Elegant Hotels Group to acquire Treasure Beach Hotel
Elegant Hotels Group plc has announced that it has entered into a conditional agreement to acquire Treasure Beach Limited, which owns the 4-star, 35-room Treasure Beach Hotel in Paynes Bay, St. James.
CEO of Elegant, Sunil Chatrani, said that the agreement was signed last Friday and is expected to be finalised in May, “Elegant Hotels went public in May 2015 and presently operates six upscale properties - The House, Colony Club, Tamarind, Turtle Beach, Crystal Cove and Waves Hotel & Spa; as well as the beachfront Daphne’s Restaurant, all in Barbados.
“Following our successful launch of Waves last August, and on the heels of our recent management agreement with Hodges Bay Resort & Spa in Antigua, set to open in October 2017, as well as a sales and marketing agreement with The Landings Resort & Spa in St Lucia, this newest agreement shows that Elegant Hotels is more committed than ever to executing its long-term expansion strategy.”
Chatrani added that Elegant, which is headquartered in Barbados, was looking forward to integrating Treasure Beach into its portfolio:
“When completed, this sale will see us heavily investing in renovations at Treasure Beach similar to what we did at Waves, to bring the resort up to the Elegant standard. We see enormous potential for this property and are excited at the prospect of creating a resort that will complement our existing portfolio and meet the exacting standards that our guests have come to expect from Elegant Hotels.”