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BOI Approves $5.2 Million Hotel Project in Kandy

BOI Approves $5.2 Million Hotel Project in Kandy

Sri Lanka’s Investment Promotion Agency has signed an agreement with Star Class Hotel (Pvt) Ltd. to build a 67-room 5-star hotel on Mavilamada Street, Kandy. Sri Lankan’s Chairman of the Investment Board, Mangala Yapa, and the company’s Managing Director, Mohamed Nazar Mahamed Rizan, signed the agreement.
The new project will build 61 new job opportunities in Kandy and represents a US$ 5.2 million investment. Mr Rizan provided the tourism industry with additional information on his plan and its significance. “This will be a 5-star hotel in Kandy, which is my hometown and a charming city. We’ll need more hotel rooms as tourism in Kandy has developed significantly.”
“Our plan is for a 5-star 67-room hotel that will take one year to complete. However, we are looking to expand the project by constructing an additional 27 rooms at a later stage. The hotel will have two banquet halls, making it ideal for weddings,” added Mr Rizan.

OSL Take:

Sri Lanka’s tourism industry is on a continuous growth path resulting in the expansion of business/investment opportunities in the sector as well as an increase in foreign investments to the leisure and hospitality sectors. The country’s tourism sector has shown an impressive return to normalcy following the setback suffered in the aftermath of the Easter Sunday attacks in April. Sri Lanka continues to maintain the top spot as the destination of the year in several key global travel publications. Foreign businesses/investors could, therefore, explore business opportunities in Sri Lanka’s tourism sector.

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Article Code : VBS/AT/20191105/Z_T2

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