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Banyan Tree purchased a stake of 69.9% of Beruwala Walk Inn Limited (Hotel Swanee) from JKH at Rs. 47.75 per share yesterday.

Banyan Tree and JKH intend to work together to refurbish and reposition Hotel Swanee and develop other properties in suitable locations in Sri Lanka. "We have sold our stake in Beruwala Walk Inn Limited to facilitate the speedy implementation of Banyan Tree's strategy for investment in Sri Lanka. We will work in partnership with Banyan Tree to further enhance our presence in the leisure industry," said Chairman Vivendra Lintotawela of JKH.

Chairman of Banyan Tree, K. P. Ho expressed his delight at the transaction and said, "We are very optimistic on the prospects for the tourism industry in Sri Lanka. We will work together with JKH to develop sites that we have identified and the purchase of Beruwala Walk Inn is the first step in the strategic relationship announced earlier.

Hotel Swanee will be extensively refurbished and relaunched under the Colours of Angsana, a boutique collection of small hotels in unique destinations. Also launching under the Colours of Angsana collection are The Deer Park in Giritale, Sri Lanka; the Gyalthang Dzong Hotel in Shangri-la (Shongdian country), China; and the Malson Souvannaphoum in Luang Prabang, Laos.

All three are within UNESCO World Heritage Sites.

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