Caribbean group Elegant Hotels is to takeover Treasure Beach Hotel in Barbados for $10.5 million.
The four-star, 35-room hotel is the adjoining property to Elegant Hotels’ Tamarind hotel, which is situated next to Daphne’s and The House, which are also owned by the group.
The acquisition will mean that four of Elegant Hotels’ properties will account for a continuous 300-metre stretch of the west coast of Barbados.
Treasure Beach occupies around 1.18 acres of land, with amenities including a swimming pool.
The hotel will be operated under the existing brand until the end of July when it will be closed for refurbishment.
The property will be rebranded as Treasure Beach by Elegant Hotels and it is expected to re-open in November.
The group plans to operate Treasure Beach as an adults-only hotel with an emphasis on a high-quality food, with guests able to make use of the facilities of the neighbouring Tamarind hotel.
Company chief executive, Sunil Chatrani, said: “Treasure Beach is a resort that we know very well, given its close proximity to a number of our other sites, and it is an extremely attractive property that has been a long-term target for the group.
“We are therefore delighted to be acquiring it, given the clear potential for operational and financial synergies, and look forward to integrating it into our portfolio.
“More broadly, this should be taken as a clear sign that Elegant Hotels is more committed than ever to executing its long-term expansion strategy.”