**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

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**FORM 10-K/A**

 

**Amendment No. 1**

 

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**(MarkOne)**

 
| **x**      | **ANNUAL  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934** |
|------------|------------------------------------------------------------------------------------------------------|
|       |                                                                                                 |
| ** ** | **For  the fiscal year ended December 31, 2008**                                                |

 
| **OR** |
|--------|

 
| **o**      | **TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934**  |
|------------|-----------------------------------------------------------------------------------------------------------|
| ** ** | ** **                                                                                                |
| ** ** | **For  the transition period  from            to** |

 

**Commission File Number 1-16017**

 

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**ORIENT-EXPRESS HOTELS LTD.**

(Exact name of registrant as specified in its charter)

 

| **Bermuda**                     | ** ** | **98-0223493**      |
|---------------------------------|------------|---------------------|
| (State or other jurisdiction of |       | (I.R.S. Employer    |
| incorporation or organization)  |       | Identification No.) |

 

**22 Victoria Street,Hamilton HM 12, Bermuda**

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: **(441) 295-2244**

 

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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 

| **Title of each class**           | ** ** | **Name of each exchange  on which registered** |
|--------------------------------------------------|------------|-------------------------------------------------------------------------|
|                                             |       |                                                                    |
| Class A Common Shares, $0.01 par value each |       | New York Stock Exchange                                                 |
| Preferred Share Purchase Rights                  |       | New York Stock Exchange                                                 |

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: **None.**

 

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Indicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405of the Securities Act. Yes o   No x

 

Indicate by checkmark if the registrant is not required to file reports pursuant to Section 13or Section 15(d) of the Act.  Yes o  No x

 

Indicate by checkmark whether the registrant (1) has filed all reports required to be filedby Section 13 or 15(d) of the Act during the preceding 12 months(or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for thepast 90 days.  Yes x  No o

 

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to thebest of registrant’s knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or anyamendment to this Form 10-K. (Not applicable. See third paragraph underItem 1—Business on page 4 of Form 10-K)

 

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer,a non-accelerated filer or a smaller reporting company.  See definition of“large accelerated filer”, “accelerated filer” and “smaller reporting company”in Rule 12b-2 of the Act. (Check one):

 

| Large Accelerated  Filer x                |   |   |   | Accelerated Filer o          |
|------------------------------------------------|--------|--------|--------|-----------------------------------|
|                                           |   |   |   |                              |
| Non-Accelerated  Filer o                  |   |   |   | Smaller reporting  company o |
| (Do not check if a  smaller reporting company) |   |   |

 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2of the Act).  Yes o  No x

 

The aggregatemarket value of the Class A common shares held by non-affiliates of theregistrant computed by reference to the closing price on June 30, 2008(the last business day of the registrant’s second fiscal quarter in 2008) wasapproximately $1,840,200,000.

 

As of April 24,2009, 50,959,500 Class A common shares and 18,044,478 Class B commonshares of the registrant were outstanding.  All of the Class B shares are owned by asubsidiary of the registrant (see Note 14(d) to the FinancialStatements (Item 8) in Form 10-K).

 

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DOCUMENTS INCORPORATED BY REFERENCE:  **None**

 

 

 

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**EXPLANATORY NOTE**

 

Orient-Express HotelsLtd. (the “Company”) is filing this Amendment No. 1 (the “Amendment”) toits Annual Report on Form 10-K for the fiscal year ended December 31,2008 (the “Original Filing”), which was filed with the U.S. Securities andExchange Commission on March 2, 2009.

 

 This Amendment is being filed solely to amendand restate Exhibit 12 by filing a corrected Computation of Ratios ofEarnings to Fixed Charges.

 

Except as describedabove, no other changes have been made to the Original Filing, and this Form 10-K/Adoes not amend, update or change any other items or disclosures in the OriginalFiling.  This Form 10-K/A does notdoes not reflect events occurring after the Original Filing and, other thancorrecting the information in Exhibit 12, does not modify or update thedisclosures in the Original Filing in any way.

