Tuesday, January 11, 2011

LOLC in search of int'l hotel operators

LOLC Group, which entered country's hotel business recently following a series of acquisitions along the well known 'Golden Mile' in the southern part of the country, is talking to world class hotel brands to strike a deal to manage its hotels, a top official attached to the firm said.

"Yes we are looking for international hotel brands to manage our hotels but nothing has been finalized yet" LOLC Group chief executive Kapila Jayawardena told Daily Mirror Business.

He also said that out of the four hotels the LOLC Group currently owns, three hotels-Reverina, Tropical Villas and Club Palm Gardens will be refurbished at a cost over Rs.2.5 billion to international standards to lure high end tourists.

"What we are looking for is a full management contract with an internationally renowned hotel operator for these hotels and we hope that such a contract would be a trailblazer in the Sri Lankan resort hotel sector since the country lacks international foreign operators" Jayawardena said.

When queried whether the group is looking at further investments in the leisure sector he said that at the moment no such investments are in the pipeline.

According to market sources the LOLC has been talking to several international hotel chains, including the likes of Hilton and Sheraton and a stock exchange disclosure is expected within the next few weeks about a finalized deal with an international hotel operator.

LOLC Group entered the hotel business in the post-war Sri Lanka acquiring three properties-Club Palm Gardens, Reverina and Eden hotels- managed by the Confifi Group, one of the oldest hotel operators in the country, controlled by the Furkhan family.

Then the group recently bought the entire stake of Tropical Villas, another top resort property adjoining the Confifi Hotel in Beruwala for Rs.310 million. (IS)

source - www.dailymirror.lk

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