The diversified business group, Fairway Holdings, yesterday said it would be purchasing 75 percent of Ascot Leisure (Pvt.) Ltd for a total of Rs.70 million.
Ascot Leisure (Pvt.) Ltd is a 100 percent-owned subsidiary of Ascot Holdings PLC.
Fairway said it would pay Rs.20 million to Ascot Holdings and a further Rs.50 million as capital in
Ascot Leisure has obtained a seven-acre land under a 99-year lease for 30-room hotel in Palatupana, Yala.
Fairway has already completed a 180-room hotel in Colombo 1 and is developing a further 325 rooms in Colombo, Galle and Nuwara Eliya.
Fairway said it would add considerable value to the Ascot Leisure project in Palatupana with its portfolio of hotel properties and construction expertise.