LOLC Group’s subsidiary company, Browns Investments PLC, signed an agreement with the Barceló Hotel Group to develop a three hotels complex in North Male’ Atoll, Maldives and to manage five leisure properties of Browns Hotels and Resorts in Sri Lanka and Maldives. With the signing of their latest management agreement with Browns Investments, Barceló Group will make its maiden entry into Asia through Sri Lanka and Maldives. The leading Spanish hotel company will join Browns Investments in developing three five-star hotels with 470 keys in North Male Atoll. It will invest US $30 million for a 33.33% stake in Browns Investments’ subsidiary, Bodufaru Beach Resorts Pvt Ltd, which holds the head lease rights to three plots of lagoon in the North Male Atoll. Barceló will be the operator for the three-hotel development, which is valued at US $150 million. “We are extremely pleased to be joining with The Barceló Hotel Group, a world renowned hotel chain, and extend our gratitude for their confidence in choosing the LOLC Group as their partners, in this their first venture into the Asian region. We believe this historic venture will bring great synergies for the LOLC Group’s Leisure business, particularly as we commence with this unique leisure property in North Male valued at US $ 150million,” Ishara Nanayakkara, Chairman of Browns Group said. Under the agreement with Brown Investments, Barceló will also manage another property (100 keys) under construction on the island of Bodufinolhu in the Maldives’ South Ari Atoll. Barceló will also operate the iconic Nasandhura Palace Hotel in Maldives’ capital Male, which is being reconstructed as the biggest hotel and residential development in the city after a 2015 acquisition by Browns Investments and its affiliates. “Entry into the global tourist hotspots of Sri Lanka and the Maldives has always been a part of our long-term strategic geographic expansion plan. However, entering such a new region comes with risks which are unknown to us,” Raúl González, Chief Executive Officer of Barceló Hotel Group said. “Therefore, it was important for us to enter the region with the right partner and LOLC backed Browns Hotels & Resorts was to us the best fit. Not only were we impressed with the quality of the portfolio and the scale they offered to us in the region but also their proactive attitude towards the search for the best agreement considering the interests of both parties and expectations of joint growth in the region,” González added. Barceló Hotel Group, founded in Palma de Mallorca (Spain) 88 years ago and still run as a family business, operates 247 hotels in 21 countries under four different brands: Royal Hideaway Luxury Hotels & Resorts, Barceló Hotels & Resorts, Occidental Hotels & Resorts, and Allegro Hotels. In addition to operating over 55,000 rooms in its hotel business and its travel business operates over 665 travel agencies in four continents, the group has earned a ranking as Spain’s second-largest hotel chain and one of the leading tourism companies worldwide.
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