LOLC plans to complete demolishing its hotel properties – Eden, Riverina and Club Palm Garden in addition to Tropical Villas by mid next month and start building a new 400-room hotel thereafter, officials said.
LOLC owns the Confifi Group hotels while Tropical Villas is a hotel closely situated in 26 acres which they acquired subsequently. “We are actively looking for a strategic partner to what might be the largest resort complex in the country on completion of the proposed development,” Kapila Jayawardena, Group Managing Director/CEO of LOLC told the Business Times.
Mr. Jayawardena said that LOLC’s core business sector recorded 23 per cent higher income, which reflects the steady growth in financial services business of the Group led by the two registered finance companies, Lanka ORIX Finance Co. PLC, (LOFC), Commercial Leasing & Finance Co. PLC (CLC) and the Micro credit business of LOLC Micro Credit Ltd (LOMC). The Group’s financial services sector recorded steady growth in lending portfolio, despite the unfavourable liquidity conditions putting pressure on the disbursements throughout the period under review. The income grew from Rs. 13 billion to Rs. 16.1 billion over the latest nine months under review. The total revenue growth for the financial services sector too was 23 per cent.