Sri Lanka’s Hunas Falls Hotel goes for $ 12 million upgrade; signs BOI deal
Daily FT: Hunas Holdings PLC has announced a $ 12 million worth refurbishment initiative at Hunas Falls Hotel.
An agreement to this effect was signed with the Board of Investment (BOI) last week.
The refurbishment is expected to be completed within a time frame of 20 months. At present Hunas Falls Hotel has 28 Deluxe Rooms, and three suites.
In March this year, Hunas Holdings PLC announced a landmark partnership with Azotels, a company owned and managed by the ‘Hotelier of the Century’, Adrian Zecha.
The partnership will see Azotels developing the Hunas Falls Hotel into a high-end luxury hotel with villas, whilst also undertaking the management of the establishment, which is guaranteed to bring it in line with the best hotels in the world.
OSL take:
Sri Lanka’s tourism industry, especially the leisure and hospitality sectors, is one of the fastest growing economic sectors in the country. The steady growth in tourist arrivals to the country and the increase in the number of flights operated to Sri Lanka by international airlines are all indicative of the increase in foreign travelers visiting Sri Lanka. The overall economic expansion and the identification of Sri Lanka as a must visit tourist destination have all helped boost foreign travelers visiting Sri Lanka. The growth and business potential in Sri Lanka’s tourism industry, especially the leisure and hospitality sectors, have attracted the attention of many international leisure and hospitality brands to enter Sri Lanka. It is in such a backdrop that businesses already engaged in the leisure and hospitality sectors are looking at refurbishment or expansion programmers to prepare to meet the growth in the tourism industry. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors, while also looking at forming partnerships or joint ventures with local businesses engaged in the industry.
| Article Code : | VBS/AT/20230828/Z_2 |