French hospitality development venture to invest millions in Sri Lanka’s tourism sector
French hospitality development venture, Salt Collective Ltd., is to invest almost US$ 4 million in Sri Lanka to set up a boutique hotel in Sri Lanka’s southern coastal town of Ahungalla. The project is scheduled to be completed by December 2022.
Chairman of Sri Lanka’s Board of Investment (BOI), Sanjaya Mohottala has been quoted as saying, “We are delighted to welcome Salt Collective to our portfolio of investors as they drive investment for the tourism sector under the purview of the BOI. The tourism and leisure industry is our third largest foreign exchange earner in the Sri Lankan economy, and it contributes significantly to employment generation, foreign exchange earnings and tax revenues. It is therefore opportune for Sri Lanka to constantly augment infrastructure capacity to cater to future demand, and in this case, for those tourists with a discerning travel experience palette.”
Salt Collective Ltd. Chairman Cyril Jacob has been quoted as saying in the local media, “Despite Sri Lanka having experienced numerous challenges, which also include the COVID pandemic, we are still great believers in Sri Lanka’s tourism potential. It has so much to offer to both international and domestic travellers with yet unmet demands for high-end boutique hospitality. By teaming up with Resplendent Ceylon, which will be managing the hotel, we believe that we will be able to offer a unique product with superb service and guest experience.”
The project has been conceptualized by Sri Lankan architect Channa Daswatte and developed by a team of design firms in Sri Lanka and Singapore. The proposed boutique hotel incorporates traditional elements of Sri Lankan architecture, with casual chic interiors of a modern ‘beach house’.
OSL take:
The foreign investments flowing in to Sri Lanka’s leisure and hospitality sectors as well as the refurbishments being carried out by several leading hotels is indicative of the growing business potential in the country’s tourism industry. Sri Lanka has been listed as a must visit destination by several leading global travel publications and has also been listed among the Top 25 island destinations, which have given a boost to Sri Lanka’s tourism industry. The country’s airports have received the internationally recognised safety and hygiene certifications. All these have made Sri Lanka an attractive destination for post Covid travel. It is in this backdrop that Sri Lanka continues to record an increase in tourist arrivals to the country. Given the positive growth in Sri Lanka’s tourism industry, foreign businesses/investors could explore the expanding opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/22092021/Z_1 |