Opening of Waves Hotel and Spa, Barbados

22 August 2016

Elegant Hotels Group plc

Opening of Waves Hotel and Spa, Barbados

Elegant Hotels Group plc ("Elegant Hotels" or the "Group"), the owner and operator of six upscale freehold hotels and a beachfront restaurant on the island of Barbados, is delighted to announce that its recent acquisition, Waves Hotel and Spa ("Waves"), is now open for business.

Waves has been extensively redesigned and refurbished since the Group acquired it for US$18.0 million in March 2016, and now boasts 70 luxurious bedrooms, two restaurants, a coffee shop and deli, a fitness centre, a bar, two swimming pools, and a destination spa with eight treatment rooms. The all-inclusive resort occupies around 1.8 acres of freehold land and is positioned as an "eco-chic wellness hotel". The site has a prime beachfront location at Prospect Bay in the parish of St. James, on the popular west coast - or Platinum Coast - of Barbados.

Commenting on the news, Sunil Chatrani, CEO of Elegant Hotels, said: "We are thrilled to have officially opened the doors of Waves to visitors, and are extremely pleased with the early feedback that we have received from customers and travel agents alike. I am very proud of what the team has achieved in realising the vision that we had for the property and we look forward to welcoming guests to what we believe is now one of the most attractive and desirable sites in Barbados."

In common with all other properties in the Elegant Hotels collection, guests at Waves can take advantage of the "Taste of Elegance" dine around programme with its sister properties, providing access to over 15 restaurants and bars. A free water taxi service is also available between the Group's properties, and a wide range of recreational activities, from motorised water sports to rum tasting, are on offer.

Waves is Elegant Hotels' first acquisition since the Group listed on the London Stock Exchange in May 2015, and its status as a family-friendly offering, as well as having the island's only destination spa, means that it is highly complementary to the existing portfolio. The Group remains committed to its strategy of acquiring properties both on Barbados and in the wider Caribbean region, and Waves represents a prime example of Elegant Hotels' ability to refurbish, reposition and ultimately re-price its properties. From a commercial perspective, the Directors expect Waves to be earnings enhancing for the Group for the year ending 30 September 2017.

Further details on Waves can be found here: http://www.eleganthotels.com/hotels/WAVES-HOTEL-SPA 

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NOTES TO EDITORS:

Elegant Hotels owns and operates six luxury hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio comprises 553 rooms, which represents around 29% of Barbados' quality leisure tourist room stock. Five of the six Group hotels, including the recent acquisition Waves Hotel & Spa, 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 22 acres and an aggregate beachfront of 2,500 feet. In the year ended 30 September 2015, the Group achieved revenues of $60.1 million and EBITDA before non-recurring items of $22.2 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 six hotels - Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa - offer styles encompassing classic and contemporary, family-friendly and adults-only.

Investor website: http://www.eleganthotelsgroup.com/

Commercial website: http://www.eleganthotels.com/