Browns Investments to develop three five-star hotels in Maldives

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Sri Lanka’s conglomerate LOLC Group’s subsidiary company, Browns Investments PLC has signed an agreement with the Barceló Hotel Group to develop a three-hotel complex in North Male’ Atoll and to manage five leisure properties of Browns Hotels and Resorts in Sri Lanka and the Maldives. 

At a signing ceremony held in Colombo, the agreement was signed by Ishara Nanayakkara, the Deputy Chairman of the LOLC Group and Chairman of Browns Group, and Raúl González, Chief Executive Officer of Barceló Hotel Group. 

With the signing of their management agreement with Browns Investments, Barceló Group will make its maiden entry into Asia through Sri Lanka and the Maldives. Barceló will join Browns Investments in developing three 5-star hotels with 470 keys in North Male Atoll, with an investment of USD 30 million for a stake of 33.33% shares of Bodufaru Beach Resorts Ltd. 

Barceló will be the operator for these properties under Bodufaru, the property currently under construction Bodufinolhu with 100 rooms in the South Ari Atoll, and Nasandhura Palace in Male’, the most sought-after real estate in Male’ city. In Sri Lanka, Barceló will be the operator for the five-star property in the southern coast, The Eden Resort & Spa with 158 keys and The Paradise Resort & Spa holding 67 Eco-villas in Dambulla. 

The Eden Resort & Spa and The Paradise Resort & Spa are two of the most sought after holiday destinations in Sri Lanka, located in the country’s most idyllic locations. The Paradise Resort & Spa offers a luxurious stay in the very heart of Sri Lanka’s famed Cultural Triangle amidst lush greenery and contemporary amenities.  

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