Singapore-based Hotel Properties’ (HPL) wholly-owned subsidiary HPL Properties (West Asia) (HPLPWA) has acquired 100 per cent of a five-star Marriott hotel from its Sri Lankan owner for US$22.6 million.
HPLPWA bought the 198-key Weligama Bay Marriott Resort and Spa, located on Sri Lanka’s southern coast, from Sri Lanka’s East West Properties and Asia 2000 Investment.
This marks HPL’s second purchase in the Sri Lankan leisure market in less than a year, after it acquired a 94.7 per cent stake in the 35-key Tangalle Bay Hotel owned by Sri Lanka’s Tangalle Bay Hotels for 385 million Sri Lankan rupees (US$2.2 million) in August 2018.
HPL says it has interest in 32 hotels under hospitality brands such as Four Seasons, Hilton International, Como Hotels, InterContinental Hotels Group and Six Senses Hotels.
In addition, the group also manages its own portfolio of hotels under established brands such as Hard Rock Hotels and Concorde Hotels & Resorts. Including Sri Lanka, the group owns hotels, resorts and shopping galleries in 13 countries namely Singapore, Malaysia, Thailand, Indonesia, Maldives, Seychelles, Vanuatu, Bhutan, Tanzania, South Africa, Vietnam, the US, and UK.
HPL investment was welcomed by members of the local industry interviewed, who believe that big, global names entering the Sri Lankan leisure space will increase the country’s profile internationally.
“It is a welcome development to have such big names in the industry here. It would also help in marketing the destination because HPL will do its own international marketing,” said Mahen Kariyawasam, managing director of Andrews Travels and past president of the Sri Lanka Association of Inbound Tour Operators.