Brexit and Zika virus woes hit Barbados luxury hotels market – Evening Standard


Elegant Hotels has admitted that political uncertainty in the UK and publicity around the Zika virus has impacted the Barbados luxury hotels market.

The AIM-listed owner of six luxury hotels said it has experienced a variety of challenges over the last few months, including room cancellations and substantial competitor discounting.

It said: “While such factors are clearly unpredictable, the group is hopeful that their negative impact will be relatively short-term in nature.”

However the firm, which has 553 rooms, welcomed solid progress in the six months to March 31.

Revenue per room edged up 0.3% to US$320 (£226) and pre-tax profit rose to $17 million from $12.1 million in the same period last year.

Sunil Chatrani, chief executive of Elegant Hotels, said: “Whilst there are currently a number of challenges that are impacting the trading performance of both Elegant Hotels and the wider luxury hotel market in Barbados, we continue to be confident in the Group’s long-term growth prospects.”

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