Orient-Express Hotels has announced that it is rejecting Indian Hotels' offer to buy the hotel firm for $1.2 billion. "The board believes the current macroeconomic environment, conditions in the luxury hotel business and factors unique to Orient-Express would make this a highly disadvantageous time to sell the company to realize its true value," said J. Robert Lovejoy, chairman of Orient-Express Hotels. Orient-Express also announced its selection of John M. Scott III, former president and CEO of Rosewood Hotels Resorts, as the company's new president and CEO.