Browns Investments expands operations in leisure sector

Browns Investments Plc has ventured into the leisure sector in a big way. Approvals have been obtained and construction work on the 150 room star class hotel will commence shortly. It is planned to increase the number of rooms to 172 with requisite approvals.

The site selected at Kosgoda on the Colombo-Galle Road for the hotel is surrounded on three sides by water. All rooms will have a sea view thereby providing a luxurious setting for the occupants. The average room size will be 35 square metres. The agreement with Board of Investment was signed on April 5, 2012.

A reputed architectural firm in Thailand has been commissioned to design the hotel which will be built in an eco-friendly environment. The hotel is adjacent to a turtle hatchery and the guests will have a unique experience in watching the turtles moving around on the beach, from their rooms. The hotel will be equipped with modern facilities including two restaurants, the main one which can accommodate 250 persons and a specialty restaurant. The accent will be on outdoor facilities with an outdoor lounge bar, an outdoor food outlet, and a pool bar.

The hotel is owned by Browns Investments Plc but it is intended that the management will be given over to an experienced, globally recognised operator. Discussions are under way with international hotel chains regarding the management of the hotel. The project, estimated to cost around Rs 1.75 b is scheduled to be completed in two years.

Browns Investments Plc has ventured into a number of sectors during its short period of existence.

According to a spokesman for Browns Investments Plc, they were not hesitant in venturing and making investments during the past 30 years. The Company has ventured into a number of areas through investments and joint ventures. Some of these initiatives are investments in LOLC Leisure, the Sierra Group, Samudra Beach Hotel, Excel Holdings, Free Lanka Capital Holdings and Agstar Fertilizers Ltd.

In its joint venture with LOLC Leisure, Browns Investments holds a 30 percent stake. The hotels in the joint venture include Riverina, Palm Garden Hotel, Eden, Tropical Villas and Dickwella Village Resort. These properties comprise 620 rooms in the Southern Province.

Currently, most of these properties are going through a major refurbishment drive with the objective of making them more attractive to the tourists. The leisure sector is a key segment in the investmentportfolio of Browns Investments.

According to CEO, Browns Investments, P R Saldin, with Browns Investments stake in LOLC Leisure and the construction of the hotel in Kosgoda, Browns Investment will strengthen its footprint in this sector.