LOLC Buys Dickwella Resort for Rs 1bn Making it One of the Largest Resort Owning Companies in Sri Lanka

04th January 2012, www.dailynews.lk

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.

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.

Related Info :

• Lanka Orix Leasing Company, LOLC, Gets Central Bank Approval to Operate as a Holding Company