Sri Lanka LOLC buys Dickwella Resort for a billion rupees

Jan 03, 2012 (LBO) – Sri Lanka’s LOLC group has acquired control of a beach resort catering to up-market European tourists at a cost of just over a billion rupees, a stock exchange filing said. “The hotel which is much sought after by an exclusive clientele of European tourists has potential for even further expansion,” it said.

“With this acquisition LOLC Leisure will hold 600 plus room keys in five beach resorts making it one of the largest resort owning companies in the country.” The acquisition of 99.9 percent of Dickwella Resort for 1,014 million rupees was done by LOLC Leisure, a 70 percent owned subsidiary of LOLC in which the balance 30 percent is held by Browns Investments.

The resort has 76 chalet-type luxury rooms built on about six acres of land in one of the most picturesque localities in the southern coastal belt, the statement said.