received an all cash offer of £100.8m from Marriott International on Friday.
Under the deal, Elegant Hotels Group shareholders are entitled to 110p per share, a 57% premium to Thursday’s price of 70p.
Elegant owns seven luxury freehold hotels and Daphne’s, a beachfront restaurant, on the island of Barbados.
The acquisition is part of Marriott’s strategy to expand its recently announced all-inclusive platform.
Arne M. Sorenson, President and Chief Executive Officer of Marriott, said: "There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category.”
She added: “The addition of the Elegant Hotels 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."
Elegant Hotels told shareholders the deal represented “compelling value”, and unanimously recommended the deal.
Simon Sherwood, Non-Executive Chairman of Elegant, said: “The fact that Elegant Hotels has attracted the interest of a company of Marriott's calibre is a resounding endorsement of the outstanding quality of our properties, operations and people, and indeed of Barbados as a highly desirable destination.”
Follow News & Updates from Elegant Hotels here:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Salt Lake Potash discusses their agreements they've signed for three production offtakes and native title land access for their Sulphate of Potash Lake Way Project. Live Company Grouptalks about the expansion of their Nickelodeon partnership and provides a Bricklive Zoo update.
SP Angel research note on commodities and miners, featuring: Condor Gold (CNR LN) – Permit submissions for high grade feeder pits Kavango Resources (KAV LN) – Drilling intersects high-level gabbroic intrusive at 53m Strategic Minerals* (SML LN) – Leigh Creek feasibility progress
Since Audiens has delivered its financial objectives in terms of revenue growth and cost control, Bango will now acquire the remaining shares from Mr Maras for a total cash consideration of £0.99m as pursuant to the terms of the acquisition.
“We are delighted with the additional resource that has been proved up in the Mako field as a result of this campaign which we believe enhances the commercial attractiveness of the project," said Mr Menzies.
Bahamas Petroleum Company (BPC) Commercial Director Eytan Uliel talks about why drilling successfully in the bahamas would be a needle moving event not just for the company, but also for the global industry and the nation of the Bahamas.
Labour's Jeremy Corbyn unveiled his party’s election manifesto yesterday, setting out radical plans to transform Britain with public sector pay rises, higher taxes on companies and a sweeping nationalisation of infrastructure. The manifesto showed an extra 82.9 billion pounds of spending, which has been criticised as, "simply not credible" by Paul Johnson, Director of the Institute for Fiscal Studies an independent think-tank.
Shareholders have thrown their weight behind the founder and chairman of Wetherspoon (J.D.) despite a furious row over corporate governance, The owner of British Gas moved to reassure shareholders that customer defections were slowing at its consumer energy supply arm as it stuck to its annual earnings targets but lifted its efficiency savings drive by £50 million
Harpoon will be eligible for up to $1.84 billion in payments if certain milestones and licensed products are successfully progressed, plus tiered royalties on net sales by AbbVie, according to an SEC filing.