31, 2016 - $3,364,000 ). If Belmond breached any of the provisions, it would be required to settle its obligations under the agreements at their termination value of $2,513,000 ( December 31, 2016 - $3,370,000 ). 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 $155,323,000 at March 31, 2017 , being a liability of Belmond ( December 31, 2016 - $153,472,000 ).

Accumulated other comprehensive

Accumulated other comprehensive income/loss	3 Months Ended
	Mar. 31, 2017
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, 2017 $’000 $’000 $’000 $’000 Balance at January 1, 2017 (337,053 ) (3,224 ) (12,062 ) (352,339 ) Other comprehensive income before reclassifications, net of tax provision of $Nil, $39 and $32 13,118 147 156 13,421 Amounts reclassified from AOCI, net of tax provision of $Nil, $136 and $Nil — 517 — 517 Net current period other comprehensive income 13,118 664 156 13,938 Balance at March 31, 2017 (323,935 ) (2,560 ) (11,906 ) (338,401 ) Reclassifications out of AOCI (net of tax) are as follows: Amount reclassified from AOCI Three months ended March 31, 2017 March 31, 2016 Details about AOCI components $’000 $’000 Affected line item in the statement of operations Derivative financial instruments: Cash flows from derivative financial instruments related to interest payments made for hedged debt instruments 517 709 Interest expense Total reclassifications for the period 517 709

Segment information

Segment information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment information	Segment information Segment performance is evaluated by the chief operating decision maker based upon adjusted earnings before interest, tax, depreciation and amortization (“adjusted EBITDA”). For reporting periods prior to the quarter ended March 31, 2017, the Company disclosed certain disaggregated segment profitability information in its periodic reports in accordance with applicable U.S. GAAP accounting principles, ASC 280 Segment Reporting, in the form of earnings before gains/(losses) on disposal, impairments, central costs, interest income, interest expense, foreign currency, tax (including tax on earnings from unconsolidated companies), depreciation and amortization, share-based compensation and gains/(losses) on extinguishment of debt (“segment profit/(loss)”). This is a measure of unadjusted EBITDA and, consistent with ASC 280, has represented the way management traditionally have evaluated the operating performance of each of the Company’s reportable segments. The format of the segment performance information provided to the chief operating decision maker for these purposes has evolved over time to focus primarily on adjusted EBITDA as the key measure of segment profitability. Adjusted EBITDA excludes gains/(losses) on disposal, impairments, restructuring and other special items, interest income, interest expense, foreign currency, tax (including tax on earnings from unconsolidated companies), depreciation and amortization and gains/(losses) on extinguishment of debt. In order to better reflect management’s internal evaluation of segment performance under ASC 280, as of the quarterly reporting period ended March 31, 2017, Belmond has disclosed adjusted EBITDA in place of segment profit/(loss) as the primary metric used by the chief operating decision maker to evaluate segment performance. In management’s view, adjusted EBITDA allows the Company’s segment performance to be evaluated more effectively and on a consistent basis by removing the impact of certain items that management believes do not reflect the underlying operations. Belmond notes that adjusted EBITDA is not a term defined under GAAP. As a result, Belmond provides reconciliations to the GAAP number immediately following tables using this non-GAAP term. 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; • Owned trains and cruises which derive earnings from the train and cruise businesses that Belmond owns; • Part-owned/managed hotels which derive earnings from hotels that Belmond jointly owns or manages; 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 12,015 13,425 North America 39,886 39,602 Rest of world 35,963 35,268 Total owned hotels 87,864 88,295 Owned trains and cruises 5,140 6,439 Part-owned/managed hotels 534 674 Part-owned/managed trains 1,823 1,994 Total management fees 2,357 2,668 Revenue 95,361 97,402 Reconciliation of consolidated earnings/(losses) from continuing operations to adjusted EBITDA: Three months ended March 31, March 31, $’000 $’000 Adjusted EBITDA Owned hotels: Europe (8,120 ) (5,617 ) North America 9,895 10,063 Rest of world 9,946 11,511 Total owned hotels 11,721 15,957 Owned trains and cruises (4,233 ) (2,819 ) Part-owned/managed hotels 259 668 Part-owned/managed trains 2,729 3,720 Total adjusted share of earnings from unconsolidated companies and management fees 2,988 4,388 Unallocated corporate: Central costs (9,400 ) (7,890 ) Share-based compensation (1,535 ) (1,742 ) Adjusted EBITDA (459 ) 7,894 Reconciliation from losses from continuing operations to adjusted EBITDA: Losses from continuing operations (18,012 ) (1,368 ) Depreciation and amortization 13,728 13,067 Interest income (146 ) (116 ) Interest expense 7,676 7,510 Foreign currency, net 234 (2,858 ) Benefit from income taxes (5,266 ) (9,596 ) Share of provision for income taxes of unconsolidated companies 246 876 (1,540 ) 7,515 Gain on disposal of property, plant and equipment (150 ) (150 ) Restructuring and other special items 1,231 529 Adjusted EBITDA (459 ) 7,894 Earnings from unconsolidated companies, net of tax: Three months ended March 31, March 31, $’000 $’000 Part-owned/managed hotels (217 ) (87 ) Part-owned/managed trains 593 922 Total earnings from unconsolidated companies, net of tax 376 835 Reconciliation of capital expenditure to acquire property, plant and equipment by segment: Three months ended March 31, March 31, $’000 $’000 Owned hotels: Europe 6,230 3,078 North America 1,097 2,169 Rest of world 1,701 1,885 Total owned hotels 9,028 7,132 Owned trains and cruises 2,537 3,349 Unallocated corporate 430 532 Total capital expenditure to acquire property, plant and equipment 11,995 11,013 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 1,367 2,243 United Kingdom 6,087 6,798 United States 26,557 24,095 Brazil 18,163 18,443 All other countries 43,187 45,823 Total revenue 95,361 97,402

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2017
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, 2017 , Belmond earned management fees from Eastern and Oriental Express Ltd. of $114,000 ( March 31, 2016 - $122,000 ) which are recorded in revenue. The amount due to Belmond from Eastern and Oriental Express Ltd. at March 31, 2017 was $4,797,000 ( December 31, 2016 - $4,886,000 ). 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, 2017 , Belmond earned management and guarantee fees from its Peruvian joint ventures of $2,243,000 ( March 31, 2016 - $2,575,000 ) which are recorded in revenue. The amount due to Belmond from its Peruvian joint ventures at March 31, 2017 was $10,244,000 ( December 31, 2016 - $6,907,000 ). Belmond owns 50% of a company holding real estate in Buzios, Brazil. The amount due to Belmond from the joint venture at March 31, 2017 was $404,000 ( December 31, 2016 - $372,000 ).

