A major Nepali conglomerate has invested in Sri Lanka’s resort hotels industry by buying the Hayley’s stakes in two non-listed leisure companies at a price of Rs.175 million.

Nepali millionaire Binod Chaudhary’s conglomerate, through a company called Cinnovations, has bought a 50% stake in Royal Heritage Hotel owning the Vil Uyana Nature Resort near Sigiriya and 49% in Seashells Hotels in Negombo from Hayleys.

Hayleys partner in both these hotel projects was Jetwing which manages both properties as it does Hunas Falls and Lighthouse Hotels, both companies jointly promoted by Hayleys and Jetwing.

Hayleys’ Leisure interest belong to a company called Carbotel, a subsidiary of Haycarb.

Hayleys is expected to book a capital gain of Rs.71 million from the sale of the share of the two resort hotels to be written into its second quarter results.

The Chaudhary conglomerate in Nepal, estimated to be worth US$ 250 million, is into several businesses including automobiles, consumer goods and hospitality and also makes tangy and crisp Wai Wai noodles now entering India.

Business analysts noted that relations between Jetwing and Hayleys have been strained in recent months following Jetwing increasing its stake in Lighthouse Hotels.

Lanka Business Online (LBO) last week quoted Jetwing director Shiromal Cooray saying that Jetwing, now associated with Chaudhary, is looking at managing some Nepali hotels owned by that group.