Sri Lanka’s LOLC Leisure re-branded as Browns Hotels and Resorts
30 Sep, 2014 11:28:18
Sep 30, 2014 (LBO) – Sri Lanka’s Lanka Orix Leasing Company Leisure, a hotel company rebranded as Brown hotels and resorts, Brown Investment PLC said in a media release.
“Browns Investments has expanded its footprint in the leisure sector and made a number of significant acquisitions,” Rimoe Saldin, Managing Director and Chief Executive of Browns Investments PLC said.
“This increased interest will lead us to soon be one of the largest hotel operators in Sri Lanka,”
“This is extremely timely, considering the country’s increased focus on tourism.”
Sri Lanka's Lanka Orix Leasing Company Plc said in March 2014 that it had sold a 70 percent stake in LOLC Leisure, to Browns Investments Plc, a related company, for 2.8 billion rupees and acquired sole shareholder status of LOLC Leisure.
Browns Investments in a separate stock exchange filing said the deal will make it one of the largest hotel operators in the country managing over a 1,000 rooms.
Browns Investments Plc previously owned a 30 percent stake in the leisure firm.
The investment into the hotel sector was made jointly along with BI’s parent company, LOLC.
Browns Investments operates in fast-growing sectors of the economy such as leisure, agriculture and plantations, construction, marine and manufacturing and power generation.
LOLC will continue to be the holding company for the Browns group, the company said in the media release.