LBO Home IndoChina | About Us | To Advertise | Contact Us rss LBO Mobil rss rss rss rss rss
Australia won 2015 Cricket World Cup with a 7 wicket victory over New Zealand | Facebook to focus on three themes in 2015: Zuckerberg | Sri Lanka’s President Sirisena calls for a new thinking on Asian growth strategy | Sri Lanka to ease entry barriers for FDI: Ravi Karunanayake | Sri Lanka new rulers to get Chinese support | Sri Lanka sells $100mn of 5 year development bonds; rejects all bids at 2 and 3 years | Fitch affirms HSBC Sri Lanka branch at 'AAA(lka)'; outlook stable | Sri Lanka Freedom Party yet to decide a disciplinary action who participated pro-MR rally | Sri Lanka's President appoints a new law commission | Sri Lanka’s NDB-DFCC merger awaiting new regime’s go ahead | Ultra small computer by Intel; first look in Sri Lanka | Sri Lanka's micro-finance sector to access CRIB through a new regulation | Sri Lanka to get Chinese funded hospital for kidney patients; China to support SL on alleged human rights issues | Sri Lanka Siyapatha Finance PLC rated 'A(lka)' with a stable outlook : Rating agency | Sri Lanka’s AMW Capital Leasing and Finance upgraded to 'BBB+(lka)' : Fitch Ratings                                          
Sun, 29 March 2015 21:27:04
Sri Lanka leisure group buys Maldives resort
31 Oct, 2007 11:30:02
Oct 31, 2006 (LBO) – Sri Lankan conglomerate Aitken Spence has announced that it has bought another island resort in the Maldivian archipelago where it is already one of the top leisure operators.
Aitken Spence Hotels (International), a subsidiary of Aitken Spence Hotel Holdings, said it had acquired the Vadhoo Island Resort for 13 million US dollars, in an announcement to the Colombo Stock Exchange.

It gave no further details but the group has been trying to increase its hotel business in the Maldive islands because of the downturn in tourism in Sri Lanka.

The group operates four island resorts in the Maldives having increased its presence in the archipelago with the Adaaran Select Huduranfushi resort commencing operations last year.

Other resorts are Meedhupparu, Bathala, known as a dive resort, and Rannalhi.

Aitken Spence's Maldivian properties have helped the group offset lower earnings in its Sri Lankan hotels, hit hard by the downturn in arrivals owing to the escalating violence in the ethnic conflict.

Aitken Spence operates a chain of luxury hotels in Sri Lanka and the Maldives, and is also in talks with several hotels in India to run properties there.

Two resorts in India, Barefoot Resort in the Andaman Islands and Poovar Resort at Trivandrum, have already commenced operations under Aitken Spence management.

The group has signed management contracts for several more properties in India and operations should commence in a few in the very near future.

.
Your Comment
Your Name/Handle
Your Email (Your email will not be displayed)
Location
Country
Your Email
Receivers Email
Your Comment