Bethesda-based Marriott International Inc. (NASDAQ: MAR) announced Friday it has an agreement to buy Elegant Hotels Group, which owns and operates seven hotels and a beachfront restaurant on the island of Barbados.
Per a release, Marriott’s all-cash offer values Elegant at roughly $199 million, including its $68.9 million in total net debt.
Elegant’s seven hotels total 588 rooms, making it the largest luxury hotel owner on the eastern Caribbean island. Six of the seven are located on the west coast of Barbados and the majority are operated as all-inclusive resorts, a type of destination that Marriott has increasingly tried to expand into.
“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,” Arne Sorenson, Marriott president and CEO, said in a release.
An Elegant executive said the company was confident in…Read the full story from the Washington Business Journal.