19 Oct 2015 07:00
19 October 2015
Elegant Hotels Group plc("Elegant Hotels" or the "Company")
Board change
The Board of Elegant Hotels, the owner and operator of five upscale freehold hotels and a beachfront restaurant on the island of Barbados, announces that Nick Basing, Senior Independent Non-Executive Director will be leaving the Company. The search for a successor is well advanced and a further announcement will be made shortly.
Simon Sherwood, Chairman of Elegant Hotels, commented: "We thank Nick for his contribution to Elegant Hotels, and in particular his support around the Company's Admission to AIM earlier this year. We wish him all the best for the future and in his new roles including as Executive Chairman at Indoor Bowling Equity Limited, and his expanding interests".
For further information:
Zeus Capital Limited (NOMAD and Broker) | +44 (0) 203 829 5000 |
Dan Bate / Nicholas How | |
Powerscourt Rob Greening / Lisa Kavanagh Email: eleganthotels@powerscourt-group.com | +44 (0) 207 250 1446
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NOTES TO EDITORS:
Elegant Hotels owns and operates five luxury hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio comprises 483 rooms, which represents almost 25% of Barbados' quality leisure tourist room stock. Four of the five Group hotels are situated along the prestigious west coast of Barbados commonly known as the "Platinum Coast". The properties are all freehold, with a total aggregate plot size of approximately 20 acres and an aggregate beachfront of 2,300 feet. The value attributed to Elegant's portfolio as at 15 April 2015 was $235.5 million.
The Group has a strong market presence and is a profitable, cash generative and financially stable business that has enjoyed continuous growth in both revenue and EBITDA over the last three financial years. In the year to 30 September 2014, it achieved revenues of $57.6 million and EBITDA before non-recurring items of $19.7 million.
The Group's shares were admitted to trading on the London Stock Exchange's AIM in May 2015. Its objective now is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados and further into the Caribbean.
Together, the Group's five hotels - Colony Club, Tamarind, The House, Crystal Cove, and Turtle Beach - offer styles encompassing classic and contemporary, family-friendly and adults-only offerings:
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/