 

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**PART IV**

 

**ITEM 15.****                                             ****Exhibits and FinancialStatement Schedules**

 

(1) and(2): No financial statements or schedules are filed with this report on Form 10-K/A.

 

(3) **Exhibits**

 

The index to exhibits appears below, on the pages immediatelyfollowing the signature page to this report.

 

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** **

**SIGNATURES**

 

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

 
| Dated: April 24,  2009 |   |                                           |
|-----------------------------|--------|------------------------------------------------|
|                        |   |                                           |
|                        |   | ORIENT-EXPRESS HOTELS  LTD.                    |
|                        |   |                                           |
|                        |   |                                           |
| ** **                  | By:    | /s/ Edwin S. Hetherington                      |
|                        |   | Edwin S. Hetherington                          |
|                        |   | Vice President, General  Counsel and Secretary |

 

**EXHIBIT INDEX**

 
| **Exhibit  No.** | ** ** | **Incorporated by  Reference to**                                                                                             | ** ** | **Description**                                                                                                                                                                                                                 |
|------------------|------------|-------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |       |                                                                                                                          |       |                                                                                                                                                                                                                            |
| 3.1              |       | Exhibit 3.1 to  July 9, 2007 Form 8-K Current Report (File No. 1- 16017)                                  |       | Memorandum of  Association and Certificate of Incorporation of Orient-Express Hotels Ltd.                                                                                                                                       |
| 3.2              |       | Exhibit 3.2 to  June 15, 2007 Form 8-K Current Report (File No. 1- 16017)                                 |       | Bye-Laws of  Orient-Express Hotels Ltd.                                                                                                                                                                                         |
| 3.3              |       | Exhibit 1 to  April 23, 2007 Amendment No. 1 to  Form 8-A Registration Statement (File No. 1- 16017) |       | Rights Agreement dated  June 1, 2000, and amended and restated April 12, 2007, between  Orient-Express Hotels Ltd. and Computershare Trust Company N.A., as Rights  Agent                                             |
| 3.4              |       | Exhibit 4.2 to  December 10, 2007 Form 8-K Current Report (File No. 1-16017)                              |       | Amendment No. 1  dated December 10, 2007 to Amended and Restated Rights Agreement  (Exhibit 3.3)                                                                                                                 |
| 4.1              |       | Exhibit 1.1 to  July 26, 2006 Form 8-K Current Report (File No. 1-16017)                                  |       | Secured Facility  Agreement dated July 20, 2006 for Orient-Express Hotels Ltd. arranged by  Barclays Capital with Barclays Bank PLC acting as Agent and Barclays Bank PLC  acting and Security Trustee                     |
| 4.2              |       | Exhibit 1.2 to  July 26, 2006 Form 8-K Current Report (File No. 1-16017)                                  |       | Secured Facility  Agreement dated July 20, 2006 for Orient-Express Hotels Ltd. arranged by  BarclaysCapital with Banca Nazionale del Lavoro S.p.A. acting as Lender and Barclays Bank  PLC acting as Security Trustee |

 

OEH has no instrumentwith respect to long-term debt not listed above under which the total amount ofsecurities authorized exceeds 10% of the total assets of OEH on a consolidatedbasis.  The Company agrees to furnish to the SEC upon request a copy ofeach instrument with respect to long-term debt not filed as an exhibit to thisreport.

 

