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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rs 16 bn LOLC Beruwela resort opens in 2015

Rs 16 bn LOLC Beruwela resort opens in 2015

2 posters

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Shirajiv SIRIMANE in London

Sri Lanka’s first 500 room five star beach resort , would be ready by 2015, winter. This mega project by LOLC leisure amalgamating three award winning hotels into one enterprise will be the biggest and the best in the subcontinent taking Sri Lanka tourism to a new era. The property built in the golden mile in Beruwela with a mammoth investment of Rs. 16 billion would be the biggest locally funded hotel project outside Colombo.

Under the first stage, 500 rooms with beach frontage would be built spreading over a 20 acre land. This would be followed by Phase 2 which will consist of 120 serviced apartments, 80 condominiums and a shopping cum entertainment complex.

Head of Sales and Marketing LOLC Leisure, Jayantha De Silva said that this project would also include a large conference area for 700 which would help to promote the MICE market in a bigger manner.

The management is now negotiating with international hotel chains to transfer the management of this venture. Many international high repute tour and super chain hotel operators have expressed their consent to operate and manage the resort.

Very productive discussions have been held with international Hotel Chains for the marketing and management of the resort. Hilton Worldwide, IHG, Marriot International and Starwood were the main contenders based on our comprehensive evaluation.

“This venture would open new vistas in the local tourism arena and would attract high end travelers and also a MICE market giving more exposure to the country as a destination,” he said.

The new project would generate over 1,000 direct employment and 4,000 to 5,000 indirect employment opportunities,” he said. Residents and craftsmen in the vicinity would also have an opportunity to showcase their products to high end tourists, thus gaining better returns.

LOCL entered the Beruwela area a few years ago by acquiring properties owned by Confifi Group, Eden, Riverina and Palm Garden and then Tropical Villas. “Under this mega development all these four hotels would replaced with new constructions, offering additional rooms as well. All the new 500 rooms would ultra luxury and in five star standards.

With the opening of this project LOLC group’s room portfolio with the inclusion of Eden Resort and Spa would increase to 658 in the Beruwela area. In addition the hotel also owns and operates the 76 key Dickwella resort and Spa and reconsolidates its position as the third biggest hotel operator in Sri Lanka with a total of 734 keys.

Commenting on the recently concluded WTM in London he said it was very successful for both the country as well as for them. “WTM helped us to market both Eden and Dickwella and we also found several new operators,” he added.

A veteran in the industry with 30 years experience, also praised the model of the Sri Lanka stand and other arrangements.
http://www.dailynews.lk/2012/11/12/bus01.asp

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

An interesting internal transaction.

Dickwella Resort was initailly bought by LOLC lesuire for a billion rupee back in Jan 2012.

http://www.cse.lk/cmt/uploadAnnounceFiles/5521325574624_378.pdf

LOLC lesuire recently sold this resort to EDEN for 1.5 billion.

http://www.cse.lk/cmt/uploadAnnounceFiles/381383303826_.pdf

Wonder who financed EDEN to buy the resort? They have no money available to go for such large acquisition.

Anyway it's a good sign to see LOLC lesuire unlock some property to start the Beruwala project.


LOLC> LOLC lesuire > PALM > EDEN.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

EDEN secured a loan from Seylan

http://www.cse.lk/cmt/uploadAnnounceFiles/8651389957751_.pdf

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