LOLC Group invests US$35 mn in four Male hotels

The Eden Resort and Spa Beruwela coming under the LOLC Group

LOLC Group will invest on star class hotels and apartments in the Maldives under their associated company, Browns Hotels & Resorts. Construction will begin this year.

LOLC Managing Director and CEO Kapila Jayawardene told ‘Daily News’ that they have already obtained land for the four projects on long term leases.

He said that they will build one business hotel in the capital Male.This will offer both apartments and rooms and will be a mixed development project and planned to be built and operated though a partner in the Maldives. “We see a demand for long stay guests in the Maldivian capital and this is the reason why we invested in an apartment style hotel.”

The two other hotels will be built on two separate Islands. The first resort hotel will be a 90 roomed hotel and the second will be a 120 roomed resort type hotel and both will be accessible via sea plane.

Browns Leisure Consultant Ajith Jayamanne said that in addition to these three hotels the company has also embarked on another mega hotel project.The total investment for the three projects will be in the excess of US$ 20 million dollars.

“This is to build a 420 roomed resort hotel close to an Island in the capital Male.” He said the company is aggressively looking at expanding their foot print in the Maldives and willlook at other investment to the leisure sector as well.

The investment for the 420 room hotel is expected to be in the excess of US$ 15 million bringing the total investment to US$ 35 million dollars.

LOLC Group’s Leisure sector was grouped under our subsidiary Browns Hotels & Resorts in 2014. Following the divestment of LOLC Leisure to Browns Investments (BI), the latter is now the controlling shareholder of the Group’s Travel and Leisure entities.The Group now has nine properties in its portfolio both locally and internationally with 1,200 keys upon completion.

The Eden Resort & Spa, Dickwella Resort & Spa, Paradise and Resort & Spa as well as the latest addition, The Calm Resort & Spa in Passikudah are among the Group’s leading leisure resorts.

Source :http://www.dailynews.lk/?q=2016/03/04/business/lolc-group-invests-us35-mn-four-male-hotels

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