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Discontinued operations (Tables)
 9 Months Ended
Sep. 30, 2012
Discontinued operations  
Summary of the net assets sold and gain on Sale
The following is a summary of net assets sold and the gain recorded on sale for The Observatory Hotel, Bora Bora Lagoon Resort, Keswick Hall and Hôtel de la Cité:

 
The Observatory Hotel
 
Bora Bora Lagoon Resort
 
Keswick Hall
 
Hôtel de la Cité
 
August 8, 2012
 
June 1, 2012
 
January 23, 2012
 
August 1, 2011
 
$'000
 
$'000
 
$'000
 
$'000
Property, plant and equipment, net
48,096

 
15,827

 
18,590

 
13,147

Net working capital (deficit)/surplus
(299
)
 
(720
)
 
401

 
266

 
 
 
 
 
 
 
 
Net assets
47,797

 
15,107

 
18,991

 
13,413

Transfer of foreign currency translation gain
(12,147
)
 
(13,074
)
 
—

 
(3,018
)
 
 
 
 
 
 
 
 
 
35,650

 
2,033

 
18,991

 
10,395

Consideration:
 
 
 

 
 

 
 
Cash
30,895

 
3,000

 
12,000

 
12,933

Reduction in debt facility on sale of hotel
11,211

 
—

 
10,000

 
—

Less: Working capital adjustment
(447
)
 
—

 
(430
)
 
—

Less: Costs to sell
(642
)
 
(277
)
 
(513
)
 
(356
)
 
 
 
 
 
 
 
 
 
41,017

 
2,723

 
21,057

 
12,577

 
 
 
 
 
 
 
 
Gain on sale
5,367

 
690

 
2,066

 
2,182
Bora Bora Lagoon Resort and Keswick Hall
  
Discontinued operations  
Summary of Results of Discontinued Operations
Summarized operating results of the properties classified as discontinued operations for the three and nine months ended September 30, 2012 and 2011 (including residual transactions relating to properties disposed of in prior periods which are recorded in “Other”) are as follows:

 
Three months ended September 30, 2012
 
The Observatory Hotel
 
The Westcliff
 
Bora Bora Lagoon Resort
 
Other
 
Total
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
Revenue
1,204

 
2,404

 
—

 
(15
)
 
3,593

 
 
 
 
 
 
 
 
 
 
(Losses)/earnings before tax and gain/(loss) on sale
(406
)
 
192

 
(28
)
 
92

 
(150
)
Gain/(loss) on sale
5,367

 
—

 
(18
)
 
—

 
5,349

 
 
 
 
 
 
 
 
 
 
Earnings/(losses) before tax
4,961

 
192

 
(46
)
 
92

 
5,199

Tax benefit
426

 
—

 
—

 
—

 
426

 
 
 
 
 
 
 
 
 
 
Net earnings/(losses) from discontinued operations
5,387

 
192

 
(46
)
 
92

 
5,625

 
 
Three months ended September 30, 2011
 
The
Observatory
Hotel
 
The Westcliff
 
Bora Bora
Lagoon
Resort
 
Keswick Hall
 
Hôtel de la
Cité
 
Other
 
Total
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
Revenue
3,857

 
2,356

 
—

 
3,470

 
1,238

 
—

 
10,921

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Losses)/earnings before tax and gain on sale
(542
)
 
(183
)
 
(111
)
 
(51
)
 
193

 
(60
)
 
(754
)
Impairment
—

 
—

 
(2,150
)
 
(23,934
)
 
—

 
—

 
(26,084
)
Gain on sale
—

 
—

 
—

 
—

 
2,182

 
—

 
2,182

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Losses)/earnings before tax
(542
)
 
(183
)
 
(2,261
)
 
(23,985
)
 
2,375

 
(60
)
 
(24,656
)
Tax benefit/(provision)
—

 
—

 
—

 
7,001

 
(795
)
 
—

 
6,206

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (losses)/earnings from discontinued operations
(542
)
 
(183
)
 
(2,261
)
 
(16,984
)
 
1,580

 
(60
)
 
(18,450
)
 
 
Nine months ended September 30, 2012
 
The Observatory
Hotel
 
The Westcliff
 
Bora Bora Lagoon
Resort
 
Keswick Hall
 
Total
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
Revenue
9,188

 
6,929

 
—

 
412

 
16,529

 
 
 
 
 
 
 
 
 
 
Losses before tax and gain on sale
(1,034
)
 
(27
)
 
(166
)
 
(925
)
 
(2,152
)
Gain on sale
5,367

 
—

 
690

 
2,067

 
8,124

 
 
 
 
 
 
 
 
 
 
Earnings/(losses) before tax
4,333

 
(27
)
 
524

 
1,142

 
5,972

Tax benefit/(provision)
426

 
—

 
—

 
(405
)
 
21

 
 
 
 
 
 
 
 
 
 
Net earnings/(losses) from discontinued operations
4,759

 
(27
)
 
524

 
737

 
5,993


 
Nine months ended September 30, 2011
 
The
Observatory
Hotel
 
The Westcliff
 
Bora Bora
Lagoon
Resort
 
Keswick Hall
 
Hôtel de la
Cité
 
Other
 
Total
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
Revenue
12,207

 
6,988

 
—

 
10,764

 
3,782

 
—

 
33,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Losses before tax and gain on sale
(838
)
 
(761
)
 
(286
)
 
(917
)
 
(303
)
 
(78
)
 
(3,183
)
Impairment
—

 
—

 
(2,150
)
 
(23,934
)
 
—

 
—

 
(26,084
)
Gain on sale
—

 
—

 
—

 
—

 
2,182

 
—

 
2,182

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Losses)/earnings before tax
(838
)
 
(761
)
 
(2,436
)
 
(24,851
)
 
1,879

 
(78
)
 
(27,085
)
Tax benefit/(provision)
—

 
—

 
—

 
7,001

 
(795
)
 
—

 
6,206

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (losses)/earnings from discontinued operations
(838
)
 
(761
)
 
(2,436
)
 
(17,850
)
 
1,084

 
(78
)
 
(20,879
)
Observatory Hotel, Westcliff and Bora Bora Lagoon Resort
  
Discontinued operations  
Summary of Assets and Liabilities Classified as Held-for-Sale
Assets and liabilities of the properties classified as held for sale consist of the following:
 
 
September 30, 2012
 
December 31, 2011
 
The
Westcliff
 
Total
 
The
Observatory
Hotel
 
The
Westcliff
 
Bora Bora
Lagoon
Resort
 
Keswick
Hall
 
Total
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
 
$’000
Current assets
87

 
87

 
373

 
87

 
45

 
3,260

 
3,765

Other assets
—

 
—

 
—

 
—

 
—

 
4,741

 
4,741

Property, plant and equipment
18,639

 
18,639

 
47,189

 
19,273

 
16,427

 
13,778

 
96,667

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets held for sale
18,726

 
18,726

 
47,562

 
19,360

 
16,472

 
21,779

 
105,173

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
(266
)
 
(266
)
 
(1,212
)
 
(269
)
 
(843
)
 
(938
)
 
(3,262
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities held for sale
(266
)
 
(266
)
 
(1,212
)
 
(269
)
 
(843
)
 
(938
)
 
(3,262
)