Browns Hotels acquires Elephant Corridor Sigiriya for over Rs. 1 Bn

Browns Hotels and Resort’s has acquired ‘Elephant Corridor Hotel’ in Sigiriya, one of the most expensive hotels two decades ago from Sierra Group. The management has invested over Rs. one billion for the acquisitions and for refurbishment for this venture.

“The hotel is now currently refurbished at a cost of Rs. 500 million and will be opened by the end of the year,” said Browns Hotels and Resorts General Manager, Eksath Wijeratne in Colombo. He said that they will be positioning this as an up market boutique hotel and hope to sell it for around USD 250 per room.”

He said that while the hotel group has now elevated as the third largest hospitality group in Sri Lanka having 903 star class keys they will also make a strong concentration and investment towards the boutique hotel sector as they observe an emerging trend where high end clientele are patronizing Sri Lanka in the future.

“Sri Lanka Tourism updating their 2023 arrival target from 1.5 million to 2.5 million too is a positivity we observe. We will look for similar acquisitions and are also building fewer than 10 room boutique hotels.”

These would be built in Yala, Meepe and Trincomalee. LOLC Group’s investments in the leisure sector are clustered under Browns Investments, which maintains controlling interest in several properties locally and overseas. The portfolio currently consists of Avani Bentota Resort, Club Hotel Dolphin, Dickwella Resort & Spa, Hotel Sigiriya, The Calm Resort & Spa, Occidental Paradise Dambulla, The Eden Beruwala, 05boutique properties under Reveal and Sheraton Kosgoda Turtle Beach Resort.

Additionally, there is a series of offshore investments with Radisson Blu, Poste Lafayette Resort & Spa in Mauritius and 5 upcoming developments in the Maldives with Nasandhura Palace Hotel a Apartment Complex, Hulhumale Resort, Browns Raa Resort, Bodufhinalu (Browns Ari Resort) and Bodhufaru Beach Resort.