Sri Lankan tourism authority approves 11 new hotels worth US$ 5 million in September 2018
The Sri Lanka Tourism Development Authority has reportedly stated that final approval has been given for 11 new hotels worth US$ 5 million in September. The Authority has stated that this was an improvement compared to the projects worth US$ 25.6 million approved in the June quarter.
According to the SLTDA, all 11 new projects approved are small hotels with less than 49 rooms each.
The total number of projects approved since November 2010 went up to 337 in September, up from 326 projects in June, the local media has reported.
In total, US$ 2.9 billion in investments s had been approved over nearly eight years, the media report has further stated.
Of these, 182 businesses with investments of US$ 1.7 billion were serving tourists in September, up from 171 projects worth US$ 1.6 billion in June.
According to reports, the number of hotels under construction in September was 113, with 7,053 rooms involving investments of US$ 977.5 million.
In June 115 projects with 7,460 rooms with investments of US$ 1 billion were under construction and the total number of registered star class hotels in the country were 138 in September, up from 136 three months earlier.
Star class hotels reportedly made up 36 percent of the 36,693 total formal sector room supply in Sri Lanka in September, growing from 35 percent of 36,381 rooms in June.
Other tourist hotels formed 27 percent of room supply in September, down from 28 percent.
OSL take:
The statistics of hotel projects approved by the SLTDA is indicative of the growth experienced by the country’s tourism sector. The increase in hotel rooms in the country during the past few years as well as the new projects to add more rooms shows the expansion of the tourism sector in Sri Lanka and the increase in foreign investments flowing into the country. Foreign businesses/investors could therefore explore investment opportunities in Sri Lanka’s tourism sector.
| Article Code : | VBS/AT/01012019/Z_1 |