15 September 2010

Sri Lanka's Jetwing Invests 6bn on Eight Hotels Covering All Parts of the Country

14th September 2010, www.dailynews.lk, By Charumini De Silva

Jetwing Hotels will commence building eight new luxury hotels within the next six months covering all parts of the country. The hotels are planned to be set up in Colombo, Jaffna, Yala, Uppuveli, Kuchchaveli, Balapitiya, Kandy and Hambantota, Jetwing Hotels Chairman, Hiran Cooray told Daily News Business.

The investment of these hotels are estimated as Rs six billion.

These projects will be funded partly by the internal earnings, borrowings and private placements.

With these new eight hotels the company completes its portfolio with 18 hotels.

He said Jetwing Blue Oceanic and Jetwing Seashells in Negombo will be re-branded as Jetwing Blue and Jetwing Sea after these two hotels are reconstructed with added facilities in December.

Jetwing Blue is reconstructed with Rs 700 million, while Jetwing Sea is re-built with an investment of Rs 500 million.

Jetwing Blue is targeting the South Indian market as travelling is convenient and with its expanded conference room.

This will also provide many benefits to the Meetings, Incentives, Conferences and Exhibitions (MICE) industry.

The company has bought the Blue Lagoon resort in Negombo and it will be opened next month after the refurbishments.

Jetwing Hotels has also taken over the management of the Tangalle Bay hotel and is being renovated to upgrade its level to a luxury.

The company has eventually planned to get listed in the Colombo Stock Exchange (CSE) within the next 24 months.

We have no immediate plans to diversify. Nevertheless, the company will first develop their hotels before entering into the market, Cooray said.

Jetwing Hotels is building and will be the managers of a luxury hotel in Luang Prabang, Lao.

The company already deals with another two hotels in Vietnam and New Zealand.

The hotel in New Zealand is owned and managed by Jetwing Hotels.

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