Sri Lanka’s East West Properties says Rs3bn inflow from hotel sale

ECONOMYNEXT – Sri Lanka’s East West Properties Limited, said it has received about 3.0 billion rupees in cash from the sale of a hotel to a Singapore-based firm.

Weligama Bay Marriot Resorts and Spa for was sold for 2.77 billion rupees on April 18 and the hotel also repaid a 177 million rupee loan, East West said in a stock exchange filing.

East West said it had invested 874 million rupees in the hotel

The firm did not say what it will do with the cash.

East West has loans of over 5.5 billion rupees. (Colombo/Apr19/2019)

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