The princess lay with her eyes closed.

Literal

Princess [topic-は] eyes [object-を] closing, lying [honorific-おられた].

姫 means 'princess.' 目を閉じて横たわっておられた uses おられた, an honorific form of いる (via おる + られる), showing respect for the princess. 横たわる means 'to lie down.' A literary/fairy-tale sentence.