Sri Lanka’s East West Properties to sell stake in beach resort managed by Marriot to Singaporean firm
Sri Lanka’s East West Properties has reportedly decided to sell its stake in a high-rise beach resort managed by Marriot in the country’s southern region to Singapore’s hospitality management firm HPL Hotels & Resorts.
A stock exchange filing has stated that East West Properties had signed a letter of intent to sell 72% of the shares of Weligama Hotel Properties Ltd. to HPL Hotels and Resorts Pte Ltd Singapore.
Weligama Hotel Properties Ltd built the Marriott Weligama Bay Resort and Spa, situated in Weligama Bay.
According to reports, the resort is the first in Sri Lanka to be managed and branded by Marriott, the international hotel operator. HPL Hotels & Resorts has also made a proposal to invest in and upgrade the colonial-era hotel, Grand Oriental Hotel (GOH), which overlooks the Colombo Port.
The interest shown by Singapore’s hospitality management firm HPL Hotels & Resorts in buying into Marriott Weligama Resort and Spa as well as to invest and upgrade the GOH in Sri Lanka is an indication of the increase in investor interest in Sri Lanka’s hospitality and leisure industry. The continuously growing tourist arrivals to the country as well as the entrance of many new international hotel chains in Sri Lanka are clear signs of the growing investment opportunities in the country’s tourism sector.
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