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Barbados-based Elegant Hotels Group is being acquired by well-known global hotel group Marriott International in an “all cash offer” worth about $260.2 million.
The deal was announced by both companies earlier today and is expected to be a major step for United States-based Marriott as it seeks to make its mark in the all-inclusive hotel segment.
Elegant owns and operates seven hotels with 588 rooms in Barbados – Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach, Waves Hotel & Spa and Treasure Beach.
Most of these hotels are all-inclusive and Elegant also has Daphne’s Restaurant among its holdings.
The Mariott brand was once prominent in Barbados and the company returned here with the Courtyard Mariott Hotel in Hastings, Christ Church.
Commenting on the acquisition, Marriott International president and chief executive officer Arne Sorenson said: "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."
"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," said Elegant’s executive chairman Simon Sherwood. (SC)