Business Times

Hilton likely to manage some Confifi hotels

LOLC Leisure has finalised the international hotel chain operator to rebrand and manage some of its hotels bought from the Furkhan family one year ago. It is also planning an Initial Public Offering (IPO) in a bid to raise funds for the planned refurbishment and expansion, sources close to the company said.
They said the Hilton chain will most likely manage Riverina, Club Palm Garden and Tropical Villas while negotiations are still on for a partner for Eden. These hotels have been closed for business for 18 months since May to complete an accelerated refurbishment programme.

“We plan to spend roughly US$ 30 million in refurbishing its properties,” a source told the Business Times. He added that the IPO details are also being finalised to fund both the refurbishment and expansion of hotels.

The Furkhans sold some of their stakes in related holding companies of the three Confifi hotels – Club Palm Garden (CPG), Riverina Hotel and Eden to a consortium led by LOLC and Browns last year. This consortium now own 52% in Confifi Hotel Holdings (the owners and managers of CPG), 25.5% in Riverina and 23.71% in Eden. Further firming 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 last August.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
SriLankan Airlines back to the WTC
Sri Lanka Telecom streamlines tender procedures
Defence Ministry directs Urban Development Authority to probe ‘Chalmers Granary' issue
Softlogic to divest more than 30% in Asian Alliance
IPO issues this year fall by half from original targets
Eyeing Budget 2012
COMMENT - Juggling attendance at AGMs
Consultants are siphoning your money
What the next Mayor of Colombo should know about the travails of travel
New fund manager to invest in firms with a future
Logiwiz commended by Chevron President for logistics support
Emirates offers special Economy, Business Class fares from Colombo
Smart Media win 19 Golds at ARC awards
i-Sri Lanka project in Jaffna revolutionises lifestyles of the people
Small businesses flourish in Jaffna
DHL Express Sri Lanka grooms internal talent
CMA felicitates CPA Australia on 125th anniversary
Commercial Credit launches strategic growth plan
“Money flows into the Jaffna peninsula …”
Renuka Holdings bullish on Agri, Automotive and FMCG
Banks should increase focus on loans to the rural communities
Frauds' survey to help combat swindlers and con artists
Colombo South Container Terminal $500 mln deal finally through
Applications close for CCC Best Corporate Citizen Award 2011
Palmyra goods by Jaffna, Mannar weavers
Top Panasonic official visiting Sri Lanka for company event
Central Bank appoints new deputy governors
Cabinet sub-committee appointed to bring tourism stakeholders together
Sri Lanka to play host to ‘Ceylon Experience 2011’ Rally
Year-old Island Leisure aims to be top 10 SL inbound tour operator by 2017
Tourism industry builds on its manpower
Winter arrivals seen rising by 10% this year
SriLankan Airlines launches flights to Moscow
NDB strikes partnership deals with DBS Singapore, plans others
Hilton likely to manage some Confifi hotels
Frayed tempers, accusations after CSE system crashes
Flow of AGMs at the same time


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution