Oct 05, 2012 (LBO) – Minor International, a Thailand based leisure group said it had bought Paradise Island Resorts (Private) Limited, a beach resort in Sri Lanka for an undisclosed sum. Thailand’s Onyx Hospitality is also building an ‘Ozo’ branded city hotel in Sri Lanka’s capital Colombo with local joint venture partners.
The group said in a Bangkok stock exchange filing that the Sri Lankan hotel had a paid up capital of 60 million rupees and a invests of 160 million rupees.
The hotel was acquired through Jada Resort and Spa (Private) Limited, in which Minor had an 80 percent stake from City Developers International (Private) Limited.
Sri Lanka is experiencing a tourism boom with the end of a 30-year war in 2009 and international hotel groups are either building or striking management contracts for Sri Lankan hotels.