Elegant Hotels has added another luxury Barbados resort to its portfolio after agreeing to buy Waves Hotel and Spa on the island’s west coast for $18m (£12.5m).
The company, which floated on Aim last year, now owns six Bajan resorts including The Colony Club, Crystal Cove and Turtle Bay as well Daphne’s, the beachfront restaurant popular with celebrities such as Simon Cowell.
It has agreed to pay Swiss International $5.46m in cash for the four-star, 70-bedroom resort in and will assume $12.19m of debt.
The hotel, located in Barbados's in Prospect Bay, will close for renovation in April and will reopen for business under the new name Waves by Elegant Hotels in July.
Elegant Hotels' chief executive, Sunil Chatrani, said: “We are delighted to be acquiring such an attractive asset in one of the most desirable locations in Barbados. We see enormous potential for Waves, and are excited about the prospect of creating a family-friendly resort that will complement our existing portfolio and meet the exacting standards that our guests have come to expect from Elegant Hotels.
“As we said at the time of our IPO last year, acquiring new assets both in Barbados and the wider Caribbean is a key part of our long-term growth strategy, and we continue to target a number of other opportunities of this kind.”