Hemas’ leisure arm enters villa business

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By 2017-09-13

By Nishel Fernando

Serendib Hotels, a subsidiary of Hemas Holdings has acquired 51.15 per cent stake, or 445,668 ordinary shares, of 'Lantern' Group, a subsidiary which was formally under the Frontier Capital Lanka, for a consideration of Rs 309.5 million.

The acquisition signifies Serendib Hotels' first step in to the luxury villa space in Sri Lanka, with Serendib Leisure......Management Ltd, a fully-owned subsidiary of Serendib Hotels, managing three properties located in Mirissa under the 'Lantern' Group.
According to Hemas Holdings Managing Director of the Leisure, Travel and Aviation Group Malinga Arsakularatne the group has identified a trend where travelers were exploring various options of accommodation, and the investment was to diversify its portfolio and offer more accommodation options.

The 'Lantern' Group has 23 rooms in total located within a short stroll along the Mirissa beach in their three resorts, namely, Lantern Boutique Hotel, Ubuntu by Lantern and Luxury Villas, Riso & Amour.

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