Basis of financial statement 34

Basis of financial statement presentation (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2017 . 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, 2016 . See Note 2 to the consolidated financial statements in the 2016 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 to be adopted	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. In May 2016, the FASB issued an update that clarified guidance in certain narrow aspects of the topic. 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 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 August 2016, the FASB issued new guidance which clarifies the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The new guidance will be applied on a retrospective basis where applicable. Belmond is currently evaluating the impact, if any, of the adoption of this guidance on its condensed consolidated financial statements. In October 2016, the FASB issued new guidance which is intended to simplify the tax consequences of certain types of intra-entity asset transfers. The guidance is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted. The new guidance will be applied on a modified retrospective basis. Belmond is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. In November 2016, the FASB issued new guidance which clarifies the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods therein, with early adoption permitted. Belmond is currently assessing what impact the adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued new guidance to simplify the accounting for goodwill impairment by eliminating step 2 from the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance is effective for annual and interim impairment tests for periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The new guidance will be applied on a prospective basis. Belmond is currently assessing what impact the adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued new guidance to clarify the definition of a business.The guidance is effective in annual periods beginning after December 15, 2017, including interim periods therein, with early adoption permitted. The new guidance will be applied on a prospective basis. Belmond is currently assessing what impact the adoption of this guidance will have on its consolidated financial statements.
Segment reporting	Segment performance is evaluated by the chief operating decision maker based upon adjusted earnings before interest, tax, depreciation and amortization (“adjusted EBITDA”). For reporting periods prior to the quarter ended March 31, 2017, the Company disclosed certain disaggregated segment profitability information in its periodic reports in accordance with applicable U.S. GAAP accounting principles, ASC 280 Segment Reporting, in the form of earnings before gains/(losses) on disposal, impairments, central costs, interest income, interest expense, foreign currency, tax (including tax on earnings from unconsolidated companies), depreciation and amortization, share-based compensation and gains/(losses) on extinguishment of debt (“segment profit/(loss)”). This is a measure of unadjusted EBITDA and, consistent with ASC 280, has represented the way management traditionally have evaluated the operating performance of each of the Company’s reportable segments. The format of the segment performance information provided to the chief operating decision maker for these purposes has evolved over time to focus primarily on adjusted EBITDA as the key measure of segment profitability. Adjusted EBITDA excludes gains/(losses) on disposal, impairments, restructuring and other special items, interest income, interest expense, foreign currency, tax (including tax on earnings from unconsolidated companies), depreciation and amortization and gains/(losses) on extinguishment of debt. In order to better reflect management’s internal evaluation of segment performance under ASC 280, as of the quarterly reporting period ended March 31, 2017, Belmond has disclosed adjusted EBITDA in place of segment profit/(loss) as the primary metric used by the chief operating decision maker to evaluate segment performance. In management’s view, adjusted EBITDA allows the Company’s segment performance to be evaluated more effectively and on a consistent basis by removing the impact of certain items that management believes do not reflect the underlying operations. Belmond notes that adjusted EBITDA is not a term defined under GAAP. As a result, Belmond provides reconciliations to the GAAP number immediately following tables using this non-GAAP term. 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; • Owned trains and cruises which derive earnings from the train and cruise businesses that Belmond owns; • Part-owned/managed hotels which derive earnings from hotels that Belmond jointly owns or manages; 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, 2017
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 (18,012 ) (1,368 ) Net earnings/(losses) from discontinued operations 35 (101 ) Net losses/(earnings) attributable to non-controlling interests (134 ) (99 ) Net earnings/(losses) attributable to Belmond Ltd. (18,111 ) (1,568 ) Denominator (shares '000) Basic weighted average shares outstanding 101,863 101,315 Effect of dilution — — Diluted weighted average shares outstanding 101,863 101,315 $ $ Basic earnings per share Net earnings/(losses) from continuing operations (0.177 ) (0.014 ) Net earnings/(losses) from discontinued operations — (0.001 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.178 ) (0.016 ) Diluted earnings per share Net earnings/(losses) from continuing operations (0.177 ) (0.014 ) Net earnings/(losses) from discontinued operations — (0.001 ) Net losses/(earnings) attributable to non-controlling interests (0.001 ) (0.001 ) Net earnings/(losses) attributable to Belmond Ltd. (0.178 ) (0.016 )
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 2,415,014 2,754,007 Share-based awards 1,422,565 1,442,405 Total 3,837,579 4,196,412

Assets held for sale and disc36

Assets held for sale and discontinued operations (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 are as follows: Three months ended March 31, 2017 Ubud Hanging Gardens Porto Cupecoy Total $'000 $'000 $'000 Revenue — — — Earnings before tax, gain on sale and impairment — 35 35 Earnings before tax — 35 35 Net earnings from discontinued operations — 35 35 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 )

Variable interest entities (Tab

Variable interest entities (Tables)	3 Months Ended
	Mar. 31, 2017
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 2,858 2,818 2,858 2,818 Due from unconsolidated company 4,797 4,771 4,797 4,771 Guarantees — — — — Contingent guarantees — — — — Total 7,655 7,589 7,655 7,589

