Investor makes buyout offer for Charleston Place co-owner
The manager and co-owner of the region’s biggest hotel may be sold.
Orient-Express Hotels Ltd., which runs Charleston Place and has a 19.9 percent stake in the company that owns in the 440-rrom property, received a buyout offer today from one of its investor.
Indian Hotels Co. has proposed to buy the 93.1 percent of Orient-Exress that it doesn’t already own for $12.63 a share, or $1.3 billion.
“This premium cash offer represents a compelling value proposition for the company shareholders, especially in light of the current fragile state of the global economy and the lack of clarity about the prospects for recovery,” according to a letter Indian Hotels filed today with the U.S. Securities and Exchange Commission.
Charleston Place general manager Paul Stracey said he had no information about the buyout offer other than what was being reported by news outlets.
“It’s very high-level right now as far as I can see,” he said.
Orient-Express also owns New York’s 21 Club and Rio de Janeiro’s Copacabana Palace.
Check back at www.postandcourier.com later for more details.