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23 October, 2014 09:26 AM Source: Lanka Business Online - LBO
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Oct 22, 2014 (LBO) – Sri Lanka’s Browns Hotel and Resorts private limited, a fully owned subsidiary of Browns Investments Plc is to develop a property in Male islands to a four-star hotel, the company said in a stock exchange filing.

Browns Hotel and Resorts has signed an agreement with Alpha Kinam Holdings private limited and NPH Investment private limited to develop the hotel.

The property will be updated to 150 rooms and 100 apartments with an investment of 9.5 million US dollars.

This is the first ever overseas investment of Browns Investments, a company recently extended its reach to leisure sector with several acquisitions.

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