LOLC Leisure a new entrant
(Colombo, Sri Lanka)
LOLC a large group in the financial services sector has come into the tourism sector in a big way having purchased properties belonging to the Confifi Group. They now boast four major properties in the "Golden Mile" stretch of beach of Beruwela.
These very attractive properties are Palm Garden, Riverina Eden and Tropical Villas. LOLC plans to partner with a major global chain and refurbish their hotels which may cost upto USD 30Mn
The main disadvantage at the moment at the hotels was the fact that they are very run down and need to be upgraded very quickly to meet the exacting demands of European tourists who have been the mainstay for these hotels over decades.
One hopes that LOLC will be able to bring these hotels to the level of popularity that they enjoyed in the early eighties. These hotels are ones to definitely look out for if your planning a weekend down south.
UPDATE: We here that former Riverina and Palm Garden Hotels are to be demolished and new and much larger hotel complex is to be constructed consisting of Tropical Villas, Riverina and Palm Garden properties.
This very large hotel will no doubt be able to accommodate the future influx of tourists expected in the coming years. Also a key strategy would be to increase spend per tourist. LOLC would therefore also consider building an entertainment complex.