Marriott International Inc. agreed to acquire Elegant Hotels Group PLC for £1.10 per Elegant share, valuing the entire issued and to be issued ordinary share capital of the Barbados-based hotelier at roughly £100.8 million.

The consideration implies an enterprise value for Elegant of approximately $199.0 million based on the company's total net debt of $68.9 million as at March 31.

Elegant owns and operates a 588-room portfolio of seven luxury freehold hotels, as well as a beachfront restaurant. Marriott plans to renovate Elegant's properties and operate the assets as all-inclusive resorts under the global hospitality company's collection brands.

Completion of the transaction remains subject to satisfaction of certain conditions, including approval by shareholders of Elegant.