US-based multinational diversified hospitality company Marriott International has closed the acquisition of Elegant Hotels Group for $130.1m.
In October, Elegant Hotels Group and International Hotel Licensing Company (IHLC), a wholly-owned indirect subsidiary of Marriott International, had signed an agreement, as per which IHLC made an an all-cash offer for the entire issued and to be issued ordinary share capital of Elegant.
Last week, Elegant and Marriott received court approval for the deal.
Following the completion of the transaction, Elegant has now become a wholly-owned subsidiary of IHLC.
Elegant owns and operates seven hotels with 588 rooms, besides a beachfront restaurant on the island of Barbados.
Out of the seven properties, six are located along the west coast of Barbados. Most of these properties are operated as all-inclusive resorts.
In October, Marriott International president/CEO Arne M Sorenson had 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.”
PricewaterhouseCoopers acted as financial adviser to Marriott and IHLC, while Liberum Capital served as financial adviser and broker to Elegant.
Based in Bethesda, Maryland, US, Marriott International has a portfolio of over 7,200 properties under 30 brands spanning 134 countries and territories.
It operates and franchises hotels and licenses vacation ownership resorts across the world.