MARRIOTT International entered into a deal on Fri to acquire Elegant Hotels Group.
The all-cash deal will see each Elegant Hotels shareholder entitled to receive 110 pence per share, a total payout of approximately £100.8 million (AU$189.9 million).
Elegant Hotels owns and operates seven accommodations and a beachfront restaurant on Barbados, with six of the seven situated along the island’s prestigious west coast.
Following the completion of the acquisition, Marriott will renovate the hotels, which it intends to operate as all-inclusive resorts.
The closing of the transaction is subject to the satisfaction or waiver of conditions.
In Aug Marriott International launched a new platform to serve the increasingly popular all-inclusive vacation segment (TD 07 Aug).