Marriott International has reached an deal to acquire Elegant Hotels Group.
The hotel giant said it had reached an agreement with the board of Elegant on the terms of a recommended all cash offer for the business.
The offer values the share capital of Elegant at approximately £100.8 million.c
Elegant owns and operates seven hotels and a beachfront restaurant on the island of Barbados.
Six of the seven properties are situated along the west coast of Barbados, with the majority operated as all-inclusive resorts.
Marriott said it intends to carry out renovations to the hotels and intends to operate them as all-inclusive resorts under one or more of Marriott’s collection brands.
Arne Sorenson, president and chief executive, Marriott International, said: “There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category.
“The addition of the Elegant portfolio will help us further jumpstart our expansion in the all-inclusive space, while providing more choices on the breathtaking island of Barbados for our 133 million Marriott Bonvoy members.”
Simon Sherwood, non-executive chairman of Elegant said: “The board of Elegant Hotels is confident in the group’s long-term prospects but believes that this offer represents compelling value for our shareholders and a great opportunity for our employees to be part of one of the world’s leading hotel companies.
“The fact that Elegant Hotels has attracted the interest of a company of Marriott’s caliber is a resounding endorsement of the outstanding quality of our properties, operations and people, and indeed of Barbados as a highly desirable destination. We are therefore unanimously recommending the offer to shareholders.”
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.