Sri Lankan hotel investment by Nepal firm Rs175mn: report

Aug 09, 2009 (LBO) – A Nepal conglomerate has paid 175 million rupees to buyout the Sri Lanka’s listed Hayleys group from two hotels it held jointly with the Jetwing leisure group, a media report said.

Jetwing manages and part owns Lighthouse Hotel with the Hayleys group. It also manages listed Hunas Hotels, another Hayleys group firm.

The Sunday Island newspaper said the Hayleys unit Carbotel, which is part of the listed Haycarb division of the group is expected to make a 71 million capital gain from the deal.

The profits will be brought to the books with the second quarter results.

On July 30, Hayleys said it had sold a 49 percent stake in Seashells Hotels and a 50 percent stake in Royal Heritage Hotels, which owned ‘Vil Uyana’ a specialist eco-resort built around an artificial wetland.

The stakes were bought by Cinnovation, a unit of Nepali conglomerate Chaudhary Group owned by Binod Chaudhary.

The firm already controls Taj Samudra hotel in Colombo, though Taj Asia, a joint venture with India’s Tata group.

Prospects for Sri Lanka’s leisure industry is looking up with the end of a 30-year war with Tamil Tigers in May.

A senior Jetwing official said th