Browns Investments inks agreement with Barceló Group in hotel deal
View(s):LOLC Group’s subsidiary company, Browns Investments PLC (Browns), on Thursday signed an agreement with the Barceló Hotel Group which will make Barceló’s maiden entry into Asia through Sri Lanka and Maldives.
From left - Sanjana Fernando, Managing Director, STF Corporate Advisory; Kamantha Amarasekera, Director, Browns Investments; Javier Abadia Jordana, Corporate Managing Director of Barceló Hotel Group; Raúl González, CEO Barceló Hotel Group; Ishara Nanayakkara, Deputy Chairman, LOLC Group and Chairman, Browns Group; Kapila Jayawardena, Group Managing Director and CEO LOLC Group and Kalsha Amarasinghe, Executive Director, LOLC Group
The group will develop three Browns’ hotel complexes in North Male’ Atoll, Maldives and manage five leisure properties of Browns Hotels and Resorts in Sri Lanka and Maldives.
With the management agreement, Barceló Group will join Browns Investments in developing three 5-star hotels with 470 keys in North Male Atoll with an investment and a stake of 33.33 per cent shares of Bodufaru Beach Resorts Ltd. Barceló will be the operator for these properties under Bodufaru, the property currently under construction, Bodufinolhu with 100 rooms in the South Ari Atoll, and Nasandhura Palace in Maldives, the most sought-after real estate in Male, Browns said in a media release.
In Sri Lanka, Barceló will be the operator for the 5-star property on the southern coast, The Eden Resort & Spa with 158 keys and The Paradise Resort & Spa holding 67 Eco-villas in Dambulla. The signing ceremony was held in Colombo, Sri Lanka between the Deputy Chairman of the LOLC Group and Chairman, Browns Group, Ishara Nanayakkara and Raúl González Chief Executive Officer of Barceló Hotel Group.
Mr. Nanayakkara commenting on this historic occasion said, “We are extremely pleased to be joining with the Barceló Hotel Group, a world renowned hotel chain, and extend our gratitude for the confidence in choosing the LOLC Group as their partners in their first venture into the Asian region. We believe this historic venture will bring great synergies for the LOLC Group’s leisure business, particularly as we commence with this unique leisure property in North Male’.”