Sri Lankan firm Aitken Spence Hotels acquires fifth hotel to its portfolio in India

Sri Lanka firm Aitken Spence Hotels acquired its fifth Hotel in India, adding to its already bulging portfolio of Indian Hotel assets. The firm said it had acquired the Hill Resort, Grand Palace Hotel and Spa in Yercaud. The investment was previously owned by MSV Hotels and the deal was sealed last month.

In its report regarding the investment, the Sri Lanka firm said it had taken over the management of the acquired Hotel, referring to an October 1st deal that signaled the takeover from MSV Hotels. Aitken is slowly taking its place as an emerging player in the Indian hospitality industry. The firm already manages an additional four resorts in India, namely in Atithi - Puducherry, Poovar Island Resort - on the backwaters of Kerala, Barefoot at Havelock - Andaman Islands, Tamara – Coimbatore.

Aitken Spence Hotel Management India Chief Executive Officer Lakshman Ekanayake said the firm was pleased to expand its portfolio in the country with the addition of Grand Palace Hotel and Spa, situated in one of the most scenic locations in Tamil Nadu. This partnership will enable us to further consolidate our presence in South India, added Lakshman Ekanayake.

The tourism industry in India has tremendous potential and Aitken is glad to increase its Indian portfolio, said Ekanayake. It is evident that Aitken was offered the management of Grand Palace and Spa as it has established its presence in India, added Ekanayake. Further, Aitken has been recognized for its ability to identify the potential in existing properties and transform them into star class, award winning hotels, he said.

Aitken Spence is Sri Lanka's largest logistics operator with a track record of superior performance and pioneering services covering the whole gamut of logistic operations from container handling, cargo, and courier and supply chain management. Its maritime services arm represents leading shipping lines and manages container terminal operations in South Africa.

A consortium consisting of China Merchant Holdings International and Aitken Spence was awarded the $450 million dollar contract to build and operate a new deep-water container terminal in Colombo port.

Aitken Spence PLC is a leading player in Hotels, Travel, Maritime Services, Logistic Solutions and Power Generation in Sri Lanka. The Colombo-based diversified conglomerate has significant interests in Plantations, Insurance, Financial Services, IT, Printing and Garments. Aitken Spence has operations in six countries spanning South Asia, the Middle East and Africa.

9 Nov 2010.