Completion of Acquisition

Elegant Hotels Group plc

("Elegant Hotels" or the "Company")

Update on acquisition of Waves Hotel and Spa, Barbados

4 March 2016: The Board of Elegant Hotels announces that, further to the statements dated 8 February 2016 and 1 March 2016 relating to the acquisition of Waves Hotel and Spa, Barbados (the "Acquisition"), it has now finalised a credit agreement with its bankers, The Bank of Nova Scotia. All conditions have now been fulfilled and the transaction has been completed.

For further information:

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 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. The Group has a strong market presence and is a profitable, cash generative and financially stable business that has enjoyed continuous growth in both revenue and EBITDA over the last three financial years. In the year to 30 September 2015, it 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 hotels - Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach and Waves - offer styles encompassing classic and contemporary, family-friendly and adults-only offerings:

Investor website: http://www.eleganthotelsgroup.com/ 

Commercial website: http://www.eleganthotels.com/