Investments in unconsolidated38

Investments in unconsolidated companies (Tables)	3 Months Ended
	Mar. 31, 2017
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 83,258 96,247 Property, plant and equipment, net of accumulated depreciation 298,338 295,662 Other non-current assets 29,651 29,442 Non-current assets 327,989 325,104 Total assets 411,247 421,351 Current liabilities, including $21,120 and $21,021 current portion of third-party debt 91,252 89,785 Long-term debt 148,709 153,876 Other non-current liabilities 28,005 27,545 Non-current liabilities 176,714 181,421 Total shareholders’ equity 143,281 150,145 Total liabilities and shareholders’ equity 411,247 421,351 Three months ended March 31, March 31, $’000 $’000 Revenue 39,465 38,738 Gross profit 1 25,519 25,844 Net earnings 2 827 1,804 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, 2017
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 1,026,444 1,010,362 Machinery and equipment 185,587 179,537 Fixtures, fittings and office equipment 244,896 235,098 River cruise ship and canal boats 19,080 18,618 1,476,007 1,443,615 Less: Accumulated depreciation (386,924 ) (368,939 ) Total property, plant and equipment, net of accumulated depreciation 1,089,083 1,074,676

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 are as follows: At January 1, 2017 At March 31, 2017 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 64,459 (14,202 ) 50,257 — 1,355 65,814 (14,202 ) 51,612 North America 66,101 (16,110 ) 49,991 — — 66,101 (16,110 ) 49,991 Rest of world 20,581 (13,149 ) 7,432 — 105 20,686 (13,149 ) 7,537 Owned trains and cruises 6,325 (662 ) 5,663 — 88 6,413 (662 ) 5,751 Total 157,466 (44,123 ) 113,343 — 1,548 159,014 (44,123 ) 114,891

Other intangible assets (Tables

Other intangible assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of other intangible assets	Other intangible assets consist of the following as of March 31, 2017 : Favorable lease assets Internet sites Trade names Total $'000 $'000 $'000 $'000 Carrying amount: Balance at January 1, 2017 8,501 1,658 7,579 17,738 Additions — — — — Foreign currency translation adjustment 50 26 493 569 Balance at March 31, 2017 8,551 1,684 8,072 18,307 Accumulated amortization: Balance at January 1, 2017 2,636 1,225 3,861 Charge for the period 92 41 133 Foreign currency translation adjustment 17 20 37 Balance at March 31, 2017 2,745 1,286 4,031 Net book value: At March 31, 2017 5,806 398 8,072 14,276 At December 31, 2016 5,865 433 7,579 13,877

Debt and obligations under ca42

Debt and obligations under capital lease (Tables)	3 Months Ended
	Mar. 31, 2017
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 four years (2016 - two to five years), with a weighted average interest rate of 4.27% (2016 - 4.27%) 602,777 602,083 Obligations under capital lease 13 19 Total long-term debt and obligations under capital lease 602,790 602,102 Less: Current portion 5,307 5,284 Less: Discount on secured term loan 1,434 1,515 Less: Debt issuance costs 8,948 9,535 Non-current portion of long-term debt and obligations under capital lease 587,101 585,768
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, 2017 : $’000 Remainder of 2017 3,636 2018 5,311 2019 117,322 2020 5,337 2021 471,184 2022 and thereafter — Total long-term debt and obligations under capital lease 602,790

Other liabilities (Tables)

Other liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
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) 663 1,054 Deferred gain on sale of Inn at Perry Cabin by Belmond 1,200 1,350 Deferred lease incentive 153 162 Tax indemnity provision on extinguishment of debt (see Note 9) 2,800 2,800 Total other liabilities 4,816 5,366

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Mar. 31, 2017
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 171 226 Expected return on assets (240 ) (295 ) Net amortization and deferrals 188 162 Net periodic benefit cost 119 93

Interest expense (Tables)

Interest expense (Tables)	3 Months Ended
	Mar. 31, 2017
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 6,907 6,660 Interest on legal settlements 49 142 Amortization of debt issuance costs and discount on secured term loan 720 708 Total interest expense 7,676 7,510

Supplemental cash flow inform46

Supplemental cash flow information (Tables)	3 Months Ended
	Mar. 31, 2017
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 6,600 6,313 Income taxes, net of refunds 4,328 4,931

Restricted cash (Tables)

Restricted cash (Tables)	3 Months Ended
	Mar. 31, 2017
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 686 755 Prepaid customer deposits which will be released to Belmond under its revenue recognition policy 6,576 1,341 Bonds and guarantees 467 489 Total restricted cash 7,729 2,585

Share-based compensation plans

Share-based compensation plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of assumptions	During the three months ended March 31, 2017 , 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 34,450 March 17, 2017 March 17, 2018 $0.01 Restricted shares without performance criteria 34,450 March 17, 2017 March 17, 2019 $0.01 Restricted shares without performance criteria 117,231 March 17, 2017 March 17, 2020 $0.01 Restricted shares without performance criteria 34,450 March 17, 2017 March 17, 2021 $0.01 Deferred shares with performance criteria 228,500 March 17, 2017 March 17, 2020 $0.01

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of future rental payments under operating leases	Future rental payments as at March 31, 2017 under operating leases in respect of equipment rentals and leased premises are payable as follows: $’000 Remainder of 2017 9,541 2018 12,524 2019 10,796 2020 10,663 2021 11,401 2022 9,289 2023 and thereafter 62,755 Future rental payments under operating leases 126,969

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 : Level 1 Level 2 Level 3 Total March 31, 2017 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — — — — Total assets — — — — Liabilities at fair value: Derivative financial instruments — (2,513 ) — (2,513 ) Total net liabilities — (2,513 ) — (2,513 ) Level 1 Level 2 Level 3 Total December 31, 2016 $’000 $’000 $’000 $’000 Assets at fair value: Derivative financial instruments — — — — Total assets — — — — Liabilities at fair value: Derivative financial instruments — (3,364 ) — (3,364 ) Total net liabilities — (3,364 ) — (3,364 )
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, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 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 2 602,777 626,222 602,083 626,613

