Spence sells Hilltop in Kandy for Rs. 740 m

Aitken Spence Hotel Holdings is to divest its entire holding in its fully owned subsidiary MPS Hotels Ltd for Rs. 740 million.

MPS is the owning company of Hotel Hilltop in Kandy. The buyer is a company related to businessman and former MP Earl Gunasekera. Spence also manages Kandy’s five star Earl’s Regency owned by the same Group.

Hotel Hilltop is a charming 73 roomed hotel situated in the lush hills, overlooking the historic city of Kandy. The hotel offers exceptional amenities and superior service, in true Kandyan style.

Spence acquired Hotel Hilltop in 1994 and Aitken Spence Hotels held 4.75 million shares in MPS Hotels worth Rs. 300.7 million. MPS Hotels in Kandy has over 3 acres of land last valued (in 2014) at Rs. 300.5 million.