Elegant Hotels Group PLC Results of AGM and Trading Update (0624Y)

TIDMEHG

RNS Number : 0624Y

Elegant Hotels Group PLC

28 February 2017

28 February 2017

This announcement contains inside information

Elegant Hotels Group plc

Results of Annual General Meeting and Trading Update

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 pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting held this morning were duly passed.

Trading Update

The Group can confirm that bookings since the beginning of the financial year have been in line with expectations, and that it remains firmly committed to its expansion strategy in both Barbados and the wider Caribbean islands.

For further information:

 
 Elegant Hotels Group plc 
  Sunil Chatrani, Chief Executive 
  Officer 
  Jeff Singleton, Chief Financial 
  Officer                                       [phone] 
 Zeus Capital Limited 
  Dan Bate / Andrew Jones (NOMAD)               [phone] 
  John Goold (Broker)                                      5000 
 Powerscourt 
  Rob Greening / Lisa Kavanagh                  [phone] 
  Email: [e-mail]               1446 
 

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, making it twice as large (by room number) as the closest competitor in the Barbados luxury hotel room market. Five of the six 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 22 acres and an aggregate beachfront of 2,500 feet. In the year ended 30 September 2016, the Group achieved revenues of $57.0 million and EBITDA before non-recurring items of $19.6 million.

Together, the Group's six existing 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.

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, as exemplified by its recent signing of a management contract with Hodges Bay Resort & Spa in Antigua.

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

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 28, 2017 05:52 ET (10:52 GMT)