28 Feb 2017 10:52
28 February 2017
This announcement contains inside information
Elegant Hotels Group plc
Results of Annual General Meeting and Trading Update
Elegant Hotels Group plc ("Elegant Hotels" or the "Group"), the owner and operator of six upscale freehold hotels and a beachfront restaurant on the island of Barbados, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting held this morning were duly passed.
Trading Update
The Group can confirm that bookings since the beginning of the financial year have been in line with expectations, and that it remains firmly committed to its expansion strategy in both Barbados and the wider Caribbean islands.
For further information:
Elegant Hotels Group plc Sunil Chatrani, Chief Executive Officer Jeff Singleton, Chief Financial Officer
| +1 246 432 6414 |
Zeus Capital Limited Dan Bate / Andrew Jones (NOMAD)John Goold (Broker)
| +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, making it twice as large (by room number) as the closest competitor in the Barbados luxury hotel room market. Five of the six 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 22 acres and an aggregate beachfront of 2,500 feet. In the year ended 30 September 2016, the Group achieved revenues of $57.0 million and EBITDA before non-recurring items of $19.6 million.
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.
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, as exemplified by its recent signing of a management contract with Hodges Bay Resort & Spa in Antigua.
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/