8 May 2017 07:00
This announcement contains inside information
Elegant Hotels Group plc
("Elegant Hotels" or the "Company")
Update on Acquisition of Treasure Beach Hotel
8 May 2017: The Board of Elegant Hotels announces that, further to the statement dated 3 April 2017 relating to the acquisition of Treasure Beach Hotel in Barbados, all conditions for completion have now been met and the transaction has therefore formally completed.
For further information:
Elegant Hotels Group plc | +1-246-432-6500 |
Sunil Chatrani, Chief Executive Officer Jeff Singleton, Chief Financial Officer
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Zeus Capital Limited | +44-(0)-203-829-5000 |
Dan Bate / Andrew Jones (NOMAD)John Goold (Broker) |
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Powerscourt Rob Greening / Lisa Kavanagh
| +44-(0)-207-250-1446 eleganthotels@powerscourt-group.com |
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/