London Stock Exchange welcomes Elegant Hotels Group to AIM
Elegant Hotels Group Plc (AIM: EHG) ("Elegant Hotels", the "Company" or the "Group") is delighted to join AIM today. At Admission, Elegant Hotels will have a market capitalisation of approximately £88.8 million.
Elegant Hotels owns and operates five upscale, freehold beachfront hotels and a beachfront restaurant on the island of Barbados. The Group’s portfolio comprises 483 rooms, which represents almost 25% of Barbados’ quality leisure tourist room stock.
The Group’s portfolio is almost twice as large (by room number) as the closest competitor in the Barbados luxury leisure tourist market (four to five star) and is able to cater for both family friendly and adult-only customers, for both all-inclusive and European plan, and offers special packages for honeymoons and weddings. Elegant Hotels has a strong brand positioned in the luxury tourist market of the Barbadian hotel industry, which is recognised by tour operators and online packaged-holiday providers, and which the Directors believe offers significant potential for growth.
Sunil Chatrani, Chief Executive Officer of Elegant Hotels, commented:
"Our AIM listing will increase the profile of the Company and its brands and, with the funds raised via our flotation strengthening our balance sheet, also provides the platform for Elegant Hotels to pursue its longer term expansion plans in the Caribbean.
Elegant Hotels is run by a proven management team and we all remain focused on generating value for our new shareholders."
Zeus Capital Limited acted as Nominated Adviser and Sole Broker to the Company, with Macfarlanes LLP and KPMG LLP acting as legal advisers and reporting accountants to the Company respectively. Taylor Wessing LLP acted as legal advisers to the Nominated Adviser.