Singapore-based firm buys Nahil’s Marriott Weligama hotel

News

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 -

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 472 - 0

Flt Lt Kasun Cumaratunga , more than a pilot, a guardian remembered on his 37th death anniversary

Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred

June 2, 2025

- 439 - 0

National Tax week launched

The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.

June 2, 2025

- 342 - 0

SriLankan Airlines’ new A330 Fleet to perform low fly past over Colombo on Wed.

May 29, 2025

- 257 - 0

Mahindananda and Nalin Fernando Jailed

Former Sports Minister Mahindananda Aluthgamage and former Sathosa Chairman Nalin Fernando have sentenced to 20 and 25 years respectively after they were found guilty in a case of fraud.

May 30, 2025

- 254 - 0

In Pix: Weather situation in Colombo

June 3, 2025

- 183 - 0

Krishanthi Kumaraswami convicts FR dismissed by SC

The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.