The LOLC Group, which has made big strides into the hotel sector recently, plans to spend roughly US$ 30 million in refurbishing its properties and are currently talking to about 10 international players one of whom will be finalised soon to manage, according to an LOLC source.
"We will rebrand one properties and are talking to major players on this,” the source told the Business Times.
LOLC, having bought 43.3% in Confifi Hotel Holdings (CHH) - which has stakes in Club Palm Garden, Eden Hotel and Riverina in April, consolidated its control in these hotels from its owners, the Furkhans in June upping its stake to 52% in CHH. Furthering its position in the country’s famed golden mile, the company bought a 60% stake in Tropical Villas, a beach resort with 50 luxury villas in Beruwela, through a subsidiary LOLC Leisure on Tuesday.
He said chains such as Hilton, Accor, are interested in managing these hotels. "Managing hotels is not our business. We bought these hotels as it was a good investment. We want to have a strategic alliance with a major international partner who will manage it for us,” he added.The deal will be finalized soon, possibly by the next month.