Aug 20, 2015 (LBO) – Sri Lanka’s household goods retailer Brown & Company wants to build two hotels in Maldives and expand from its current 308 operational rooms to approximately 1,000 in the near future, the company said.
“As the tourism industry continues to grow rapidly, Browns will partner by contributing approximately 1,000 rooms in the coming years, supporting country targets of increased tourist arrivals by 2020,” Ishara Nanayakkara, executive chairman of Browns and Company, told shareholders in the company’s 2015 annual report.
The company has signed agreements with an international chain to manage its 172- room hotel in Kosgoda, which will also commence operations in the near future, the annual report said.
Phase one of a plan to construct a 367-room project in the property housing the former Palm Gardens, Riverina and Tropical Villas in Beruwela, is also progressing according to plan.
“Several other strategic locations across the island are also under review for expansion,” Nanayakkara said.
The company said it will expand into regional markets as it builds on the investment in two new properties in the Maldives, which the company made during the year, in line with plans to expand its presence globally.
The group’s hotel chain includes Eden Resort & Spa (158 rooms), the four-star property in Beruwela, Dickwella Resort & Spa (76 rooms), which are both located in Sri Lanka’s South, and the Paradise Resort & Spa in Dambulla (67 chalets). The latest addition to this portfolio, the Calm Resort & Spa, in Pasikuda on Sri Lanka’s Eastern coast, is a four-star hotel which was opened to the public in mid-June 2015.
“Supporting these developments, Browns Investments launched a dynamic website for Browns Hotels & Resorts Ltd to cater to the information needs of travellers both locally and overseas.”
The Company recorded a revenue of 7 billion rupees while gross profit was 1.5 billion rupees and profit before tax was recorded at 1.4 billion with profit after tax (PAT) at 1.3 billion for the financial year 2014/2015.