Derivatives and hedging activ51

Derivatives and hedging activities (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 , 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 € 72,750 € 72,938 Interest rate swaps $ 210,325 $ 210,756 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, 2017 and December 31, 2016 : Fair value as of March 31, 2017 Fair value as of Balance sheet location $’000 $’000 Derivatives designated in a cash flow hedging relationship: Interest rate derivatives Accrued liabilities (1,850 ) (2,310 ) Interest rate derivatives Other liabilities (663 ) (1,054 ) Total (2,513 ) (3,364 )

Accumulated other comprehensi52

Accumulated other comprehensive income/loss (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 $’000 $’000 $’000 $’000 Balance at January 1, 2017 (337,053 ) (3,224 ) (12,062 ) (352,339 ) Other comprehensive income before reclassifications, net of tax provision of $Nil, $39 and $32 13,118 147 156 13,421 Amounts reclassified from AOCI, net of tax provision of $Nil, $136 and $Nil — 517 — 517 Net current period other comprehensive income 13,118 664 156 13,938 Balance at March 31, 2017 (323,935 ) (2,560 ) (11,906 ) (338,401 )
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, 2017 March 31, 2016 Details about AOCI components $’000 $’000 Affected line item in the statement of operations Derivative financial instruments: Cash flows from derivative financial instruments related to interest payments made for hedged debt instruments 517 709 Interest expense Total reclassifications for the period 517 709

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2017
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 12,015 13,425 North America 39,886 39,602 Rest of world 35,963 35,268 Total owned hotels 87,864 88,295 Owned trains and cruises 5,140 6,439 Part-owned/managed hotels 534 674 Part-owned/managed trains 1,823 1,994 Total management fees 2,357 2,668 Revenue 95,361 97,402
Reconciliation of adjusted earnings by segment to net earnings/losses	Reconciliation of consolidated earnings/(losses) from continuing operations to adjusted EBITDA: Three months ended March 31, March 31, $’000 $’000 Adjusted EBITDA Owned hotels: Europe (8,120 ) (5,617 ) North America 9,895 10,063 Rest of world 9,946 11,511 Total owned hotels 11,721 15,957 Owned trains and cruises (4,233 ) (2,819 ) Part-owned/managed hotels 259 668 Part-owned/managed trains 2,729 3,720 Total adjusted share of earnings from unconsolidated companies and management fees 2,988 4,388 Unallocated corporate: Central costs (9,400 ) (7,890 ) Share-based compensation (1,535 ) (1,742 ) Adjusted EBITDA (459 ) 7,894 Reconciliation from losses from continuing operations to adjusted EBITDA: Losses from continuing operations (18,012 ) (1,368 ) Depreciation and amortization 13,728 13,067 Interest income (146 ) (116 ) Interest expense 7,676 7,510 Foreign currency, net 234 (2,858 ) Benefit from income taxes (5,266 ) (9,596 ) Share of provision for income taxes of unconsolidated companies 246 876 (1,540 ) 7,515 Gain on disposal of property, plant and equipment (150 ) (150 ) Restructuring and other special items 1,231 529 Adjusted EBITDA (459 ) 7,894
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 (217 ) (87 ) Part-owned/managed trains 593 922 Total earnings from unconsolidated companies, net of tax 376 835 Reconciliation of capital expenditure to acquire property, plant and equipment by segment: Three months ended March 31, March 31, $’000 $’000 Owned hotels: Europe 6,230 3,078 North America 1,097 2,169 Rest of world 1,701 1,885 Total owned hotels 9,028 7,132 Owned trains and cruises 2,537 3,349 Unallocated corporate 430 532 Total capital expenditure to acquire property, plant and equipment 11,995 11,013
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 1,367 2,243 United Kingdom 6,087 6,798 United States 26,557 24,095 Brazil 18,163 18,443 All other countries 43,187 45,823 Total revenue 95,361 97,402

Basis of financial statement 54

Basis of financial statement presentation (Details) $ in Thousands	Mar. 31, 2017USD ($)restauranttraincanalboathotelship	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Number of hotels | hotel	34
Number of restaurants | restaurant	1
Number of trains | train	7
Number of river cruise ship businesses | ship	2
Number of canal boat businesses | canalboat	1
Error Corrections and Prior Period Adjustments Restatement
Retained earnings	$ 40,202	$ 58,313
Accumulated other comprehensive loss	$ (338,401)	(352,339)
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement
Retained earnings		5,562
Accumulated other comprehensive loss		$ (5,562)

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, 2017	Mar. 31, 2016
Numerator ($'000)
Net earnings/(losses) from continuing operations	$ (18,012)	$ (1,368)
Net earnings/(losses) from discontinued operations	35	(101)
Net losses/(earnings) attributable to non-controlling interests	(134)	(99)
Net earnings/(losses) attributable to Belmond Ltd.	$ (18,111)	$ (1,568)
Denominator (shares '000)
Basic weighted average shares outstanding (shares)	101,863	101,315
Effect of dilution (shares)	0	0
Diluted weighted average shares outstanding (in shares)	101,863	101,315
Basic earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	$ (0.177)	$ (0.014)
Net earnings/(losses) from discontinued operations (in dollars per share)	0	(0.001)
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)	(0.178)	(0.016)
Diluted earnings per share
Net earnings/(losses) from continuing operations (in dollars per share)	(0.177)	(0.014)
Net earnings/(losses) from discontinued operations (in dollars per share)	0	(0.001)
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)	$ (0.178)	$ (0.016)

Earnings per share - Securities

Earnings per share - Securities excluded from the computation of diluted earnings per share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of share options and share-based awards excluded from computation of earnings per share (in shares)	3,837,579	4,196,412
Number of share options and share-based awards unexercised (in shares)	3,837,579	4,196,412
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)	2,415,014	2,754,007
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)	1,422,565	1,442,405

