Sri Lanka LOLC buys full control of resort

Oct 04, 2011 (LBO) - Sri Lanka's LOLC Leisure has bought full control of the Tropical Villas resort on the south coast paying 165 million rupees to Carbotels for the remaining 40 percent, a stock exchange filing said.

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The firm had bought 60 percent of Tropical Villas Ltd (TVL) in August 2010 and now holds the entire stated capital of TVL, it said.

LOLC Leisure is part of LOLC group with 70 percent held by Lanka ORIX Leasing Company.

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Tropical Villas, a beach resort with 50 luxury villas in Beruwela, on the south-west coast was the latest hotel acquired by the LOLC group.

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In May 2010 LOLC group entered the hotel sector by buying three hotels from the Confifi group; Palm Garden, Riverina and Eden, also in Beruwela.