26 May 2015
- Placing Size:
- Post Deal Mkt Cap: £89m
Zeus Capital acted as nominated adviser (NOMAD) and sole broker to Elegant Hotels (AIM: EHG) on its IPO and £63m fundraising, resulting in a market capitalisation on admission of £89m
Elegant Hotels Group plc (“Elegant Hotels”) operates five luxury hotels and a beachfront restaurant on the island of Barbados. The Elegant Hotels portfolio consists of 483 rooms and luxury suites, representing almost 25% of the quality room stock on Barbados. Four of the hotels and the restaurant are situated along the prestigious west coast of Barbados commonly known as the “Platinum Coast”.
Elegant Hotels is uniquely positioned catering for all types of traveller, ranging from family orientated all inclusive breaks at Crystal Cove and Turtle Beach to adults only Boutique luxury at The House. Elegant Hotels also offers a lavish mix of family and adult orientated bed and breakfast options with Tamarind and Colony Club. Daphne’s restaurant is one of Barbados’ most acclaimed venues providing a beach side dining experience serving high quality Italian inspired cuisine.
Over the last five years we have grown and invested in our hotels and driven profitability with revenues up 59% and EBITDA up 225%. This has enabled us to become a leading luxury hotel operator in Barbados, with high quality assets, strong brand positioning and a clear growth strategy.
Our AIM listing will increase the profile of the Company and its brands and, with the funds raised via our flotation strengthening our balance sheet, also provides the platform for Elegant Hotels to pursue its longer term expansion plans in the Caribbean.
Sunil Chatrani, Chief Executive Officer, Elegant Hotels Group plc
We are delighted to have supported Elegant Hotel’s highly experienced management team on its successful AIM float and £63m fundraising.
We believe the Company, with its portfolio of five luxury hotels and a restaurant on Barbados, represents an interesting and differentiated investment opportunity, combining a strong growth strategy and an attractive 7% yield. It is extremely pleasing therefore that the Company’s flotation has secured the support of some of the highest quality institutional investors in the City.
We very much look forward to working with the Elegant Hotel team and to seeing their continued progress as a listed company.
Dan Bate, Corporate Finance Director, Zeus Capital