The Elegant Hotels Group will officially add a seventh hotel to its properties in Barbados in another month.
The group is in the process of wrapping up a deal to acquire the four-star 35-room Treasure Beach Hotel in Paynes Bay, St James.
Chief Executive Officer of Elegant Sunil Chatrani said in a statement the agreement was signed last Friday and was expected to be finalized in May.
Chatrani also revealed major plans for the west coast property once the deal is completed.
“When completed, this sale will see us heavily investing in renovations at Treasure Beach similar to what we did at Waves, to bring the resort up to the Elegant standard. We see enormous potential for this property and are excited at the prospect of creating a resort that will complement our existing portfolio and meet the exacting standards that our guests have come to expect from Elegant Hotels,” he said in the statement.
Chatrani added that the acquisition was in keeping with the group’s expansion strategy across the Caribbean.
“Following our successful launch of Waves last August, and on the heels of our recent management agreement with Hodges Bay Resort & Spa in Antigua, set to open in October 2017, as well as a sales and marketing agreement with The Landings Resort & Spa in St Lucia, this newest agreement shows that Elegant Hotels is more committed than ever to executing its long-term expansion strategy.”
Elegant Hotels went public in May 2015 and presently operates six upscale properties here – The House, Colony Club, Tamarind, Turtle Beach, Crystal Cove and Waves Hotel & Spa, as well as the beachfront Daphne’s Restaurant.