Elegant Hotels Group PLC Directorate Change (0735N)

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RNS Number : 0735N

Elegant Hotels Group PLC

15 January 2019

15 January 2019

This announcement contains inside information

Elegant Hotels Group plc

Directorate Change

Elegant Hotels Group plc ("Elegant Hotels" or the "Company"), the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, announces that Jeff Singleton, Chief Financial Officer, has informed the Board of his intention to leave the Company. Jeff will remain with the Company for a period of time to ensure a smooth transition with his successor.

As a result, Elegant Hotels has initiated a search for a new CFO and an appointment will be made in due course.

Commenting on the announcement, Simon Sherwood, Chairman of Elegant Hotels, said: "Jeff has done a great job for Elegant Hotels since joining us in 2016. His technical expertise and sector knowledge have been invaluable to us during that time, and he has played a key role both in returning the Company to financial stability and in helping to execute the recent acquisitions and management contracts. We wish him well for the future as he returns to the UK."

For further information

 
 Elegant Hotels Group plc 
  Sunil Chatrani, Chief Executive Officer 
  Jeff Singleton, Chief Financial Officer         [phone] 
 Liberum Capital Limited (NOMAD and Joint 
  Broker) 
  Clayton Bush / Chris Clarke / William Hall      [phone] 
 Zeus Capital Limited (Joint Broker) 
  John Goold / Dominic King                       [phone] 
 Powerscourt 
  Rob Greening / Lisa Kavanagh / Isabelle 
  Saber 
  Email: [e-mail]      [phone] 
 

NOTES TO EDITORS:

Elegant Hotels 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 2018, the Group achieved revenue of $63 million and EBITDA before non-recurring items of $19.7 million.

Together, the Group's seven existing hotels - Colony Club, Treasure Beach, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa - 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.

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

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

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January 15, 2019 02:01 ET (07:01 GMT)