Browns Investments completes US $ 57.5mn sale of Maldives resort

Browns Investments PLC announced its subsidiary Browns Ari Resort (Private) Limited has completed the sale of the assets and business of Barceló Whale Lagoon Maldives Resort to ASB Hotel Properties Maldives (Private) Limited for US $ 57.5 million.

The conglomerate said the transaction follows a sale and purchase agreement disclosed in September, under Section 8 of the Colombo Stock Exchange listing rules and has now been concluded.

Barceló Whale Lagoon Maldives is a five-star resort located in the South Ari Atoll, a prime tourism zone in the Maldives known for high-end leisure travel. 

Browns Investments has not disclosed the impact of the divestment on its earnings but the sale marks a significant monetisation of its overseas hospitality assets as the group reshapes its portfolio.