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Tuesday, April 10, 2012

Browns Investments Group signs BOI deal for Rs. 1.75 b hotel in Kosgoda

Browns Investments Group is to build a 150-room four star hotel in Kosgoda for Rs. 1.75 billion.

The fully owned subsidiary Samudra Beach Resorts Ltd., has signed the necessary agreement with the Board of Investment yesterday. The hotel is expected to be completed in 2013. This the the Group’s direct foray into the leisure sector.

It comes after Browns Investments Plc, via its joint venture LOLC Leisure in which it owns a 30 per cent stake, announced the acquisition of a 100 per cent stake in the famous Dikwella Resort for one billion rupees.

With this acquisition, LOLC Leisure’s room strength via five resorts including those acquired under Confifi comes to over 600. In January, Browns Investments also announced the acquisition of a 51 per cent stake in Ajax Engineers, a specialist in aluminium curtain walls, doors windows and glass facades for Rs. 100 million in January.

source - www.ft.lk