Marriott to acquire Elegant Hotels

Marriott International to acquire the Barbados-based Elegant Hotels Group including its debt.

However, the deal is subject to shareholder approval.

The Elegant Hotels Group owns and operates seven luxury freehold hotels in Barbados, six of them on the West Coast, and breach front restaurant, Daphne’s.

Non-executive Chairman of Elegant Simon Sherwood said the acquisition represented a “compelling value” for shareholders and a “great opportunity” for employees.

“The fact that the Elegant Hotels has attracted the interest of a company of Marriott’s caliber is a resounding endorsement of the outstanding quality of our properties, operations and people, and indeed of Barbados as a highly desirable destination. We are therefore unanimously recommending the offer to our shareholders,” Sherwood said.

Also commenting on the acquisition was the Marriott’s President and Chief Executive Officer, Arne M. Sorenson, who said the addition of Elegant Hotels would help jumpstart their expansion in the all-inclusive space.

“There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category. The addition of the Elegant Hotels portfolio will help us further jumpstart our expansion in the all-inclusive space, while providing more choices on the breathtaking island of Barbados for our 133 million Marriott Bonvoy members,” Sorenson said.