Elegant Hotel group sold

Marriott International has closed its cash acquisition of Barbados Elegant Hotels Group.

The deal values Elegant at roughly 199 million and includes about 69 million in total net debt.

The deal was first announced in October.

Marriott plans to renovate the Elegant portfolio, which includes seven hotels and a beachfront restaurant.

Marriott intends to keep long-term management agreements on the properties, where it would manage the hotels as all-inclusive resorts under one of its brands.

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