15 Jan 2019 07:01
15 January 2019
This announcement contains inside information
Elegant Hotels Group plc
Directorate Change
Elegant Hotels Group plc ("Elegant Hotels" or the "Company"), the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, announces that Jeff Singleton, Chief Financial Officer, has informed the Board of his intention to leave the Company. Jeff will remain with the Company for a period of time to ensure a smooth transition with his successor.
As a result, Elegant Hotels has initiated a search for a new CFO and an appointment will be made in due course.
Commenting on the announcement, Simon Sherwood, Chairman of Elegant Hotels, said: "Jeff has done a great job for Elegant Hotels since joining us in 2016. His technical expertise and sector knowledge have been invaluable to us during that time, and he has played a key role both in returning the Company to financial stability and in helping to execute the recent acquisitions and management contracts. We wish him well for the future as he returns to the UK."
For further information
Elegant Hotels Group plc Sunil Chatrani, Chief Executive Officer Jeff Singleton, Chief Financial Officer
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+1 246 432 6500 |
Liberum Capital Limited (NOMAD and Joint Broker) Clayton Bush / Chris Clarke / William Hall |
+44 (0) 203 100 2222
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Zeus Capital Limited (Joint Broker) John Goold / Dominic King |
+44 (0) 203 829 5000
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Powerscourt Rob Greening / Lisa Kavanagh / Isabelle Saber Email: eleganthotels@powerscourt-group.com
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+44 (0) 207 250 1446
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NOTES TO EDITORS:
Elegant Hotels owns and operates seven luxury freehold hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio currently comprises 588 rooms, making it twice as large (by room number) as the closest competitor in the Barbados luxury hotel room market. Six of the seven properties 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 23 acres and an aggregate beachfront of 2,600 feet.
In the year ended 30 September 2018, the Group achieved revenue of $63 million and EBITDA before non-recurring items of $19.7 million.
Together, the Group's seven existing hotels - Colony Club, Treasure Beach, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa - offer styles encompassing classic and contemporary, family-friendly and adults-only. The Group also has a management contract for Hodges Bay Resort in Antigua and a sales and marketing contract for The Landings Resort & Spa in St. Lucia.
The Group's strategy is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados as well as further into the Caribbean.
Investor website: http://www.eleganthotelsgroup.com
Consumer website: http://www.eleganthotels.com