Assets held for sale and disc57

Assets held for sale and discontinued operations - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings/(losses) from discontinued operations	$ 35,000	$ (101,000)
Assets held for sale	0		$ 0
Porto Cupecoy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings/(losses) from discontinued operations	35,000	(4,000)
Ubud Hanging Gardens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings/(losses) from discontinued operations	0	$ (97,000)
Legal fees	$ 97,000

Assets held for sale and disc58

Assets held for sale and discontinued operations - Summarized operating results for discontinued operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating results
Revenue	$ 0	$ 0
Earnings (losses) before tax, gain on sale and impairment	35	(101)
Earnings (losses) before tax	35	(101)
Net earnings/(losses) from discontinued operations	35	(101)
Ubud Hanging Gardens
Operating results
Revenue	0	0
Earnings (losses) before tax, gain on sale and impairment	0	(97)
Earnings (losses) before tax	0	(97)
Net earnings/(losses) from discontinued operations	0	(97)
Porto Cupecoy
Operating results
Revenue	0	0
Earnings (losses) before tax, gain on sale and impairment	35	(4)
Earnings (losses) before tax	35	(4)
Net earnings/(losses) from discontinued operations	$ 35	$ (4)

Variable interest entities - Na

Variable interest entities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Goodwill	$ 114,891	$ 113,343
Eastern and Oriental Express Ltd. | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	25.00%
Charleston Center LLC | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [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	$ 208,634	210,276
Goodwill	40,395	40,395
Liabilities of consolidated VIE for which creditors do not have recourse to Belmond	$ 120,597	$ 121,621

Variable interest entities - Ca

Variable interest entities - Carrying amounts and maximum exposure to loss for E&O joint venture (Details) - Variable Interest Entity, Not Primary Beneficiary - Eastern and Oriental Express Ltd. - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Carrying amounts, Total	$ 7,655	$ 7,589
Maximum exposure	7,655	7,589
Investment
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Investment/Due from unconsolidated company, Carrying amounts	2,858	2,818
Maximum exposure	2,858	2,818
Due from unconsolidated company
Schedule Of Unconsolidated Variable Interest Entity Asset Carrying Value and Maximum Exposure to Loss [Line Items]
Investment/Due from unconsolidated company, Carrying amounts	4,797	4,771
Maximum exposure	4,797	4,771
Guarantees
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
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

Investments in unconsolidated61

Investments in unconsolidated companies - Narratives (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2011	Mar. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	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
Number of hotels | hotel		34
Equity method investments current liabilities		$ 91,252	$ 89,785
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 | Guarantee of Governmental Concession | Variable Interest Entity, Not Primary Beneficiary
Schedule of Cost and Equity Method Investments [Line Items]
Guarantor obligations, maximum exposure		$ 7,261
Eastern and Oriental Express Ltd.
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment		25.00%
Buzios land joint venture
Schedule of Cost and Equity Method Investments [Line Items]
Ownership percentage in equity method investment		50.00%		50.00%
Cash consideration				$ 5,000
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		$ 17,267
Third-party Debt
Schedule of Cost and Equity Method Investments [Line Items]
Equity method investments current liabilities		$ 21,120	$ 21,021

Investments in unconsolidated62

Investments in unconsolidated companies - Summarized financial data for investments in unconsolidated companies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Summarized financial data for OEH's unconsolidated companies
Current assets	$ 83,258		$ 96,247
Property, plant and equipment, net of accumulated depreciation	298,338		295,662
Other non-current assets	29,651		29,442
Non-current assets	327,989		325,104
Total assets	411,247		421,351
Current liabilities, including $21,120 and $21,021 current portion of third-party debt	91,252		89,785
Long-term debt	148,709		153,876
Other non-current liabilities	28,005		27,545
Non-current liabilities	176,714		181,421
Total shareholders’ equity	143,281		150,145
Total liabilities and shareholders’ equity	411,247		$ 421,351
Equity Method Investment, Summarized Financial Information, Income Statement
Revenue	39,465	$ 38,738
Gross profit	25,519	25,844
Net earnings	$ 827	$ 1,804

Property, plant and equipment -

Property, plant and equipment - Major classes of property, plant and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, plant and equipment
Property, plant and equipment, gross	$ 1,476,007	$ 1,443,615
Less: Accumulated depreciation	(386,924)	(368,939)
Total property, plant and equipment, net of accumulated depreciation	1,089,083	1,074,676
Land and buildings
Property, plant and equipment
Property, plant and equipment, gross	1,026,444	1,010,362
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	185,587	179,537
Fixtures, fittings and office equipment
Property, plant and equipment
Property, plant and equipment, gross	244,896	235,098
River cruise ship and canal boats
Property, plant and equipment
Property, plant and equipment, gross	$ 19,080	$ 18,618

Property, plant and equipment64

Property, plant and equipment - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation	$ 13,595,000	$ 12,944,000
Property, plant and equipment, net	1,089,083,000		$ 1,074,676,000
Impairment of property, plant and equipment	0	0
Interest costs capitalized	$ 0	$ 0
Belmond Road to Mandalay
Property, Plant and Equipment [Line Items]
Impairment testing, percentage of excess carrying value	23.00%
Variable Interest Entity, Primary Beneficiary
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 200,864,000		201,861,000
Variable Interest Entity, Primary Beneficiary | Charleston Center LLC
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 200,864,000		$ 201,861,000

