LOLC Leisure rebranded as Browns Hotels and Resorts
Tuesday, 30 September 2014 00:01
Browns Investments Plc today announced the rebranding of LOLC Leisure to Browns Hotels and Resorts.
In March this year, Browns Investments acquired sole shareholder status of LOLC Leisure. BI previously held a minority interest of 30% in LOLC Leisure. The investment in the hotel sector was made jointly along with BI’s parent company, LOLC.
As part of its consolidation efforts, LOLC divested its direct exposure in leisure to BI, giving the company the opportunity to focus on nurturing and growing this sector. LOLC continues to be the holding company for the Browns Group.
Hotels under in the group include the Eden Resort and Spa, the Dickwella Resort and Spa and Green Paradise, Dambulla. The company also announced the construction of a 71-room four star hotel in Passikudah, which is scheduled to be opened later this year.
The company’s current portfolio holds 308 keys, with plans to increase it to around 1000 within the next few years.
“Browns Investments has expanded its footprint in the leisure sector and made a number of significant acquisitions. This increased interest will lead us to soon be one of the largest hotel operators in Sri Lanka. This is extremely timely, considering the country’s increased focus on tourism,” Browns Investments PLC Managing Director/ Chief Executive Officer Rimoe Saldin stated.
A 363-roomed, 25-acre property located along the golden mile of Beruwala, currently under construction and scheduled to be completed in 2016, will be included in the portfolio of hotels, as will a 172-roomed five-star property already under construction in Kosgoda which will be completed during the first half of 2015.
The company also owns properties in Nilwella and Trincomalee, and is looking at options for a new city hotel.
Browns Hotels and Resorts Sales and Marketing Head Adrian Jansz added: “This is an exciting year for us, with our current properties being upgraded to suit the demands of the modern tourist. Our current portfolio includes a number of landmark properties, with the promise of more exquisite properties earmarked. The changes taking effect have made us step back and re-evaluate our offerings, and has led us to draw parallels between the emotional connect of our customers and their satisfaction. This is the promise of Browns Hotels and Resorts.”
Browns Investments PLC is a subsidiary of the legendary 135+ year old Brown & Company PLC, with its ultimate parent company being LOLC. Browns Investments operates in fast-growing sectors of the economy such as leisure, agriculture and plantations, construction, marine and manufacturing and power generation.