June 3, 2009 (FinancialWire) — Orient-Express Hotels Ltd. (NYSE: OEH) said that it has sold its Lisbon hotel, Lapa Palace, to a private Portuguese investor for €29.4 million, or around $41.8 million.

Company CEO Paul White said, “We have previously stated our intention to dispose of non-core assets.” He said that Orient “had developed” Lapa Palace and “grown our business there as far as we could.”

He added that, while Lisbon “is a key European capital city, it is not a prime leisure destination, and as such does not have sufficient appeal for our elite leisure audience.”

White said that the company is “very satisfied with this deal which represents 18 times 2007 EBITDA, 22 times 2008 EBITDA and is evidence that values of luxury hotel assets in Europe remain robust.”

Bermuda-based Orient-Express Hotels owns or part-owns and manages 51 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries.

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