Sri Lanka’s Board of Investment signs agreement to set up new five-star hotel in Kandy
The Board of Investment (BOI) of Sri Lanka has reportedly signed an agreement with Star Class Hotel (Pvt) Ltd., to set up a 67-room five-star hotel in the country’s hill capital, Kandy.
The hotel, which will be located at Mavilamada Road in Kandy, is expected to represent an investment of US$ 5.2 million, the BOI has stated in a press release.
The Agreement for the investment was signed by Mangala Yapa, Chairman of the Board of Investment of Sri Lanka and Mohamed Nazar Mahamed Rizan, Managing Director of the Company.
Mohamed Nazar Mohamed Rizan has provided further information on his project and its importance to the tourism industry.
“This is a project for a 5-Star hotel in Kandy, which is my hometown and a very beautiful city. As tourism to Kandy has developed considerably, we will need more hotel rooms”.
Rizan has added, “Our project is for a 67-room, 5-star hotel which will take 1½ years to complete. However, we are looking at expanding the project by building at a later stage an additional 27 rooms. The hotel will have 2 banquet halls, so it will be ideal for weddings.”
OSL take:
Sri Lanka’s tourism industry is on a continuous growth path resulting in the expansion of business/investment opportunities in the sector as well as an increase in foreign investments to the leisure and hospitality sectors. The country’s tourism sector has shown an impressive return to normalcy following the setback suffered in the aftermath of the Easter Sunday attacks in April. Sri Lanka continues to maintain the top slot as the destination of the year in several key global travel publications. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s tourism sector.
| Article Code : | VBS/AT/14102019/Z_1 |