Marriott International is making further inroads into tropical
all-inclusive resorts, agreeing to acquire Elegant Hotels Group, owner and
operator of seven Barbados properties.
The deal values Elegant Hotels at $199 million, including
debt. Following the deal's completion, Marriott plans to renovate the Elegant
hotels and operate all of them as all-inclusive resorts under a Marriott brand.
Elegant's resorts are Colony Club, Tamarind, The House,
Crystal Cove, Turtle Beach, Waves Hotel & Spa and Treasure Beach. Six of
the seven properties are located on Barbados' west coast, with the majority of
them operated as all-inclusives. The group's portfolio also includes an Italian
restaurant called Daphne's.
"The addition of the Elegant portfolio will help us further
jumpstart our expansion in the all-inclusive space, while providing more
choices on the breathtaking island of Barbados for our 133 million Marriott
Bonvoy members," said Marriott CEO Arne Sorenson in a statement.
Marriott said it would start significantly growing its all-inclusive
presence in August, unveiling plans to manage five new all-inclusives in the Dominican Republic
and Mexico. Those resorts, which will be flagged under the Autograph Collection,
Ritz-Carlton, Westin and Marriott brands, are expected to open between 2022 and