Waves is a 4-star 70- bedroom all-inclusive resort located at Prospect Bay

The property is expected to close for renovation in April or May. It will be repositioned in the market and rebranded as “Waves by Elegant Hotels” before opening again in the middle of July 2016.

Sunil Chatrani, chief executive of Elegant Hotels, said: "We are delighted to be acquiring such an attractive asset in one of the most desirable locations in Barbados.

"We see enormous potential for Waves, and are excited about the prospect of creating a family-friendly resort that will complement our existing portfolio and meet the exacting standards that our guests have come to expect from Elegant Hotels.

"As we said at the time of our IPO last year, acquiring new assets both in Barbados and the wider Caribbean is a key part of our long-term growth strategy, and we continue to target a number of other opportunities of this kind."

The acquisition will take the number of hotels in the group’s potfolio to six. It currently owns and operates: Colony Club, Tamarind, The House, Crystal Cove, and Turtle Beach.