Goodwill - Changes in carrying

Goodwill - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill
Gross goodwill amount	$ 159,014	$ 157,466
Accumulated impairment	(44,123)	(44,123)
Net goodwill amount	114,891	113,343
Changes in the carrying amount of goodwill
Impairment	0
Foreign currency translation adjustment	1,548
Owned trains and cruises
Goodwill
Gross goodwill amount	6,413	6,325
Accumulated impairment	(662)	(662)
Net goodwill amount	5,751	5,663
Changes in the carrying amount of goodwill
Impairment	0
Foreign currency translation adjustment	88
Owned hotels - Europe | Total owned hotels
Goodwill
Gross goodwill amount	65,814	64,459
Accumulated impairment	(14,202)	(14,202)
Net goodwill amount	51,612	50,257
Changes in the carrying amount of goodwill
Impairment	0
Foreign currency translation adjustment	1,355
Owned hotels - North America | Total owned hotels
Goodwill
Gross goodwill amount	66,101	66,101
Accumulated impairment	(16,110)	(16,110)
Net goodwill amount	49,991	49,991
Changes in the carrying amount of goodwill
Impairment	0
Foreign currency translation adjustment	0
Owned hotels - Rest of world | Total owned hotels
Goodwill
Gross goodwill amount	20,686	20,581
Accumulated impairment	(13,149)	(13,149)
Net goodwill amount	7,537	$ 7,432
Changes in the carrying amount of goodwill
Impairment	0
Foreign currency translation adjustment	$ 105

Other intangible assets - Rollf

Other intangible assets - Rollforward of other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Carrying amount:
Balance at January 1, 2017	$ 17,738
Additions	0
Foreign currency translation adjustment	569
Balance at March 31, 2017	18,307
Accumulated amortization:
Balance at January 1, 2017	3,861
Charge for the period	133	$ 123
Foreign currency translation adjustment	37
Balance at March 31, 2017	4,031
Net book value:
Net book value	14,276		$ 13,877
Trade names
Carrying amount:
Balance at January 1, 2017	7,579
Additions	0
Foreign currency translation adjustment	493
Balance at March 31, 2017	8,072
Net book value:
Net book value	8,072		7,579
Favorable lease assets
Carrying amount:
Balance at January 1, 2017	8,501
Additions	0
Foreign currency translation adjustment	50
Balance at March 31, 2017	8,551
Accumulated amortization:
Balance at January 1, 2017	2,636
Charge for the period	92
Foreign currency translation adjustment	17
Balance at March 31, 2017	2,745
Net book value:
Net book value	5,806		5,865
Internet sites
Carrying amount:
Balance at January 1, 2017	1,658
Additions	0
Foreign currency translation adjustment	26
Balance at March 31, 2017	1,684
Accumulated amortization:
Balance at January 1, 2017	1,225
Charge for the period	41
Foreign currency translation adjustment	20
Balance at March 31, 2017	1,286
Net book value:
Net book value	$ 398		$ 433

Other intangible assets - Narra

Other intangible assets - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite Lived Intangible Assets
Amortization expense	$ 133	$ 123
Estimated amortization expense, remainder of 2017	399
Estimated amortization expense, year ending December 31, 2018	532
Estimated amortization expense, year ending December 31, 2019	532
Estimated amortization expense, year ending December 31, 2020	532
Estimated amortization expense, year ending December 31, 2021	532
Estimated amortization expense, year ending December 31, 2022	532
Favorable lease assets
Finite Lived Intangible Assets
Amortization expense	$ 92
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
Amortization expense	$ 41
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, 2017	Dec. 31, 2016
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 four years (2016 - two to five years), with a weighted average interest rate of 4.27% (2016 - 4.27%)	$ 602,777	$ 602,083
Obligations under capital lease	13	19
Total long-term debt and obligations under capital lease	602,790	602,102
Less: Current portion	5,307	5,284
Less: Discount on secured term loan	1,434	1,515
Less: Debt issuance costs	8,948	9,535
Non-current portion of long-term debt and obligations under capital lease	$ 587,101	$ 585,768
Weighted-average interest rate	4.27%	4.27%
Minimum
Debt Instrument [Line Items]
Period of debt repayment	3 years	2 years
Maximum
Debt Instrument [Line Items]
Period of debt repayment	4 years	5 years

Debt and obligations under ca69

Debt and obligations under capital lease - Narratives (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)	Aug. 31, 2014USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2017EUR (€)	Dec. 31, 1984USD ($)
Debt Instrument [Line Items]
Guaranteed debt of subsidiary			$ 489,737,000	$ 488,985,000
Deferred financing costs			8,948,000	9,535,000
Line of credit maximum borrowing capacity including working capital facility			105,533,000	105,525,000
Line of credit facility, remaining borrowing capacity including working capital facilities			105,533,000	105,525,000
Belmond Ltd
Debt Instrument [Line Items]
Debt instrument, face amount			489,737,000
Line of credit 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			$ 334,415,000
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			$ 155,322,000		€ 145,398,000
Belmond Ltd | Tranche Two term loan | European Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate			3.00%
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	$ 112,000,000	$ 86,000,000				$ 10,000,000
Interest payable noncurrent	$ 16,819,000
Gain on extinguishment of debt				1,200,000
Tax indemnity				2,800,000
Debt of consolidated VIE			$ 113,040,000	113,098,000
Deferred financing costs			$ 860,000	$ 888,000
Charleston Center LLC | London Interbank Offered Rate (LIBOR) | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.35%	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, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Remainder of 2017	$ 3,636
2,018	5,311
2,019	117,322
2,020	5,337
2,021	471,184
2022 and thereafter	0
Total long-term debt and obligations under capital lease	$ 602,790	$ 602,102

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Interest rate swaps (see Note 19)	$ 663	$ 1,054
Deferred gain on sale of Inn at Perry Cabin by Belmond	1,200	1,350
Deferred lease incentive	153	162
Tax indemnity provision on extinguishment of debt (see Note 9)	2,800	2,800
Total other liabilities	$ 4,816	$ 5,366

Pensions - Components of net pe

Pensions - Components of net periodic pension benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Components of net periodic pension benefit cost
Service cost	$ 0	$ 0
Interest cost on projected benefit obligation	171	226
Expected return on assets	(240)	(295)
Net amortization and deferrals	188	162
Net periodic benefit cost	$ 119	$ 93

Pensions - Narratives (Details)

Pensions - Narratives (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2017GBP (£)
Compensation and Retirement Disclosure [Abstract]
Estimated future employer contributions in next fiscal year	$ 1,590	€ 1,272
Contribution by employer	394		$ 455
Anticipated additional contribution by employer to plan	1,196
Total contributions expected by employer in current fiscal year	1,590
Payment obligation guaranteed by Belmond	$ 10,250			£ 8,200

