Sri Lanka’s John Keells Sells Cinnamon Citadel for Rs2.7bn

John Keells Divests Cinnamon Citadel for Rs 2.7 Billion in Strategic Move

John Keells Hotels has announced the sale of a 98.39 percent stake in Kandy Walk Inn Limited, the owning company of the Cinnamon Citadel hotel, to Lavendish Leisure, part of the Dedigama Group. The transaction is valued at 2.777 billion rupees. The company stated that this divestment aligns with its asset-light strategy in the hotel sector and coincides with the launch of Kandy Myst by Cinnamon. John Keells Hotels holds a 40% stake in this new o…

Sri Lanka’s John Keells sells Cinnamon Citadel for Rs2.7bn

ECONOMYNEXT – John Keells Hotels has sold a 98.39 percent stake in Kandy Walk Inn Limited, the company that owns the Cinnamon Citadel hotel, to Lavendish Leisure of the Dedigama Group, for 2.777 billion rupees. “The divestment is aligned with the asset light strategy of the hotels business and the commencement of operations of Kandy Myst by Cinnamon, the operating entity of which is 40% owned by the Company.” The deal is expected to close by Mar…