Elegant Hotels completes purchase of Treasure Beach

Elegant Hotels confirmed the completion of the acquisition of the Treasure Beach Hotel in Barbados on Monday, saying that all conditions had been met and the transaction had now formally completed.

The AIM-traded firm initially announced the purchase of the hotel complex for $10.5m on 3 April.

Treasure Beach is a 4-star, 35-room hotel in Paynes Bay, in the parish of St. James in Barbados.

It is the adjoining property to Elegant Hotels' Tamarind hotel, which in turn is situated next to Daphne's and The House, which are also owned by the group.

“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,” CEO Sunil Chatrani said at the time the purchase was announced.