16 Dec 2016 07:00
This announcement contains inside information
Elegant Hotels Group plc
Appointment of Chief Financial Officer
16 December 2016: The Board of Elegant Hotels ("Elegant Hotels" or the "Group"), the owner and operator of six upscale freehold hotels and a beachfront restaurant on the island of Barbados, announces that Jeffrey Singleton has been appointed as Chief Financial Officer on an interim basis with immediate effect.
Jeffrey joins the Group having until recently been Group Financial Controller and Corporate Finance Director of Rocco Forte Hotels. Previous roles have included Finance Director of the De Vere Hotel Group, Head of External Reporting at Cable & Wireless Group, and Project Manager for the International Accounting Standards Board. A Chartered Accountant, Jeffrey started his career at KPMG in Australia before moving to Deloitte, for whom he worked in both Melbourne and London.
He will replace Richard Jones, who is leaving the Group and stepping down from the Board with immediate effect.
Simon Sherwood, Chairman of Elegant Hotels, commented: "We are very pleased to be joined by someone of Jeffrey's calibre, and we look forward to benefiting both from his knowledge of the luxury hotel sector as well as from his technical expertise in the areas of corporate finance, accounting and external reporting. I would also like to thank Richard Jones for the contribution that he has made to Elegant Hotels and we wish him well for the future."
The Board reiterates that it expects the Group's full year results for FY16 to be in line with market expectations. As previously announced, the full year results will be released on Tuesday 17 January 2017.
For further information
Elegant Hotels Group plc Sunil Chatrani, Chief Executive Officer
| +1 246 432 6500 |
Zeus Capital Limited (NOMAD and Broker) Dan Bate / Andrew Jones John Goold
|
+44 (0) 161 831 1512 +44 (0) 203 829 5000 |
Powerscourt Rob Greening / Lisa Kavanagh Email: eleganthotels@powerscourt-group.com
| +44 (0) 207 250 1446
|
NOTES TO EDITORS:
Elegant Hotels owns and operates six luxury hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio comprises 553 rooms, which represents around 29% of Barbados' quality leisure tourist room stock. Five of the six Group hotels, including the recent acquisition Waves Hotel & Spa, are situated along the prestigious west coast of Barbados commonly known as the "Platinum Coast". The properties are all freehold, with a total aggregate plot size of approximately 22 acres and an aggregate beachfront of 2,500 feet. In the year ended 30 September 2015, the Group achieved revenues of $60.1 million and EBITDA before non-recurring items of $22.2 million.
The Group's shares were admitted to trading on the London Stock Exchange's AIM in May 2015. Its objective now is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados and further into the Caribbean.
Together, the Group's six existing hotels - Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa - offer styles encompassing classic and contemporary, family-friendly and adults-only.
Investor website: http://www.eleganthotelsgroup.com
Commercial website: http://www.eleganthotels.com