Sri Lankaâ€™s Serendib Hotels to expand in boutique villa sector
ECONOMYNEXT – Sri Lanka’s Serendib Hotels, part of Hemas Holdings group, said it has taken full control of a boutique villa chain on the south coast by raising its stake in a strategic move to expand its presence in the sector.
Serendib Hotels bought a 48.85% stake of Frontier Capital Lanka (Private) Limited, owning company of the Lantern Beach Collection, raising its stake to 100%, having acquired a stake of 51.15% recently, a stock exchange filing said.
The acquisition of the Lantern Beach Collection was a strategic move made by Serendib Hotels to strengthen our commitment in the villa space, which we made an initial foray into a few months ago,” said Malinga Arsakularatne, Managing Director of the Leisure, Travel and Aviation Group of Hemas Holdings.
With the acquisition of the Lantern Beach Collection, Serendib Hotels adds to its portfolio three properties, Lantern Boutique Hotel and two Ubuntu Beach Villas by Lantern located in Mirissa.
They will be managed by Serendib Leisure Management Ltd, a fully-owned subsidiary of Serendib Hotels PLC.
“Moving into the space of villa management was a strategic decision made by us after realizing there was potential in this sector. There is an increasing number of discerning travelers who are looking for authentic experiences in a more intimate setting, and we felt we should capitalize on it,” Arsakularatne said.
Speaking of the future plans for Serendib Leisure, he said: “Apart from the three properties of the Lantern Group, Serendib Leisure also manages Villa 700, and in the next few years we will look at expanding our portfolio and providing superior and diverse hospitality options to the traveler.”
Serendib Leisure has a portfolio of four hotels – AVANI Bentota Resort and Spa, AVANI Kalutara Resort, Club Hotel Dolphin and Hotel Sigiriya.
(COLOMBO, April 04, 2018)