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HPL associate acquires majority stake in Tangalla Bay Hotels

WEST Asia Investments (Private) Ltd, an associated company of Hotel Properties Ltd (HPL), has acquired a 94.71 per cent stake in Tangalla Bay Hotels (TBH) for 385 million Sri Lankan rupees (S$3.25 million).

Following the acquisition, TBH will become an associated company of the HPL Group.

The primary business of TBH is the operation and management of a hotel known as the Tangalla Bay Hotel in Sri Lanka. The balance 5.29 per cent in TBH is held by some local shareholders unrelated to the HPL Group.The acquisition will be funded through the group’s internal resources and/or bank financing, said HPL.