The LOLC group-controlled investment holding arm Browns Investments PLC (BIL) have further plans to construct a series of upscale resorts in Bodhufinolhu in the Raa Atoll and Bodhufaru in the South Ari Atoll of the Maldives, the latest annual review of the company highlights.
The BIL group had already secured a number of properties from the Government of Maldives on a 50-year lease, after signing a MOU with its partner, and work had commenced to construct the first-ever mixed development project in Male City.
Accordingly, BIL’s investments in the leisure sector as at March 31 2016 was valued at Rs. 7.6bn, the largest investment pool in terms of asset base and the Riverine Hotel project is another major project currently underway, where construction is in progress to convert the former Riverina hotel into a 365 room upscale resort. With nearly 60% of the construction already complete, negotiations have commenced to secure a management contract with an international hotel chain to operate and manage the hotel on a long-term basis.
Browns Investments, owns six leisure properties in Sri Lanka, of which Eden Resort & Spa, a five-star property is located along the golden mile in Beruwala, the Samudra Beach Resort and Riverina Resort which are under construction, are along the south coast. The Dickwella Resort & Spa and the Calm Resort & Spa are located in the deep-south and east coast and The Paradise Resort & Spa is located in Dambulla.
BIL’s interests in the sector also include Ceylon Roots (Pvt) Ltd, the Destination Marketing (DMC) arm, BG Air Services (Pvt) Ltd., the group’s inbound and outbound tour operator and The Excel World Entertainment Park, all of which make Browns the only end-to-end service provider in Sri Lanka’s leisure and entertainment sector.
According to the Management Review of the company, the Excel World Entertainment Park continues to retain its position as the only fully-fledged entertainment centre in Colombo. Despite the growing competition in the market, the venue has of late gained traction in the MICE (Meetings, Incentives, Conferences and Exhibitions) market, with nearly 60% of the revenue for the current financial year coming from this segment. Collectively, the leisure sector of BIL had tabled a revenue of Rs. 1.8 billion in the year under review, accounting for 23% of the Group revenue.