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LUX hotel insurance claims could hit billions of rupees

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LUX hotel insurance claims could hit billions of rupees

The insurance claims for the LUX Belle Mare could rise up to several billions of Rupees after the resort was destroyed by a violent blaze during the weekend.

According to Kirk Varaden of Chartered Brokers Group, it seems there is “total loss” – the hotel will need to be pulled down and reconstructed”.

LUX Island Resorts, which owns LUX Belle Mare, is said to have already engaged with its insurers in respect of the damage and the ensuing loss.

Almost 380 holidaymakers were evacuated after the blaze ripped through a LUX Belle Mare Hotel. All personnel and clients of the hotel are reportedly safe

The fire broke out in the thatched roof of the reception on Saturday morning, according to reports.

Flames tore through much of the building, fanned by strong coastal winds. Some 80% of the property (130 rooms and 12 villas) on the east coast of the island was destroyed, with tourists who were staying there were transferred to other hotels.

An investigation into the cause of the fire has been started.

Meanwhile, Defi Media reported that the shares of LUX fell by 10.34% after the blaze, to reach Rs45.50.

In a note published on the website of the Stock Exchange of Mauritius, LUX Island resorts urged shareholders and the investing public “to exercise caution when dealing in the shares of the Company” .

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.