Sri Lanka’s East West Properties sells luxury hotel in the South to a Singapore-based firm
East West Properties Limited of Sri Lanka has reportedly announced that the company has received about Rs. 3 billion in cash from the sale of a hotel to a Singapore-based firm.
East West has reportedly stated in a stock exchange filing that Weligama Bay Marriot Resorts and Spa was sold for Rs. 2.77 billion on April 18 and the hotel also repaid a Rs. 177 million loan.
East West has further state that it had invested Rs. 874 million in the hotel
OSL take:
Despite the temporary setback faced by Sri Lanka’s tourism industry following the Easter Sunday attacks targeting churches and five star hotels by groups linked to Islamist extremists, the country’s tourism industry is expected to bounce back with the growing good will amongst the international community towards the country. Sri Lanka’s tourism industry was on a growth path at the time of the attacks. However, tourism authorities have already commenced promotional work overseas that have received a positive feedback. The lucrative nature of investments in Sri Lanka’s tourism sector is evident by the announcement by East Wet Properties on the sale of a luxury hotel in Sri Lanka’s southern coast. Therefore, foreign businesses/investors could explore opportunities in Sri Lanka’s tourism sector.
| Article Code : | VBS/AT/03052019/Z_3 |