Business
Marriott International to Acquire Elegant Hotels Group Fueling Growth of All-Inclusive Platform
BETHESDA, Md., Oct. 18, 2019 /PRNewswire/ -- Marriott International (NASDAQ: MAR) announced today the company has reached an agreement with the board of
About this update from Marriott International
[{"type":"text","content":"BETHESDA, Md., Oct. 18, 2019 /PRNewswire/ -- Marriott International (NASDAQ: MAR) announced today the company has reached an agreement with the board of Elegant Hotels Group plc (LON: EHG; \"Elegant\") on the terms of a recommended all cash offer for Elegant. Under the terms of the offer, each Elegant shareholder would be entitled to receive 110 pence per Elegant share. The offer values the entire issued and to be issued ordinary share capital of Elegant at approximately £100.8 million ($130.1 million based on £1:$1.29).\n\n \nThe offer price implies an enterprise value for Elegant of approximately $199.0 million based on Elegant's total net debt of $68.9 million as at 31 March 2019 as set out in Elegant's most recent half year report for the six months ended 31 March 2019.\nElegant owns and operates seven hotels with 588 rooms and a beachfront restaurant on the island of Barbados. Six of the seven properties are situated along the prestigious west coast of Barbados commonly known as the \"Platinum Coast.\" The majority of Elegant properties are operated as all-inclusive resorts. \n\"There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category,\" said Arne Sorenson, President and Chief Executive Officer, Marriott International. \"The addition of the Elegant 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.\" \nCommenting on the acquisition, Simon Sherwood, Non-Executive Chairman of Elegant said, \"The Board of Elegant Hotels is confident in the Group's long-term prospects but believes that this offer represents compelling value for our shareholders and a great opportunity for our employees to be part of one of the world's leading hotel companies. The fact that Elegant Hotels has attracted the interest of a company of Marriott's caliber is a resounding endorsement of the outstanding quality of our properties, operations and people, and indeed of Barbados as a highly desirable destination. We are therefore unanimously recommending the offer to shareholders.\"\nFollowing the acquisition, Marriott intends to carry out renovations to the hotels in the Elegant portfolio. Upon completion of the planned property renovations, Marriott intends to ...