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Marriott to buy Elegant Hotels
Marriott International is to buy Elegant Hotels Group in a deal worth just over £100 million.
Elegant owns and operates seven hotels with 588 rooms and a beachfront restaurant on the island of Barbados. They are mostly all-inclusive.
"There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category," said Arne Sorenson, president and CEO Marriott International.
"The addition of the Elegant 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."
Simon Sherwood, non-executive chairman of Elegant added: "The Board of Elegant Hotels is confident in the Group’s long-term prospects but believes that this offer represents compelling value for our shareholders and a great opportunity for our employees to be part of one of the world’s leading hotel companies.
"The fact that 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 shareholders."
Following the acquisition, Marriott plans to renovate the hotels and then operate all the Elegant hotels as all-inclusive resorts under one or more of its collection brands.
In keeping with its ‘asset-light strategy’, longer term Marriott intends to market the Elegant hotels for sale subject to long-term management agreements, under which it would continue to manage the hotels.
Completion of the deal is subject to conditions, including approval by Elegant shareholders.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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