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. 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. 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.
“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.”
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,