The Jetwing Hotels group this week sold its entire stake in Tropical Villas, the hotel property adjoining Confifi Beach Hotel at Beruwela to the Lanka Orix Leasing Company (LOLC) Group in the ‘larger interests of tourism’, according to Jetwing Hotels Chairman Hiran Cooray.

“We decided to sell Tropical Villas in the larger interests of tourism as it gives LOLC an opportunity to develop that entire stretch along the coast. We also got a good price for it,” he told the Business Times. Jetwing’s 60% stake was sold for Rs 310 million to LOLC Group, a new kid on the block in the leisure & tourism sector. The balance 40% in the hotel which has 50 luxury villas is owned by the Hayleys Group. Earlier in May, the LOLC Group acquired major stakes in Palm Garden, Riverina and Eden Hotel which come under the Confifi Group umbrella.

Mr Cooray said with LOLC looking for a manager to manage these hotels, ‘we may also be invited to bid for the management contract’. LOLC later said in a statement that a few reputed international hotel chains have expressed interest in managing these four hotels (including Tropical Villas) located on 25 acres of prime beach land called the ‘Golden Mile’ located along the southern coast in Beruwela.

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