Singapore-based firm buys Nahil’s Marriott Weligama hotel

A Singapore-based firm has acquired businessman Nahil Wijesuriya’s Marriott Weligama hotel at a purchase price of US$22.6 million, it was announced on Thursday.

In a public announcement, the directors of Hotel Properties Ltd (HPL) said its wholly-owned subsidiary, HPL Properties (West Asia) Pte Ltd (HPLPWA), has entered into Share Purchase Agreements with Nahil Wijesuriya’s East West Properties Plc, Asia 2000 Investment Inc and the Monetary Board of the Central Bank of Sri Lanka for the proposed acquisition of the entire equity interest comprising 405,200,000 ordinary shares in the capital of Weligama Hotel Properties Ltd (WHPL) to HPLPWA.

The consideration for the Proposed Share Purchase is approximately $22,625,000, which is subject to net working capital adjustments to arrive at a final consideration.

The statement said that WHPL owns a 198-key 5-Star Resort known as the Marriott Weligama Bay Resort & Spa, situated at Weligama, Sri Lanka. The issued and paid up capital of WHPL is Rs. 1,931,801,000 comprising 405,200,000 ordinary shares.

It said the Proposed Share Purchase will be funded through the group’s internal resources and/or bank financing, and is not expected to have any significant effect on the consolidated net tangible assets per share and net earnings per share of HPL Group. The hotel is managed by the Marriott Hotels Group. – ENDS -