Business Times

Tropical Villas sold in larger tourism interest: Jetwing

The Jetwing Hotel group this week sold its entire stake in Tropical Villas, the hotel property adjoining Confifi hotels at Beruwela to the LOLC Group in the ‘larger interests of tourism’, according to Jetwing Hotels Chairman Hiran Cooray.


View of the hotel

“We decided to sell in the larger interests of tourism as it gives LOLC an opportunity to develop that entire stretch. We also got a good price for it,” he told the Business Times. Jetwing’s 60% stake was sold for Rs 310 million to LOLC Group, a new kid in the block in the leisure sector. The balance 40 % in the hotel which has 50 luxury villas is owned by the Hayleys Group. Earlier in May, the LOLC Group acquired major stakes in Palm Garden, Riverina and Eden hotels coming under the Confifi Group umbrella.

Mr Cooray said with LOLC looking for a manager to manage these hotels, ‘we may also be invited to bid’. LOLC said in a statement that a few reputed international hotel chains have expressed interest in managing these four hotels (including Tropical Villas) on 25 acres of prime beach land called the ‘Golden Mile’ where the properties are located.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
T-bills, not cash for acquired lands
Mihin Air settles 60% of debt, monthly rev. $2 mln
Stock market learns to cope with price curbs
IMF team assessing Lankan economy
SEC seeks assistance of foreign regulators on ERI
Shangri-La to invest in 5-star hotel in Colombo
Comment - Waiting for budget 2011
Feature - tomorrowFITNESS: What is in store for us
Feature - Endowment envy: Investing to donate?
Feature - GSP+ loss will not be so hard: Fitch Ratings
Etisalat reaches magical figure of 3 mln customers, heads for 4 mln
SLT conducts Sinharaja workshop for Mahajana College, Jaffna
Pensioners: Grateful to be paid in Ceylinco saga
Banks reduce loan provisions to boost results
As WP controls national GDP, call for balanced growth across SL
Thonda commends Nestlé’s continued commitment to local dairy industry
World Bank country director ends term
Sampath aims to reach the top in credit cards
CB rejects accusations that it has no authority to invest EPF funds
Acme seeks Rs 250 mln funds for expansion
ADB Vice President visiting Sri Lanka
Child-resistance bottle cap being introduced by makers of Panadol
Kelaniya University bags gold in MTI start-up venture contest
Sri Lankan chicks going to Nepal
Public dialogue on Knowledge-based Development in Jaffna
CPC owes Rs 18.5 billion in oil hedging dues, to Standard Chartered Bank
Mahindra looking at opening a vehicle assembly plant here
SriLankan Airlines' first Trainee Technicians under European certification
Sri Lanka Telecom makes profits in June 2010 quarter
Business Leaders' classroom exercise for small entrepreneurs
Sri Lanka to reduce e-waste with private sector assistance
Planning buildings with concern for the environment, people’s health
Cargills moves into new headoffice from ‘grand old building’ in Fort
Asgiriya firm becomes sole agents for FENNER
Galpaditenne Tea Factory looking at 4 mln kilos of black tea output
Strike-hit Lanka Walltile threatens to sack contract workers
LOLC to spend nearly US$30mln in refurbishing
Japanese Prof. on lecture tour
Australian and Sri Lankan expatriates visit Sri Lanka
Tourism booms as room strength and hotels grow
Lanka Ashok Leyland partners SMB Leasing to serve North-East
Two new directors at Kotmale Holdings
DFCC Vardhana Bank offers housing, foreign education loans
Tropical Villas sold in larger tourism interest: Jetwing
‘Clean Power’ a new energy saving device for vehicles
Kiwi rugby stars teach safety to Air New Zealand fliers
Sparklink achieves 31 years of service excellence
JKH leads, Carsons No. 4 in the Colombo bourse
DHL launches new direct LCL services from South Asia Pacific to Slovenia
Softlogic slated to buy more into Capital Reach tomorrow
Shares inflated? Invest in the ‘real economy’
Stock market regulator plans to increase liquidity in Colombo bourse
Drop in interest rates not drawing investors to the markets
Some investors urge continuation of price curbs
EPF, Bank of Ceylon, NSB big stakes in Lighthouse Hotels Ltd
SEC's move to discourage quick buck gambler attitude comes under fire by players

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution