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LOLC to increase investment in new hotels after assessing properties

By Duruthu Edirimuni ChandrasekeraView(s):
Mr. Ishara Nanayakkara, BI Chairman
Betting long-term on the revival of the tourism industry, the country’s fastest growing conglomerate, LOLC Group’s strategic investment arm, Browns Investments PLC’s (BI) subsidiary Eden Hotel Lanka PLC on Tuesday bought a controlling stake of 55.65 per cent in Serendib Hotels PLC from Hemas Holdings PLC.
BI officials told the Business Times that LOLC is focused on expanding in the hotel sector in Sri Lanka and the Maldives. “We expect a revival in the tourism sector post COVID-19. This purchase was targeted at long-term revival of the tourism sector in the country,” one official said. ....

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Browns Investments expands Leisure Sector – Acquires Serendib Hotels - Adaderana Biz English

Browns Investments expands Leisure Sector – Acquires Serendib Hotels
December, 17, 2020
LOLC Holdings PLC’s strategic Investment arm, Browns Investments PLC (BI), acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs.792Mn. With this acquisition, BI will hold 56.67% of voting shares and 53.48% non-voting shares of Serendib. The investment was made by BI’s subsidiary leisure company, Eden Hotel Lanka PLC.
With this investment, BI will add Club Hotel Dolphin, Hotel Sigirya, Avani Bentota Resort and Lantern Beach Collection, Mirissa along with their management companies to BI’s existing leisure portfolio, 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 and Riverina Resort in Beruwala with 375 keys, which is under construction. ....

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Sunday Times - Browns Investments acquires Serendib Hotels, expands its leisure sector

Sunday Times - Browns Investments acquires Serendib Hotels, expands its leisure sector
sundaytimes.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sundaytimes.lk Daily Mail and Mail on Sunday newspapers.

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