Jetwing Group buys beach resort in Ambalangoda for Rs. 356 million
Daily FT: Jetwing Group has acquired Dream Beach Resort Ltd., in Ambalangoda for Rs. 356.1 million.
The acquisition is by The Lighthouse Hotel PLC, in which Jetwing holds around 45% stake, and Mercantile Investments and Finance PLC (17%).
The acquired company operates a 21-room Hotel J Ambalangoda.
OSL take:
The acquisitions and expansions taking place in the country’s leisure and hospitality sectors are indicative of the overall growth in Sri Lanka’s tourism industry. The steadily increasing tourist arrivals to the country and the recognition of Sri Lanka as a must visit tourist destination have all added to the overall expansion of Sri Lanka’s tourism industry. This expansion has resulted in the increase in business/investment opportunities in the local tourism industry, especially in the leisure and hospitality sector, that range from the development of infrastructure and supplementary infrastructure facilities to meet the growing demand of the industry given the steadily growing tourism arrivals to the country. The purchasing of a beach resort by a renowned local leisure and hospitality business is a clear indication of the fast-expanding opportunities in Sri Lanka’s tourism industry. Foreign businesses/investors while exploring the expanding business/investment opportunities in the local tourism industry, could also look at expansion of operations through local collaborations. Given the increasing interest in Sri Lanka by tourists, foreign businesses/investors investing in Sri Lanka’s tourism industry would be guaranteed with their return on investments (ROIs).
| Article Code : | VBS/AT/20250418/Z_11 |