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 5,266	$ 9,596

Interest expense (Details)

Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest Expense [Abstract]
Interest expense on long-term debt and obligations under capital lease	$ 6,907	$ 6,660
Interest on legal settlements	49	142
Amortization of debt issuance costs and discount on secured term loan	720	708
Total interest expense	$ 7,676	$ 7,510

Supplemental cash flow inform76

Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash paid during the period for:
Interest	$ 6,600	$ 6,313
Income taxes, net of refunds	4,328	4,931
Decrease in accounts payable	$ 1,219	$ 845

Restricted cash - Major balance

Restricted cash - Major balances in restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 7,729	$ 2,585
Other assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, long-term	686	755
Cash deposits required to be held with lending banks as collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	686	755
Prepaid customer deposits which will be released to Belmond under its revenue recognition policy
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,576	1,341
Bonds and guarantees
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 467	$ 489

Share-based compensation plan78

Share-based compensation plans - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)share_based_plan	Mar. 31, 2016USD ($)
Share-based compensation plans
Number of share-based compensation plans | share_based_plan	2
Compensation cost	$ 1,535	$ 1,642
Total unrecognized compensation cost related to unexercised stock options and unvested share awards	$ 11,468
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, 2017$ / sharesshares
Vesting March 17, 2018 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	34,450
Exercise/Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 17, 2019 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	34,450
Exercise/Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 17, 2020 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	117,231
Exercise/Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 17, 2020 | Deferred shares with performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	228,500
Exercise/Purchase price (in dollars per share) | $ / shares	$ 0.01
Vesting March 17, 2021 | Restricted shares without performance criteria
Share-based compensation plans
Granted deferred shares (in shares) | shares	34,450
Exercise/Purchase price (in dollars per share) | $ / shares	$ 0.01

Commitments and contingencies -

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

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2015USD ($)

Mar. 31, 2010USD ($)

Mar. 31, 2017USD ($)installment

Mar. 31, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2013USD ($)

Mar. 31, 2017BRL

Aug. 31, 2016

Jul. 31, 2015USD ($)

Mar. 20, 2015USD ($)

Mar. 20, 2015BRL

Feb. 28, 2013USD ($)

Commitments

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

Rental expenses

$ 3,498

$ 2,620

Purchase of property, plant and equipment

Commitments

Amount of outstanding contracts

12,203

$ 7,772

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

$ 7,031

Belmond Hotel das Cataratas

Commitments

Proposed change in rent rate

25.00%

Unasserted claim | Copacabana Palace

Commitments

Loss contingency, possible loss, amount not accrued

$ 27,000

Lease agreements | Belmond Hotel das Cataratas

Commitments

Aggregate amount due per Ministry

$ 5,365

BRL 17,000

Loss contingency accrual (more than for the $200,000)

$ 6,998

BRL 22,171

Settlement with Taxing Authority | Porto Cupecoy | Maximum

Commitments

Aggregate amount due per Ministry

$ 16,500

Commitments and contingencies81

Commitments and contingencies - Future rental payments under operating leases (Details) $ in Thousands	Mar. 31, 2017USD ($)
Future rental payments under operating leases in respect of equipment rentals and leased premises
Remainder of 2017	$ 9,541
2,018	12,524
2,019	10,796
2,020	10,663
2,021	11,401
2,022	9,289
2023 and thereafter	62,755
Future rental payments under operating leases	$ 126,969

Fair value measurements - Finan

Fair value measurements - Financial instruments recorded at fair value (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets at fair value:
Derivative financial instruments	$ 0	$ 0
Total assets	0	0
Liabilities at fair value:
Derivative financial instruments	(2,513)	(3,364)
Total net liabilities	(2,513)	(3,364)
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	0	0
Total assets	0	0
Liabilities at fair value:
Derivative financial instruments	(2,513)	(3,364)
Total net liabilities	(2,513)	(3,364)
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, 2017	Dec. 31, 2016
Estimated fair values of financial instruments (other than derivative financial instruments)
Carrying amount - Loans from banks and other parties	$ 602,777	$ 602,083
Level 2
Estimated fair values of financial instruments (other than derivative financial instruments)
Carrying amount - Loans from banks and other parties	602,777	602,083
Fair value - Loans from banks and other parties	$ 626,222	$ 626,613

Derivatives and hedging activ84

Derivatives and hedging activities - Notional amounts of outstanding interest rate derivatives (Details) € in Thousands, $ in Thousands	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2016EUR (€)
Interest rate swaps
Derivatives and hedging activities
Derivative, notional amount	$ 210,325	€ 72,750	$ 210,756	€ 72,938
Interest rate caps
Derivatives and hedging activities
Derivative, notional amount	$ 17,200		$ 17,200

Derivatives and hedging activ85

Derivatives and hedging activities - Fair value of derivative financial instruments (Details) - Derivatives designated in a cash flow hedging relationship - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair value of derivative financial instruments
Total fair value, net	$ (2,513)	$ (3,364)
Interest rate swaps | Accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative liabilities	(1,850)	(2,310)
Interest rate swaps | Other liabilities
Fair value of derivative financial instruments
Fair value of derivative liabilities	$ (663)	$ (1,054)

Derivatives and hedging activ86

Derivatives and hedging activities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Loss recorded in other comprehensive income/(loss)	$ 2,342	$ 7,661
Fair value of derivatives in a net liability position	2,513		$ 3,364
Assets required to settle obligations under derivatives with credit-risk-related contingent features upon breach of provisions, termination value	2,513		3,370
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Fair value of non-derivative hedging instruments	155,323		$ 153,472
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	$ 1,821

