Orient-Express
Hotels Ltd announced today the ground
breaking of a major development on a 12 acre site that the company owns on
the Dutch side of the island of Saint Martin in the French West Indies. To
be called the Cupecoy Yacht Club, the condominium development will be
mixed-use including a marina and retail outlets. This is the company’s
second project on the island; the ground breaking of its villa development
on the French side was announced last quarter. The Yacht Club development will be situated on the west side of Cupecoy
Bay on the last significant developable parcel on the lagoon. Designed to
recreate a European seaside village, the buildings and village square will
provide lagoon and sea views. Condominiums will be designed and built to
the highest standards with gourmet kitchens, spacious bedrooms and
bathrooms, all featuring imported tiles, natural stone and rich woods. A
number of units will feature private gardens and/or pools.

The project has received full permissions from the Dutch Executive Council
of Saint Martin, including water rights for the yacht marina,
infrastructure and relocation of the main road. Construction is underway
with two model units nearly complete.

The Cupecoy Yacht Club will consist of specialty retail boutiques, three
restaurants, tennis centre, fitness centre and spa, 24-hour security
service and a 40-berth marina. The 169 condominiums range from 750 to
3,000 square feet. The village marina is designed to accommodate vessels
from 20 feet up to mega yachts (vessels above 300 ft). Owners will have an
option to lease berths with their condominium.

Sales of the condominiums will begin immediately with model units
available for viewing by March 1, 2005. Pricing begins at $300,000 for
one-bedroom units; $450,000 for two-bedroom units and $550,000 for
three-bedroom units. Penthouses will also be available. Occupancy of the
first units is expected by the fall of 2007.

“Initial interest in the project is very strong from Americans seeking a
second home in the Caribbean, while European demand has been boosted as a
result of the strong Euro.” said Bernard Sarme, Project Director.

Cupecoy Yacht Club represents the newest addition to Orient-Express Hotels
Property Developments - the company’s real estate development arm. Other
existing projects include Keswick Club and Estates in Charlottesville,
Virginia and the Villas at La Samanna, located in French Saint Martin. In
addition, three other projects are in the planning phase: on Riviera Maya,
Mexico at the Maroma Resort and Spa; in St. Michaels, Maryland at the Inn
at Perry Cabin; and in Bora Bora, French Polynesia at the Bora Bora Lagoon
Resort.

“For Orient-Express, these projects provide increased earnings from the
company’s extensive land holdings and ongoing earnings from associated
management income,” noted Simon M.C. Sherwood, President of Orient-Express
Hotels.

The 37 square mile island of Saint Martin is one island with two nations.
For visitors this means a true multicultural experience where numerous
languages are spoken, the cuisine is outstanding and the hospitality
refined. The Cupecoy Yacht Club development is ideally situated just 15
minutes from Marigot - the capital of French Saint Martin - and a short
drive from the fabulous restaurants of Grand Case.
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