Browns to build Rs. 1.75b hotel
by Lalin FERNANDOPULLE
Browns Investments PLC, an entity owned by Brown and Company will
expand its leisure sector by constructing a star-class,150-room hotel in
Kosgoda at a cost of Rs. 1.75b.
Work on the project commenced in May this year. It has provision to
increase the number of rooms to 172. The hotel is built on a unique site
with the sea on the west side and two water bodies on the northern and
eastern sides. The property is adjacent to a turtle hatchery providing a
entertaining holiday experience to visitors. Group Chief Operating
Officer Brown and Company PLC, Rimoe Saldin said that negotiations were
in progress with an international hotel chain to manage the property.
The hotel will commence operations at end of 2014. Browns Investments
will build two boutique hotels in Geragama and Ayr in the Pussellawa
Plantation of the Free Lanka Capital Holdings, a public company with the
major shareholders being Browns Investments and Perpetual Holdings.
The company is also constructing a 80,000 sq.ft multi-storied complex
in Borella at a cost of Rs. 625m. Work on the project commenced in the
latter part of 2011 and is scheduled to be completed in 18 months.
Browns Investments has business in hotels and leisure, plantations,
agriculture, construction, manufacturing and exports, entertainment,
power generation and real estate.
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, Agstar Fertilizers Ltd, and Royal Fernwood
Porcelain.
Browns Investments and LOLC co-own Riverina, Palm Garden Hotel, Eden,
Tropical Villas and Dickwella Village Resort. These properties comprise
over 620 rooms in the Southern Province.
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