ECONOMYNEXT – Sri Lanka’s East West Properties plans to sell its stake in a southern high-rise beach resort managed by Marriot to Singapore’s hospitality management firm HPL Hotels & Resorts.
A stock exchange filing said East West Properties had signed a letter of intent to sell 72% of the shares of Weligama Hotel Properties Ltd. to HPL Hotels and Resorts Pte Ltd Singapore.
Weligama Hotel Properties Ltd built the Marriott Weligama Bay Resort & Spa, situated in Weligama Bay, a popular tourist resort.
The resort is the first in Sri Lanka to be managed and branded by Marriott, the international hotel operator. HPL Hotels & Resorts has also made a proposal to invest in and upgrade the colonial-era Grand Oriental Hotel (GOH) overlooking Colombo port.
(COLOMBO, March 08, 2018)