Elegant Hotels Group's after-tax profits fell 6.1% to $9.2m in the year to the end of September.
Revenue rose by 5.1% to $59.9m, reflecting an improvement in occupancy and the addition of Waves Hotel & Spa to the portfolio but revenue per available room fell by 4.6% to $227 and average daily rates were down 6.3% to $354.
Adjusted EBITDA fell by 7.6% to $18.1m but occupancy rose to 63.9% from 62.9%.
Chief executive Sunil Chatrani said: 'The group delivered a solid performance in 2017 against a background of changed market conditions.
'The team remains firmly focused on delivering our strategy, and we are pleased with the operational progress that has been made during the year.
'We have continued to strive for day-to-day excellence, and have invested in our people and systems to ensure that our hotels continue to provide exceptional guest experiences.
'We have also successfully expanded our sales and marketing presence in the US in order to drive further growth in visitor numbers from that market.
'During the year we acquired another hotel in Barbados, in the form of Treasure Beach.
'We also expanded outside of the island for the first time through a management contract and a sales and marketing agreement on hotels in Antigua and St Lucia, respectively.
'Trading since the start of the new financial year has remained in line with market expectations, and our bookings are currently tracking ahead of the same period last year.
'As a result, the group remains confident in its prospects for FY18 and beyond.'