GLOBAL UPDATE
It is a good thing Orient-Express Hotels ’ new CEO John Scott is seasoned as an asset manager . Walking in the door last November , he had to manage burdensome debt levels , reassess 46 properties , earmark some of those for sale and manage the fallout after the company had just turned down a US $ 1.2 billion takeover offer from Indian Hotels Co .
The former president and CEO of Rosewood Hotels & Resorts is managing a company that needs to increase its stock price and at the same time is creating a new culture . And he is not shy to say the company is not for sale — not that it is his call should a better offer be made .
“ My approach is about execution , urgency and focus ,” Scott says . “ The organization has been adapting to my need for speed to get things done .”
To address the debt on balance sheet that stood at US $ 900 million in 2008 and a
OEH CURRENTLY HAS A DEBT-TO- EBITDA RATIO UNDER 5
TIMES , AND SCOTT SAYS THE GOAL IS TO GET IT TO 4 TIMES WITHIN 12 MONTHS WITH EBITDA GROWTH .
SCOTT ON HOT SEAT AT OEH
debt-to-EBITDA ratio that was almost 10 times at its peak , goals include growing cash flows , asset sales and paying down debt . “ We are under 5 times now and the goal is to get it to 4 times within 12 months with EBITDA growth ,” Scott says . “ With select pruning of the portfolio we will get there . We have good liquidity , and total debt to EBITDA is in good shape .”
Scott has brought in a global HR person , someone on the tech services front and Rosewood veteran Ralph Aruzza as chief sales and marketing officer . He also hopes to grow third-party management , especially where OEH can leverage its existing infrastructure , and hopes to have at least one deal to announce later this year .
“ OEH wasn ’ t broken on culture ; it just needed focus and direction ,” Scott says . “ We also need a little more consistency , more metrics surrounding how we hold ourselves accountable .”
STICK
Food on a stick may have a downmarket reputation , but Grace Bay Club in
TO IT
Providenciales , Turks & Caicos , has given the genre an upscale twist at Stix on Grace Bay , a pop-up restaurant and bar concept that debuted last December on Grace Bay Beach .
Nikheel Advani , COO of Grace Bay Resorts , traveled to New York City with Chef Wolfgang von Wieser to find inspiration for a totally new concept for the area . “ We were inspired by the ever-changing fashion world — just as the colors , textures and shapes of fashion evolve with the seasons , so will Stix on Grace Bay ,” Advani says .
The outlet serves “ everything on a stick ,” including grilled Kurobuta pork belly with barbecue syrup and sweet potato straw ( US $ 13 ), jerk-roasted corn on the cob with Grace Bay coconut ( US $ 7 ) and a piña colada popsicle ( US $ 9 ). “ Serving everything on a stick allows us to create innovative but easy bites our guests can enjoy in between meals and at their leisure , with no need for utensils or fancy flatware ,” Advani explains .
Stix is slated to close in July , but will be reintroduced later this year , Advani says . The concept may also pop up elsewhere in locations such as a retail space in New York City .
Grilled Kurobuta pork belly with barbecue syrup and sweet potato straw ( US $ 13 ) is on the menu at Stix on Grace Bay .
10 HOTELS July / August 2013 www . hotelsmag . com