US$22 Mn. Acquisition

Minor International PLC Thailand together with its local partner Hemas Holdings PLC, and through its subsidiary Serendib Hotels PLC, recently announced the acquisition of 100% shares of Cyprea Lanka (Pvt.) Ltd., the owner and operator of Kani Lanka Resort and Spa, Kalutara for US$ 22 million.
Kani Lanka is spread across an 18 acre land stretch situated at the tip of the Kalu Ganga river mouth in Kalutara. The 105 room four-star resort enjoys a view of the river and the sea.
The new owners plan to upgrade the existing property and develop a new resort under the “Anantara” brand that will consist of 120 luxury rooms, the first-ever “Anantara” branded resort in Sri Lanka and the first international chain of luxury hotels to come into post-conflict Sri Lanka.
Minor Group Chairman/CEO William E. Heinecke said that the company is delighted to bring its Anantara brand to Sri Lanka. “The country has shown great promise, especially in the aftermath of the protracted civil disturbances. With Sri
Lanka’s hospitality, cultural diversity and variety, this partnership will transcend the envisaged goals and make Sri Lanka one of the region’s top end destinations.”
Hemas Holdings Director and Serendib Leisure Management Ltd. Chairman Abbas Esufally said that the time is ripe to re-define the boundaries of conventional tourism and explore new and bolder ventures.
“With 2011 being declared as ‘Visit Sri Lanka’ Year and with the 750,000+ expected tourists, the potential is massive.  Now is the time for all stakeholders to get together and get ready for next year (2011).  The newly acquired  property will be managed by Serendib .
With this acquisition, Serendib  will now operate Kani Lanka, Hotel Serendib Bentota, together with the newly  refurbished Club Hotel Dolphin in Waikkal  and Sigiriya Hotel.
Hemas is one of Sri Lanka’s leading conglomerates with a focus on FMCG, Healthcare, Transportation, Leisure and Power Generation.