Elegant Hotels Group plc, the owners of five high-end properties in Barbados, is raising £64 million in a shares placing is expected to be valued at just short of £90 million at the start of it’s trading next week – 26th May.
The high-end properties represent 25% of the Barbados’ quality leisure tourist room stock and include freehold beachfront hotels Colony Club, Tamarind, The House, Crystal Cove and Turtle Beach and the beachfront restaurant called Daphne’s. It’s no surprise to know that the group have won numerous awards including awards from Trip Advisor, The Telegraph, British Travel Agents Choice Awards and Virgin Holidays. Even Daphne’s restaurant is ranked among the top 10 Most Popular Restaurants by the Best of Barbados Zagat Guide.
The company is planning to use part of the proceeds raised through the listing to expand in Barbados and also further into the Caribbean. Investors of the group
Zeus corporate finance director, Dan Bate, commented: “We are delighted to have supported Elegant Hotels Group’s highly experienced management team on its upcoming AIM float and £64m fundraising at a time when we are experiencing an exceptionally interesting time in the market.
“The portfolio of five luxury hotels on Barbados’s west and south coasts and a high quality beachfront restaurant captured our imagination and it is extremely pleasing that the well managed, profitable Elegant Hotels Group plc with its well positioned expansion strategy and a 7% dividend yield was able to appeal to some of the highest quality institutional investors in the City.”