Marriott International is fueling the growth of its all-inclusive platform with an agreement with the board of Elegant Hotels Group to acquire the hotel group.

Under the terms of the offer, each Elegant shareholder would be entitled to receive 110 pence per Elegant share. The offer values the entire issued and to be issued ordinary share capital of Elegant at approximately £100.8 million ($130.1 million based on £1:$1.29).

The offer price implies an enterprise value for Elegant of approximately $199.0 million based on Elegant’s total net debt of $68.9 million as at 31 March 2019 as set out in Elegant’s most recent half year report for the six months ended 31 March 2019.

Elegant owns and operates seven hotels with 588 rooms and a beachfront restaurant on the island of Barbados. Six of the seven properties are situated along the prestigious west coast of Barbados commonly known as the “Platinum Coast.” The majority of Elegant properties are operated as all-inclusive resorts.

Following the acquisition, Marriott intends to carry out renovations to the hotels in the Elegant portfolio. Upon completion of the planned property renovations, Marriott intends to operate all the Elegant hotels as all-inclusive resorts under one or more of Marriott’s collection brands.

In keeping with Marriott’s asset-light strategy, over time, Marriott also intends to market the Elegant hotels for sale subject to long-term management agreements under which Marriott would continue to manage the hotels.