Marriott International has announced its acquisition of London listed Elegant Hotels Group for $130 million, which sees Elegant now wholly owned and operated by Marriott International.
Elegant Hotels Group previously operated nine resorts in the Caribbean, including seven luxury freehold hotel properties and the beachfront restaurant, Daphne’s, on the island of Barbados.
The acquired Elegant Hotels Group portfolio comprised 588 rooms, making it more than twice as large by room number as the closest competitor in the Barbados luxury hotel room market.
Last year in October Elegant Hotels Group signed an agreement with Marriott-subsidiary International Hotel Licensing Company agreeing an all-cash offer for the entire issued and to be issued ordinary share capital of Elegant. Following court approval of the acquisition, Elegant is now a wholly-owned subsidiary of International Hotel Licensing Company.
Speaking after the agreement was initially reached, Marriott International CEO Arne Sorenson said, “There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category. The addition of the Elegant portfolio will help us further jump-start our expansion in the all-inclusive space while providing more choices on the breathtaking island of Barbados for our 133 million Marriott Bonvoy members.”