Fairway buys control of Ascot Leisure

Thursday, 14 September 2017 00:00 - - {{hitsCtrl.values.hits}}

Fairway Holdings is to acquire 75% stake in Ascot Leisure from Ascot Holdings Plc.

As per the deal, the stake will be bought for Rs. 70 million of which Rs. 50 million is to be invested in purchasing capital in Ascot Leisure whilst the remaining Rs. 20 million is to be paid to ASCO.

Ascot Leisure has obtained the land and approval for a 30-room hotel in Yala. Fairway Holdings has already completed a 180-room hotel in Fort and is developing a further 325 rooms in Colombo, Galle and Nuwara Eliya.

ASCOT said Fairway Holdings will add considerable value through this project to its portfolio of hotel properties and construction expertise.