Colombo-based hotel chain Aitken Spence Hotels has bought Reseda-The Fern, a five-star hotel in Chennai, for $25 million (aboutRs 150 crore) from the Rayala Group. The move comes when the hotel industry, especially in Chennai, is under pressure from over-capacity and low occupancy.
In an announcement to the Colombo Stock Exchange, Aitken Spence said its Indian arm has bought a brand new five-star, 143-roomed hotel in Chennai. It, however, did not name the hotel.
Aitken Spence Hotels operates chains across Maldives, India, Oman and Sri Lanka. In India, it manages two hotels in Coimbatore and Pondicherry.
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