Sri Lanka gets Rs. 4 billion investment to construct hotel residences
Sri Lanka gets Rs. 4 billion investment to construct hotel residences

Sri Lanka gets Rs. 4 billion investment to construct hotel residences

Lotus Leisure Management (ETM), which is a specialist Hotel and Resort Marketing Company, is to invest over Rs. 4 billion to build three hotels introducing the concept of Hotel Residences to Sri Lanka.

Chairman ETM Leisure, Dasun Wickramarathna has reportedly said that they have already started construction of the first project in Negombo and this will be open at the end of next year.

He has been quoted as saying in the Daily News newspaper that already 90% of this 11 storied, breach frontage Ocean Breeze Negombo project has been sold before the Covid 19 pandemic started and is confident that the remaining apartments too could be marketed before the opening.

“We had a mix of local and foreign clientele as buyers of our 190 apartments. We have also commenced construction of our second project which is a 108-room hotel in Sigiriya which will open at the end of 2021.”

The third project undertaken by ETM Leisure is a 54-room hotel in Nuwara Eliya scheduled to be opened in 2022.

Outlining his concept Wickramarathna has said that firstly the three locations were selected in popular tourist areas.

“Once a buyer purchases our apartments we will take each of them on a lease basis and market them to tourists for short or long stays. This will ensure cash flow back to the owner. In addition our management will also offer the apartment back to the owner for one week per year free of charge,” he has said. “Due to the efficient manner in which covid was curtailed by Sri Lanka it has given us a good marketing tool to sell these apartments specially to Europe, Canada and Germany with the tagline ‘Sri Lanka a Safe Haven to Live’.”

He has added that globally local education and health standards are held in high esteem and this too is a plus point to market Sri Lanka.

OSL take:

The growth potential of Sri Lanka’s tourism industry has managed to attract investments to the industry. Also, Sri Lanka’s growth as a business hub in the South Asian region due to the island’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have all made Sri Lanka a hotspot for business/investment opportunities. Indian businesses could therefore confidently engage in businesses in Sri Lanka and vice versa.  

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Article Code : VBS/AT/20102020/Z_3

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