Sri Lanka Spence buys Browns hotel shares

Mar 15, 2011 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings has increased its stake in Browns Beach Hotels, one of the island’s oldest beach resorts which is to be demolished to make way for a new hotel, a statement said. Aitken Spence Hotel Holdings bought 10,000 shares at 21 rupees each, a stock exchange filing said.

According to the last annual report it had over 2.75 million shares or 28.7 percent stake in Browns Beach which is being closed at the end of this month to be replaced by a 200-roomed hotel.

The total project cost of the new resort is estimated to be in the region of 3.3 billion rupees.