LOLC Leisure, controlled by Lanka Orix Leasing Company PLC has acquired a 60 percent stake, or 6.2 million shares, in Jetwings Tropical Villas beach resort for Rs. 310 million,
the company said in a filing with the Colombo Stock Exchange last morning."In May this year the LOLC Group made its maiden entry in to the leisure sector by acquiring three hotels namely Palm Garden, Riverina and Eden hotels. With the acquisition of a fourth hotel adjacent to these three, LOLC Leisure limited has now increased its footprint to over 25 acres of prime beach-front land, located on one of the best stretches in the South of the country referred to as the ‘Golden Mile’," the company said.
Quoting Central Bank data, it said the hotels
and resorts sector contributed a negative 16.7 percent to the economy during the first quarter of 2009. After the war, the sector made a spectacular recovery to post a 61 percent growth during the first quarter of this year."The group is in the process of examining the acquisition of suitable land and conducting studies to launch similar ventures in the East coast of the country," the company said.
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