Sri Lanka grants approval to 16 new hotel projects in second quarter of 2019
The Sri Lanka Tourism Development Authority (SLTDA) has reportedly granted approval for 16 new hotel projects worth US$ 23.30 million in the second quarter of 2019.
However, it has also been reported that most of the projects have delayed construction following the Easter Sunday attacks in April.
The SLTDA has reported that all new hotels approved will have less than 49 rooms each.
According to reports, four hotels approved are in the Gampaha District in the Western Province while three each are in the Galle and Matara Districts on the southern coast of the island.
Meanwhile, seven hotels have become operational in the June quarter.
Reports further state that the SLTDA had graded two hotels as 4-star properties during the quarter.
From 2010 till June 2019, the SLTDA has approved a total of 382 hotel projects with investments of US$ 2.98 billion. Of these, 207 hotels (with US$ 1.7 billion in investments) are currently operational, 107 hotels (US$ 958 million) are being built and 68 hotels (US$ 249 million) are yet to begin construction.
OSL take:
The number of approvals granted to set up new hotel projects during the second quarter of this year is indicative of the investment potential in Sri Lanka’s tourism industry. Tourist arrivals to the country are on the increase and the many packages/deals offered to foreign travellers by local authorities will further boost foreigners arriving in the country. Sri Lanka continues to maintain the top slot as the destination of the year in several key global travel publications. Therefore Sri Lanka’s tourism industry provides the ideal business/investment opportunities for foreign businesses.
| Article Code : | VBS/AT/12092019/Z_3 |