Caribbean group Elegant Hotels is to acquire a property for $18 million in one of the most “desirable locations” in Barbados.
The four-star, 70-room Waves Hotels and Spa is an all-inclusive resort at Prospect Bay in the parish of St James.
The family-friendly property is described as having a prime beachfront location on the popular west coast of the island and is close to tourist destinations including Holetown and Bridgetown.
The hotel is situated on 1.8 acres of freehold land with facilities including a restaurant, bar, gym and spa with18 treatment-rooms.
The property will be closed for renovation in April and is expected to reopen as ‘Waves by Elegant Hotels’ in mid-July.
The hotel will be refurbished, repositioned and ultimately repriced before being rebranded, the company said.
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.”