Liberum acts as Financial Adviser to Elegant Hotels on its £101 million sale to Marriott International
Liberum is pleased to announce that is has advised Elegant Hotels, an owner and operator of seven upscale freehold hotels and a beach front restaurant on the island of Barbados, on its sale to Marriott International, a multi-national operator and franchisor of hotels with a portfolio of more than 7,000 properties across 30 brands and spanning 132 countries and territories.
The acquisition of Elegant will enable Marriott to accelerate its expansion plans in the luxury all-inclusive market by adding 588 rooms to its portfolio and with Marriott’s distribution platform should enhance the future prospects of Elegant’s hotels to the benefit of all their customers and employees.
The recommended cash offer price of 110 pence per share valued Elegant at £100.8 million and provided an opportunity for all Elegant Shareholders to realise value for their investment in cash at a 56% premium to the 12 month average share price.
Liberum Team: Clayton Bush, Chris Clarke, James Greenwood, Ed Phillips, Will Hall