Sri Lanka LOLC closes beach hotels for refurbishment

May 09, 2011 (LBO) - Sri Lanka's LOLC group has closed three beach hotels it acquired recently - Riverina, Club Palm Garden and Tropical Villas - for refurbishment and modernisation.
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LOLC said at the time it was holding talks with a "few world-renowned hotel chains" that have shown interest in establishing a partnership with the LOLC group to manage the hotels.
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The three hotels will be closed for business for 18 months from May 01, 2011 "to complete an accelerated refurbishment programme," a stock exchange filing said.

"This comprehensive property improvement which will be supported by a substantial investment will transform the three hotels into the league of the best beach hotels in Asia," it said.

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"After being upgraded the hotels will be managed by a globally reputed hotel management company.




The final negotiation with the international operator is expected to be concluded shortly.

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Tropical Villas, a beach resort with 50 luxury villas in Beruwela, on the south-west coast was the latest hotel acquired by the LOLC group through a subsidiary, LOLC Leisure.

In May 2010 LOLC group entered the hotel sector by buying three hotels from the Confifi group; Palm Garden,

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