Elegant Hotels bullish on Barbados tourism industry
Elegant Hotels is looking to take advantage of Barbados' booming tourism industry announcing that it was looking to expand its portfolio in the region through a series of acquisitions in the coming year. Elegant Hotels was recently spun off and has been listed on the AIM since 26th May 2015.
The recently spun-off Elegant Hotels is betting big on Barbados in the coming year with the AIM listed hotel company announcing that it will be looking into making acquisitions in the Caribbean Island.
The announcement comes as Elegant Hotels recently posted a notable growth in profits with a 4.3 per cent growth to $60.1m and a 15.7 per cent rise in adjusted operating profit.
In addition to the hotel's strong financial position, underpinning its more aggressive approach to expanding its portfolio in the region is the fact that demand for holidays in Barbados is on the rise.
"We see an opportunity: the tourism sector in the Caribbean since 2007/8 has been flat and we think there are properties and hotels out there which fit into our portfolio well. We want to capitalise on that."
Explained Elegant Hotels' CEO Sunil Chatrani.
According to recent statistics, the number of arrivals in Barbados grew by 14.7 per cent from January to October. This figure will likely continue to improve in the coming years as ongoing instability in Tunisia and Egypt, two of Barbados' main competitors according to Elegant Hotels. is expected to drive traffic to Barbados.
The major airlines are also keen to take advantage of the island's booming tourism industry with British Airways, Delta and Thomas Cook all offering additional direct flight to Barbados.
Mr Chatrani was also keen to highlight his firm's favourable position in relation to its peers on the island noting that Elegant Hotels has "no main competitor". Chatrani went to say:
"I will be disappointed if we do not manage to make an acquisition in 2016 and we have around $30m available without having to go to the market."
One additional factor that will serve to boost Barbados' tourism industry is William Griffith's, the CEO of the Barbados Tourism and Marketing Inc (BTMI) recently announced plans to establish a European tourism office. The announcement was made at the quarterly general meeting of the Barbados Hotel and Tourism Association.
Other initiatives from the BTMI announced on the day include the development of a new multi- language website and a renewed focus on sports, wedding and honeymoon tourism.
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