Conglomerate Hemas Holdings delved deeper into the tourism sector on Monday to pick up a 47 percent slice in Associated Hotels, the owning company of Lihiniya Surf Hotel.
Veteran hotelier George Ondaatjies Mercantile Investment Group had sold his entire 2.6 mn parcel at Rs. 40 per share.rn
rnThe family controlled companys core strengths lie in health and personal care products, which together contribute over 50 percent of total revenues. It also has interests in leisure, transportation, apparels and power generation.rn
rnThe leisure unit, which rakes in 10 percent of the groups revenues, is high on the groups expansion radar this year. rn
rnInvestments in the tourism sector are spread among Hotel Sinbad, Hotel Serendib and Hotel Dolphin.rn
rnAbbas Esufally, Head of Hemas Leisure Unit, is very upbeat on the tourism boom.rn
rnLihiniya Surf is close to Serendib Hotel, and Esufally says with an increased demand for three to four-star rooms, a well-managed property will be able to deliver superior