March, 21, 2014
Browns Investment Ltd bought a 70% stake in LOLC Leisure from Lanka Orix Leasing Company (LOLC) for Rs.2.8 billion.
This acquisition makes Browns Investment Ltd a largest hotel management company managing over 1000 rooms.
Browns had a 30% stake in LOLC Leisure before this acquisition.
LOLC Leisure has the controlling stake in hotels including Palm Garden Hotel PLC, Eden Hotel Lanka PLC, Dikwella Resorts (Pvt) Ltd, Tropical Villas (Pvt) Ltd and Rivarina Resorts (Pvt) Ltd.