NEW YORK (AP) -- Hotel owner and manager Orient-Express Hotels Ltd. said Wednesday it acquired Grand Hotel Timeo and Villa Sant'Andrea in Italy for $117 million.
The company also said it sold its Australian property, Lilianfels Blue Mountains, to Lilianfels Hotel Pty Ltd. for $19.3 million.
Orient-Express said the sale of its Australian property helped its balance sheet and it said it expects to make "significant improvements" in performance at both of the properties it acquired
