Orient Express Hotels Ltd. made a net loss of $22.5 million or 25 cents per share during the third quarter of 2010, but boosted its total revenue, excluding real estate, by 14 percent or $19.2 million to $159 million.

The Bermuda-based company, which made a net loss of $13 million or 17 cents per share in 2009, saw its revenue from owned hotels also rise 16 percent or $18.1 million to $132 million in the third quarter, while owned hotels RevPAR was up 14 percent in local currency and 11 percent in US dollars.

But trains and cruises revenue in the third quarter dropped to $23.6 million for the quarter from $23.9 million in the third quarter of 2009.

Excluding the effects of the two new hotels in Sicily, 47 percent of the increase in revenue from owned hotels was converted into EBITDA. Adjusted EBITDA before real estate and impairment was up 22 percent at $37.1 million compared to $30.3 million in the prior year.

The company also closed or signed refinancing agreements for 86 percent of $439.3 million of debt maturing in 2011 and reached an agreement for the sale of its non-core asset for $12.5 million

Meanwhile it received $5.8 million in insurance proceeds for the cyclone damage caused at Bora Bora Lagoon Resort and $5.7 million was received by the PeruRail joint venture during the quarter and a further $1.5 million proceeds was received by Peru hotels joint venture in October relating to the floods earlier in the year.

"The third quarter has traditionally been our strongest trading quarter, and this has proven to be the case in 2010," said Paul White, president and CEO of Orient Express Hotels.

"RevPAR growth of 14 percent (same store local currency) and a 140 basis points positive movement in margins underpinned the 21 percent increase in EBITDA before real estate and impairment."