Browns Investment Ltd, a unit of Sri Lanka’s LOLC group has announced it struck a deal to acquire a 100 roomed hotel in Mauritius, for USD3.7 million (approx. Rs159.1million) along with its debt.
BIL said it valued the 100-room hotel, owned by Mauritius registered firm called PL Resorts Ltd, at USD12 million (Rs526million) but paid USD3.7 million after deducting debt.
The hotel was being managed by US-based Radisson leisure group under its Radisson Blu brand.
The hotel was, according to Sri Lanka-based EconomyNext, bought through BI Leisure Holdings FZE, a wholly owned subsidiary of Browns Investments Plc, incorporated in the UAE.
Originally starting as a non-banking financial company, LOLC has grown into one of largest Sri Lankan conglomerates involved in many sectors and subsidiaries in several countries although it is still mainly involved in the financial sector. It is listed on the Colombo Stock Exchange.
Edited on July 15, 2021
EDITOR’S NOTE: NewsMoris has been informed by BlueLife Ltd that the hotel sold was not Radisson Blu Azuri (as previously mentioned), but its other hotel, located in Poste Lafayette and also managed by Radisson.