“This increased interest will lead us to soon be one of the largest hotel operators in Sri Lanka,”
“This is extremely timely, considering the country’s increased focus on tourism.”
Sri Lanka's Lanka Orix Leasing Company Plc said in March 2014 that it had sold a 70 percent stake in LOLC Leisure, to Browns Investments Plc, a related company, for 2.8 billion rupees and acquired sole shareholder status of LOLC Leisure.
Browns Investments in a separate stock exchange filing said the deal will make it one of the largest hotel operators in the country managing over a 1,000 rooms.
Browns Investments Plc previously owned a 30 percent stake in the leisure firm.
The investment into the hotel sector was made jointly along with BI’s parent company, LOLC.
Browns Investments operates in fast-growing sectors of the economy such as leisure, agriculture and plantations, construction, marine and manufacturing and power generation.LOLC will continue to be the holding company for the Browns group, the company said in the media release.
LOLC Leisure is the controlling shareholder of 5 hotels including three adjacent hotels which were bought in 2010.
The company’s current portfolio holds 308 keys, with plans to increase it to around one thousand within the next few years.
The firm is building a 71-room four star hotel in Passikudah in the North West coast which is scheduled to be opened later this year, the company said in the media release.
“This is an exciting year for us, with our current properties being upgraded to suit the demands of the modern tourist,” Adrian Jansz, Head of Sales & Marketing of Browns Hotels and Resorts said.
“Our current portfolio includes a number of landmark properties, with the promise of more exquisite properties earmarked,”
“The changes taking effect have made us step back and re-evaluate our offerings, and has led us to draw parallels between the emotional connect of our customers and their satisfaction.”
The company is also constructing a 363 room hotel in a 25 acre property located in Beruwala, which is due to complete in 2016 and a 172-roomed five-star property in Kosgoda which will be completed in the first half of 2015.
The company owns properties in Nilwella and Trincomalee, and is looking at options for a new city hotel.