(Bloomberg) -- Marriott International Inc. is in advanced talks to acquire Elegant Hotels Group Plc, a transaction that would deepen the lodging giant’s reach into the Caribbean, according to people familiar with the matter.

Marriott International could announce a deal as soon as Friday for Elegant Hotels, said the people, asking to not be identified because the matter isn’t public. Nothing has been finalized and talks could fall through, they said.

The deal could value Elegant Hotels at more than 1 pound per share, said one of the people.

Elegant Hotels fell less than 1% to 70 pence Thursday in London trading, giving the company a market value of about 62 million pounds ($80 million). The company has 71 million pounds of debt, according to data compiled by Bloomberg.

Representatives for Marriott International and Elegant Hotels declined to comment.

Elegant Hotels, which went public in 2015, operates properties in Barbados and St. Lucia, according to its website.

Marriott International has more than 7,000 properties in 131 countries under brands including the Ritz-Carlton, W Hotels and Courtyard, according to its website.

In 2016, Marriott International acquired rival Starwood Hotels & Resorts Worldwide.

(Updates with decline to comment from Elegant Hotels in fifth paragraph.)

--With assistance from Patrick Clark and Aaron Kirchfeld.

To contact the reporters on this story: Liana Baker in New York at lbaker75@bloomberg.net;David Hellier in London at dhellier@bloomberg.net

To contact the editors responsible for this story: Daniel Hauck at dhauck1@bloomberg.net, Matthew Monks, Michael Hytha

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