8 November 2019: Barceló Hotel Group has undergone a joint venture with Browns Investments – a subsidiary of LOLC Group, one of Sri Lanka’s largest business conglomerates – to develop the Bodufaru Beach Resort in the Maldives’ North Male Atoll. Due to open in 2022, the resort will include three five-star hotels with a total of 470 rooms, equating to an investment of $150 million (£116.4 million).
The agreement, which will allow Barceló Hotel Groupto position itself in Asia, also includes the transfer of management of four more hotels to Barceló Hotel Group, which are owned by Browns Hotels & Resorts. This includes two hotels under construction in The Maldives (Bodufinolhu Beach Resort and Nasandhura City Hotel) and two already operating in Sri Lanka (TheEden Resort and Spa and Paradise Resort and Spa). This will raise Barceló Hotel Group’s footprint in the region to a total of seven hotels and 900 rooms.
Raúl González, CEO of Barceló Hotel Group for EMEA, said: “Entering the destinations of Sri Lanka and Maldives has always been in our long-term expansion plan. However, venturing into new countries often involves risks that we do not know about, so we needed to find a suitable local partner. We have achieved this with LOLCGroup and its hotel division Browns Hotels & Resorts. We were impressed by the quality of their products and the visibility provided bytheir extensive portfolio; but also, their proactive attitude when designing the best possible agreement for both sides, with a view to continuing our joint growth in the region.”
IsharaNanayakkara, vice president of LOLC Group, said: “We are hotel owners and investors, but we firmly believe that the best way to monetise our long-term assets is to entrust your management to a strong and independent international operator. And we are very pleased that a renowned chain like Barceló Hotel Group has chosen us as its partner in the region. We believe that this joint venture will generate broad benefits and synergies for the two partners.”
About Browns Hotels & Resorts:
Browns Hotels & Resorts, LOLC Group’s hotel division, owns and manages hotels and resorts in Sri Lanka and the Maldives, including The Eden Resort and Spa in Beruwela; The Paradise Resort and Spa in Dambulla; Dikwella Resort & Spa and The Calm in Pasikuda. The next addition to its portfolio will be Sheraton Kosgoda Turtle Beach Resort, which will open in early 2020. The Maldives hotels, including Bodufinolhu Beach Resort and Nasandhura City Hotel, will complete their construction and begin operating before the end of 2020. Bodufaru Beach Resort’s 470-room resort in the Maldives is scheduled to open in 2022.
About Barceló Hotel Group:
Barceló Hotel Group, the hotel division of the Barceló Group, is the 2nd largest chain in Spain and the 29th largest in the world. It currently has 251 4 and 5 star city and holiday hotels, and more than 55,670 rooms, distributed in 22 countries and marketed under four brands: Royal Hideaway Luxury Hotels & Resorts, Barceló Hotels & Resorts, Occidental Hotels & Resorts and Allegro Hotels. It is also part of the Crestline Hotels & Resorts group, an independent hotel company with 120 establishments. For more information: https://www.barcelo.com/es/