Sri Lanka’s LOLC says Serendib acquisition will strengthen post-Covid-19 leisure business

ECONOMYNEXT – Colombo-based LOLC Holdings said the acquisition of Sri Lanka’s Serendib Hotels will strengthen its position in the post-Covid-19 era by adding to existing hotels in the island and new projects coming up in the Maldives.

LOLC’s investment arm, Brown Investment bought Serendib Hotels from Hemas for 792 million rupees through its Eden Hotel unit, LOLC said. Hemas said it was exiting to focus on core business.

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Sri Lanka’s Hemas Holdings sells Serendib Hotels to LOLC

Sri Lanka’s Hemas Holdings said it has sold a controlling stake in Serendib Hotels Plc for 792 million rupees, to LOLC group.

Browns Investments will add Club Hotel Dolphin, Hotel Sigirya, Avani Bentota Resort and Lantern Beach Collection, Mirissaa.

“The carefully executed investment strategy of BI with a focus in the leisure sector building the optimum footprint, is well positioned to capture the post COVID growth in the tourism business,” Browns Investments Plc, Chairman Ishara Nanayakkara said.

Browns already controls, The Eden Resort & Spa in Beruwala, The Paradise Resort & Spa in Dambulla, The Calm Resort & Spa in Passikudha and Dickwella Resort & Spa, Sheraton Kosgoda Turtle Beach Resort managed by the Marriott Group.

Riverina Resort in Beruwala with 375 keys is under construction.

In the Maldives, Nasandhura Palace Hotelin the city of Malé and Bodufinolhu in the Ari Atol is under construction.

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Nasandhura Palace , with 118 luxury apartments and a 135 key 5 star hotel will be ready for occupation in 2021, the firm said.

Bodufinolhu, a 100 key four-star property with water villas, beach villas and beach suites is also expected to start commercial operations in 2021.

LOLC said it has lease rights to three islands reclaimed in North Malé, Bodufaru, Kaafu Atol which is to be developed as three five star properties with a total of 470 keys.

Browns had entered into a management agreement with Barceló, to manage The Eden Resort and Spa, The Paradise Resort and Spa, Nasandhura and Bodufinolhu.

Barceló is to make an equity investment of 30 percent to develop a Bodufaru three island project.

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