LOLC Group acquires Dickwella Resort in prime location
Rs 1,014 million for 99.9% stake:
Expanding its presence in the booming tourism sector, the LOLC group
through its leisure arm, LOLC Leisure Limited has acquired a 99.9% stake
of Dickwella Resort for a consideration of Rs 1,014 million.
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The
Dickwella Resort |
This unique resort hotel with 76 chalet type luxury rooms is built on
around 6 acres of land which is one of the most picturesque localities
in the southern coastal belt of the country.
The hotel which is much sought after by an exclusive clientele of
European tourists has potential for even further expansion and offers a
unique and unparalleled beach holiday experience to its guests who can
enjoy the serene beauty with its surrounding view of the Indian ocean.
With this acquisition, LOLC Leisure will hold 600 plus room keys in
five beach resorts making it one of the largest resort owning companies
in the country.
LOLC Leisure is a 70% owned subsidiary of LOLC with the balance 30%
being held by Browns Investments PLC.
LOLC Group Deputy Chairman Ishara Nanayakkara,, the holding company
of LOLC Leisure, commented: “We are proud to have acquired this
beachside property situated at such a prized location. This acquisition
marks another milestone in our leisure holdings and propels us into the
forefront of the hospitality industry.
Dickwella Resort will be another key offering in our bouquet of hotel
properties along the western coast of Sri Lanka.
The resort has already carved out a distinctive niche for itself on
the global tourist map and we intend to upgrade luxury facilities and
enhance the room capacity in the months ahead to catapult it further
into a multi-star category hotel that offers a holiday experience of a
lifetime.
The Southern Expressway, now operational, has succeeded in
drastically reducing travel time to the resort.
In time to come, the completion of the Colombo-Katunayake Highway
will reduce travel time to Dickwella Resort even more.
LOLC Leisure remains committed to consolidating its leisure business
in the years ahead and we remain in pursuit of acquiring resorts in
unique stunning locations, such as Dickwella Resort.
The resort boasts of a world class luxury spa managed by French
wellness expert, Yves.
Located close to Dondra, the resort offers easy access to world
famous tourist sites such as Yala, Kirinda, Mirissa beach, dolphin and
whale-watching excursions.
LOLC Group, forayed into the leisure sector with LOLC Leisure
acquiring Confifi Group hotels in 2010, namely, Hotel Riverina, Club
Palm Bay and Eden Resort and Spa.
The two former hotels are closed for extensive renovation and will be
reopened in 2013. Operating under LOLC Leisure management, Eden Resort &
Spa has just completed the most successful year of operations since its
inception in 2010/11.
LOLC Leisure has also acquired Tropical Villas, previously owned by
Jetwings and Hayleys, located alongside the other three properties, and
which is also under extensive refurbishment.
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