ECONOMYNEXT – Sri Lanka’s Fairway Holdings (Pvt) Ltd, a property and construction group, will pay 70 million rupees to buy a 75 percent stake in Ascot Leisure (Pvt) Ltd, which plans to build a 30-room hotel in Yala, in Southern Sri Lanka, its parent Ascot Holdings said.
Fairway will pay 20 million rupees to Ascot Holdings Plc, and invest 50 million rupees in Ascot Leisure, the firm said in a stock exchange filing.
Ascot Leisure has land and approvals to build a 30-room hotel in Palatupana in Yala.
Fairway Holdings has completed a 180 room hotel in Colombo 01. It is also building another 325 rooms in Colombo, Galle and Nuwara Eliya, the firm said.
Many Sri Lankan business groups have been building hotels, following a boom with the end of a war in 2009. (Colombo/Sept15/2017)