Accumulated other comprehensi87

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, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2017	$ (352,339)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive income, net of tax	13,901	$ 13,739
Balance at March 31, 2017	(338,401)
Accumulated other comprehensive income/(loss)
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2017	(352,339)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications, net of tax provision of $Nil, $39 and $32	13,421
Amounts reclassified from AOCI, net of tax provision of $Nil, $136 and $Nil	517
Total other comprehensive income, net of tax	13,938	$ 13,692
Balance at March 31, 2017	(338,401)
Foreign currency translation adjustments
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2017	(337,053)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications, net of tax provision of $Nil, $39 and $32	13,118
Amounts reclassified from AOCI, net of tax provision of $Nil, $136 and $Nil	0
Total other comprehensive income, net of tax	13,118
Balance at March 31, 2017	(323,935)
Other Comprehensive Income (Loss) before Reclassifications Tax
Other Comprehensive Income (Loss) before Reclassifications, Tax	0
Reclassification from AOCI, Current Period, Tax
Reclassification from AOCI, Current Period, Tax	0
Derivative financial instruments
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2017	(3,224)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications, net of tax provision of $Nil, $39 and $32	147
Amounts reclassified from AOCI, net of tax provision of $Nil, $136 and $Nil	517
Total other comprehensive income, net of tax	664
Balance at March 31, 2017	(2,560)
Other Comprehensive Income (Loss) before Reclassifications Tax
Other Comprehensive Income (Loss) before Reclassifications, Tax	39
Reclassification from AOCI, Current Period, Tax
Reclassification from AOCI, Current Period, Tax	136
Pension liability
Increase (Decrease) in Stockholders' Equity
Balance at January 1, 2017	(12,062)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications, net of tax provision of $Nil, $39 and $32	156
Amounts reclassified from AOCI, net of tax provision of $Nil, $136 and $Nil	0
Total other comprehensive income, net of tax	156
Balance at March 31, 2017	(11,906)
Other Comprehensive Income (Loss) before Reclassifications Tax
Other Comprehensive Income (Loss) before Reclassifications, Tax	32
Reclassification from AOCI, Current Period, Tax
Reclassification from AOCI, Current Period, Tax	$ 0

Accumulated other comprehensi88

Accumulated other comprehensive income/loss - Reclassifications out of accumulated other comprehensive income/(loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 7,676	$ 7,510
Net losses	(17,977)	(1,469)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net losses	517	709
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	$ 517	$ 709

Segment information - Narrative

Segment information - Narratives (Details)	3 Months Ended
	Mar. 31, 2017restaurantsegment
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, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Revenue	$ 95,361	$ 97,402
Hotel
Segment Reporting Information [Line Items]
Revenue	87,864	88,295
Hotel | Part-owned/managed hotels
Segment Reporting Information [Line Items]
Revenue	534	674
Hotel | Europe
Segment Reporting Information [Line Items]
Revenue	12,015	13,425
Hotel | North America
Segment Reporting Information [Line Items]
Revenue	39,886	39,602
Hotel | Rest of world
Segment Reporting Information [Line Items]
Revenue	35,963	35,268
Trains and Cruises
Segment Reporting Information [Line Items]
Revenue	5,140	6,439
Trains and Cruises | Part-owned/managed trains
Segment Reporting Information [Line Items]
Revenue	1,823	1,994
Part owned trains and hotels
Segment Reporting Information [Line Items]
Revenue	$ 2,357	$ 2,668

Segment information - Segment e

Segment information - Segment earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	$ (459)	$ 7,894
Central costs	(9,400)	(7,890)
Share-based compensation	(1,535)	(1,742)
Adjusted EBITDA	(459)	7,894
Net losses from continuing operations	(18,012)	(1,368)
Depreciation and amortization	13,728	13,067
Interest income	(146)	(116)
Interest expense	7,676	7,510
Foreign currency, net	234	(2,858)
Benefit from income taxes	(5,266)	(9,596)
Share of provision for income taxes of unconsolidated companies	246	876
EBITDA	(1,540)	7,515
Gain on disposal of property, plant and equipment	(150)	(150)
Restructuring and other special items	1,231	529
Hotel
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	11,721	15,957
Hotel | Part-owned/managed hotels
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	259	668
Hotel | Europe
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	(8,120)	(5,617)
Hotel | North America
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	9,895	10,063
Hotel | Rest of world
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	9,946	11,511
Trains and Cruises
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	(4,233)	(2,819)
Trains and Cruises | Part-owned/managed trains
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	2,729	3,720
Part owned trains and hotels
Reconciliation from losses from continuing operations to adjusted EBITDA:
Segment Adjusted EBITDA	$ 2,988	$ 4,388

Segment information - Reconcili

Segment information - Reconciliation of other significant reconciling items from segments to consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	$ 376	$ 835
Capital expenditure to acquire property, plant and equipment	11,995	11,013
Unallocated corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	430	532
Hotel
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	9,028	7,132
Hotel | Europe
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	6,230	3,078
Hotel | North America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	1,097	2,169
Hotel | Rest of world
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	1,701	1,885
Hotel | Part-owned/managed hotels
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	(217)	(87)
Trains and Cruises
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditure to acquire property, plant and equipment	2,537	3,349
Trains and Cruises | Part-owned/managed trains
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from unconsolidated companies, net of tax	$ 593	$ 922

Segment information - Revenues

Segment information - Revenues by geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 95,361	$ 97,402
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	1,367	2,243
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	6,087	6,798
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	26,557	24,095
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	18,163	18,443
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 43,187	$ 45,823

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jun. 30, 2007
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%
Related party revenue	$ 114,000	$ 122,000
Amounts payable to Belmond	$ 4,797,000		$ 4,886,000
Peruvian hotel and rail joint ventures
Related party transactions
Ownership percentage in equity method investment	50.00%
Related party revenue	$ 2,243,000	$ 2,575,000
Amounts payable to Belmond	$ 10,244,000		6,907,000
Buzios land joint venture
Related party transactions
Ownership percentage in equity method investment	50.00%			50.00%
Amounts payable to Belmond	$ 404,000		$ 372,000