OEH has three business segments: (1) hotels and restaurants, (2) tourist trains and cruises, and (3) real estate and property development.  Hotels currently consist of 39 deluxe hotels.  Thirty-five of these hotels are wholly or majority owned, and are referred to in this discussion as “owned hotels”.  The other four hotels, in which OEH has an equity interest and operates under management contracts, are referred to in this discussion as “hotel management interests”.  Of the owned hotels, 12 are located in Europe, seven in North America and 16 in the rest of the world. 

In addition to the purchase in...