Browns Investments buys 51% of newly built Dambulla hotel for Rs. 500 m

Monday, 8 April 2013 00:00 - - {{hitsCtrl.values.hits}}

Confirming its growing confidence in the leisure sector’s prospects, Browns Investments Plc has bought 51% stake in the 67-room Green Paradise luxury hotel in Dambulla for Rs. 500 million.

Styling itself as Sri Lanka’s first agro-eco hotel, the new resort was built in April last year on a 14-acre land in Kabukkanwala.

The main building has a total floor area of around 38,000 square feet and comprises three floors. The rooms include 40 suites, 10 garden suites and 17 deluxe rooms, whilst the resort has a scenic swimming pool along with a bar in addition to a gym, spa centre and shopping arcade.

Situated close to Kandalama tank, the resort is strategically placed close to the scared city of Dambulla and provides easy access to Sigiriya, Anuradhapura and Polonnaruwa.

In April last year, Browns Investments announced that its subsidiary Samudra Beach Resorts signed a BOI agreement to build a 4-star 150 room resort in Kosgoda with an investment of Rs. 1.75 billion. It is scheduled to be completed within this year.

Browns Investments holds a 30% stake in LOLC Leisure Ltd. and the latter acquired 100% stake in Dickwella Resort with 76-chalet type luxury rooms for Rs. 1 billion in January last year. With this acquisition, LOLC Leisure’s room strength amounted to slightly over 600 via five beach resorts, making it one of the largest in the industry.