Elegant Hotels Group (EHG) received an all cash offer of £100.8m from Marriott International on Friday.
Under the deal, Elegant Hotels Group shareholders are entitled to 110p per share, a 57% premium to Thursday’s price of 70p.
Elegant owns seven luxury freehold hotels and Daphne’s, a beachfront restaurant, on the island of Barbados.
The acquisition is part of Marriott’s strategy to expand its recently announced all-inclusive platform.
Arne M. Sorenson, President and Chief Executive Officer of Marriott, said: "There is a strong and growing consumer demand for premium and luxury properties in the all-inclusive category.”
She added: “The addition of the Elegant Hotels 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."
Elegant Hotels told shareholders the deal represented “compelling value”, and unanimously recommended the deal.
Simon Sherwood, Non-Executive Chairman of Elegant, said: “The fact that Elegant Hotels has attracted the interest of a company of Marriott's calibre is a resounding endorsement of the outstanding quality of our properties, operations and people, and indeed of Barbados as a highly desirable destination.”
Follow News & Updates from Elegant Hotels here: