Elegant Hotels Group PLC Opening of Waves Hotel and Spa, Barbados (7308H)
August 22 2016 - 2:00AM
UK Regulatory
TIDMEHG
RNS Number : 7308H
Elegant Hotels Group PLC
22 August 2016
22 August 2016
Elegant Hotels Group plc
Opening of Waves Hotel and Spa, Barbados
Elegant Hotels Group plc ("Elegant Hotels" or the "Group"), the
owner and operator of six upscale freehold hotels and a beachfront
restaurant on the island of Barbados, is delighted to announce that
its recent acquisition, Waves Hotel and Spa ("Waves"), is now open
for business.
Waves has been extensively redesigned and refurbished since the
Group acquired it for US$18.0 million in March 2016, and now boasts
70 luxurious bedrooms, two restaurants, a coffee shop and deli, a
fitness centre, a bar, two swimming pools, and a destination spa
with eight treatment rooms. The all-inclusive resort occupies
around 1.8 acres of freehold land and is positioned as an "eco-chic
wellness hotel". The site has a prime beachfront location at
Prospect Bay in the parish of St. James, on the popular west coast
- or Platinum Coast - of Barbados.
Commenting on the news, Sunil Chatrani, CEO of Elegant Hotels,
said: "We are thrilled to have officially opened the doors of Waves
to visitors, and are extremely pleased with the early feedback that
we have received from customers and travel agents alike. I am very
proud of what the team has achieved in realising the vision that we
had for the property and we look forward to welcoming guests to
what we believe is now one of the most attractive and desirable
sites in Barbados."
In common with all other properties in the Elegant Hotels
collection, guests at Waves can take advantage of the "Taste of
Elegance" dine around programme with its sister properties,
providing access to over 15 restaurants and bars. A free water taxi
service is also available between the Group's properties, and a
wide range of recreational activities, from motorised water sports
to rum tasting, are on offer.
Waves is Elegant Hotels' first acquisition since the Group
listed on the London Stock Exchange in May 2015, and its status as
a family-friendly offering, as well as having the island's only
destination spa, means that it is highly complementary to the
existing portfolio. The Group remains committed to its strategy of
acquiring properties both on Barbados and in the wider Caribbean
region, and Waves represents a prime example of Elegant Hotels'
ability to refurbish, reposition and ultimately re-price its
properties. From a commercial perspective, the Directors expect
Waves to be earnings enhancing for the Group for the year ending 30
September 2017.
Further details on Waves can be found here:
http://www.eleganthotels.com/hotels/WAVES-HOTEL-SPA
For further information:
Elegant Hotels Group plc
Sunil Chatrani, Chief Executive
Officer
Richard Jones, Chief Financial
Officer +1 246 432 6500
Zeus Capital Limited (NOMAD
and Broker)
Dan Bate / Andrew Jones
Adam Pollock / John Goold +44 (0) 203 829 5000
Powerscourt
Rob Greening / Lisa Kavanagh
Email: eleganthotels@powerscourt-group.com +44 (0) 207 250 1446
NOTES TO EDITORS:
Elegant Hotels owns and operates six luxury hotels and a
beachfront restaurant, Daphne's, on the island of Barbados. The
Group's portfolio comprises 553 rooms, which represents around 29%
of Barbados' quality leisure tourist room stock. Five of the six
Group hotels, including the recent acquisition Waves Hotel &
Spa, are situated along the prestigious west coast of Barbados
commonly known as the "Platinum Coast". The properties are all
freehold, with a total aggregate plot size of approximately 22
acres and an aggregate beachfront of 2,500 feet. In the year ended
30 September 2015, the Group achieved revenues of $60.1 million and
EBITDA before non-recurring items of $22.2 million.
The Group's shares were admitted to trading on the London Stock
Exchange's AIM in May 2015. Its objective now is to leverage its
position as a leading hotel operator in Barbados and to expand both
on Barbados and further into the Caribbean.
Together, the Group's six hotels - Colony Club, Tamarind, The
House, Crystal Cove, Turtle Beach and Waves Hotel & Spa - offer
styles encompassing classic and contemporary, family-friendly and
adults-only.
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/
This information is provided by RNS
The company news service from the London Stock Exchange
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