Serendib Leisure affirms position in villa management

Thursday, 5 April 2018 00:00 - - {{hitsCtrl.values.hits}}

Serendib Hotels PLC, a subsidiary of Hemas Holdings PLC and a part of the Leisure, Travel and Aviation Group, announced the acquisition of a 48.85% stake of the Frontier Capital Lanka Ltd., the owning company of the Lantern Beach Collection. At the time of acquisition, Serendib Hotels PLC had a stake of 51.15% in the Lantern Group, which will now be increased to 100%.

“The acquisition of the Lantern Beach Collection was a strategic move made by Serendib Hotels to strengthen our commitment in the villa space, which we made an initial foray into a few months ago,” said Malinga Arsakularatne, Managing Director of the Leisure, Travel and Aviation Group of Hemas Holdings PLC commenting on the acquisition.

With the acquisition of the Lantern Beach Collection, Serendib Hotels adds to its portfolio three properties, Lantern Boutique Hotel and two Ubuntu Beach Villas by Lantern located in Mirissa, which will be managed by Serendib Leisure Management Ltd., a fully-owned subsidiary of Serendib Hotels PLC.

“Moving into the space of villa management was a strategic decision made by us after realising there was potential in this sector. There is an increasing number of discerning travellers who are looking for authentic experiences in a more intimate setting, and we felt we should capitalise on it,” added Arsakularatne.

Speaking of future plans for Serendib Leisure, he said: “Apart from the three properties of the Lantern Group, Serendib Leisure also manages Villa 700, and in the next few years we will look at expanding our portfolio and providing superior and diverse hospitality options to the traveller.”