Elegant Hotels Group plc (LON:EHG), the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, has today issued the following trading update in relation to the year ended 30 September 2018.
Current trading and outlook
Trading since the interim results in May has remained in line with market expectations. In addition, bookings for the year ended 30 September 2019 are currently tracking ahead of the same period last year.
Barbados tax changes
The Group notes the recent changes to taxation implemented by the newly elected Government of Barbados and, in line with its initial assessment, can confirm that it has not seen a material resulting impact on the results for the year ended 30 September 2018. Moreover, while the Board continues to monitor the matter closely, at this point it does not expect these changes to materially affect expectations for the year ended 30 September 2019. More generally, the Group welcomes the Government’s plans to invest both in the Barbados tourism industry and in the wider infrastructure of the island.
Notice of results
The Company intends to announce its full year results for the year ended 30 September 2018 on Tuesday, 15 January 2019.
Elegant Hotels Group plc owns and operates seven luxury freehold hotels and a beachfront restaurant, Daphne’s, on the island of Barbados. The Group’s portfolio currently comprises 588 rooms, making it twice as large (by room number) as the closest competitor in the Barbados luxury hotel room market. Six of the seven properties 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 23 acres and an aggregate beachfront of 2,600 feet.
In the year ended 30 September 2017, the Group achieved revenue of $59.9 million and EBITDA before non-recurring items of $18.1 million.
Together, the Group’s seven existing hotels – Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach, Waves Hotel & Spa and Treasure Beach – offer styles encompassing classic and contemporary, family-friendly and adults-only. The Group also has a management contract for Hodges Bay Resort in Antigua and a sales and marketing contract for The Landings Resort & Spa in St. Lucia.
The Group’s strategy is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados as well as further into the Caribbean.