Sri Lanka’s Aitken Spence buys hotel in India

(From L-R) Hussain Sadique –Chairman, SLRA / Group Director, Hameedia, Mano Tittawella –Senior Advisor, Ministry of Finance & Media, Ajith Amarasekera- Director, SLRA / CEO Swarnamahal, Leonard Michael Perera, Founder Convenor & Head of Business, SLRA Dinesh Perera-Director, SLRA / Deputy Director, Abans

June 11, 2014 (LBO) – Sri Lanka based Aitken Spence group said it had bought a new 143-room ‘five star’ graded hotel in Chennai, India for 25 million US dollars. The acquisition was made through Aitken Spence Hotel Managements (South India) Private Limited, the company said in a stock exchange filing.

The Indian arm was 49 percent owned by Aitken Spence Plc and 51 percent by Aitken Spence Hotel Holdings Plc, both listed in Colombo. Aitken Spence already manages hotels in India, Maldives and Oman in addition to Sri Lanka.