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| **Exhibit  No.** | ** ** | **Incorporated by  Reference to**                                                  | ** ** | **Description**                                                                                                                                                                                                                                           |
|------------------|------------|------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |       |                                                                               |       |                                                                                                                                                                                                                                                      |
| 10.1             |       |                                                                               |       | Orient-Express Hotels  Ltd. 2000 Stock Option Plan*                                                                                                                                                                                                       |
| 10.2             |       |                                                                               |       | Orient-Express Hotels  Ltd. 2004 Stock Option Plan*                                                                                                                                                                                                       |
| 10.3             |       |                                                                               |       | Orient-Express  Hotels Ltd. 2007 Performance Share Plan*                                                                                                                                                                                                  |
| 10.4             |       |                                                                               |       | Orient-Express  Hotels Ltd. 2007 Stock Appreciation Rights Plan*                                                                                                                                                                                          |
| 10.5             |       | Exhibit 10.3  to 2004 Form 10-K Annual Report (File No. 1-16017)    |       | Amended  and Restated Agreement Regarding Hotel Cipriani Interests dated  February 8, 2005 between James B. Sherwood, Hotel Cipriani S.r.l. and  Orient-Express Hotels Ltd.                                                                          |
| 10.6             |       | Exhibit 10.4 to  2004 Form 10-K Annual Report (File No. 1-16017)    |       | Amended and Restated  Right of First Refusal and Option Agreement Regarding Indirectly Held Hotel  Cipriani Interests dated February 8, 2005 between James B. Sherwood and  Orient-Express Hotels Ltd.                                               |
| 10.7             |       | Exhibit 10.4 to  Form S-1 Registration Statement No. 333-12030      |       | Agreement dated  February 18, 1982 between James B. Sherwood and Hotel Cipriani S.p.A.  regarding apartment                                                                                                                                          |
| 10.8             |       | Exhibit 10.10 to  2003 Form 10-K Annual Report (File No. 1-16017)   |       | Contract of Special  Partnership or Joint Venture dated August 1, 2002 between Alberghiera  Fiesolana S.p.A. and Capannelle S.r.l.                                                                                                                   |
| 10.9             |       | Exhibit 10 to  July 25, 2007 Form 8-K Current Report (File 1-16017) |       | Form of Severance  Agreement dated December 1, 2006, as amended July 25, 2007, between  Orient-Express Hotels Ltd. and Paul White                                                                                                          |
| 10.10            |       | Exhibit 10.11 to  2006 Form 10-K Annual Report (File No. 1-16017)   |       | Form of Severance  Agreement dated December 1, 2006 between Orient-Express Hotels Ltd. and  each of Filip Boyen, Roger Collins, Pippa Isbell, Nicholas Varian and Martin  O’Grady (dated November 15, 2007 for Mr. O’Grady) |
| 10.11            |       | Exhibit 10.12 to  2006 Form 10-K Annual Report (File No. 1-16017)   |       | Form of Severance  Agreement dated December 1, 2006 between Orient-Express Hotels Ltd. and  each of Edwin Hetherington and David Williams                                                                                                       |
| 11               |       |                                                                               |       | Statement of  computation of per share earnings*                                                                                                                                                                                                          |
| 12               |       |                                                                               |       | Statement of  computation of ratios                                                                                                                                                                                                                       |
| 14               |       | Exhibit 14 to 2003  Form 10-K Annual Report (File No. 1-16017)      |       | Code of Business  Practices for Principal Executive, Financial and Accounting Officers                                                                                                                                                                    |
| 21               |       |                                                                               |       | Subsidiaries of  Orient-Express Hotels Ltd.*                                                                                                                                                                                                              |
| 23               |       |                                                                               |       | Consent of Deloitte LLP  relating to Form S-3 Registration Statements No. 333-155364 and  333-158308 and Form S-8 Registration Statements No. 333-58298,  No. 333-129152 and 333-147448                                          |
| 31               |       |                                                                               |       | Rule 13a-14(a)/15d-14(a) Certification                                                                                                                                                                                                          |

 

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| **Exhibit  No.** | ** ** | **Incorporated by  Reference to**                                             | ** ** | **Description**                                                |
|------------------|------------|-------------------------------------------------------------------------------|------------|----------------------------------------------------------------|
|             |       |                                                                          |       |                                                           |
| 32               |       |                                                                          |       | Section 1350  Certification                               |
| 99               |       | Exhibit 99 to 2004  Form 10-K Annual Report (File No. 1-16017) |       | Corporate Governance  Guidelines of Orient-Express Hotels Ltd. |

 

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 * Previously Filed

 

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