Finco to Construct 3 Additional Hotels at Rs 2.2bn Investment that Couples Extensive Use of Solar Power

29th July 2011, www.dailynews.lk, By Shirajiv Sirimane

Uga Resorts (Pvt) Ltd, a fully-owned subsidiary of the Finco Group of companies will invest a further Rs 2. 2 billion to construct three additional hotels. Finco Vice President Priyanjith Weerasooria said in addition they have already invested Rs 800 million for their first boutique property investment, Ulagalla Resort, in Thirappane, Anuradhapura.

He said they acquired a property belonging to Associated Developers in Pasikudah three months ago to construct a luxury resort in the Tourism zone next to Malu Malu.

“In addition we have also leased a property in Kuchchaveli for another luxury hotel.”

Both projects are scheduled to be completed by mid 2012.

The company is also looking to build a 30-room property in the South.

He said that out of the investment 75 percent would be equity and 25 percent from borrowings.

They are looking at the niche market and hope to market the rooms for over US $ 325. “We are looking at the US, Canada, India, UK, and Chinese markets,” he said.

Uga Resorts Head of Marketing Subandu Perera said they paid emphasis in developing eco-friendly resorts, and intends on positioning itself in the ‘Luxury’ segment.

Ulagalla Resort, the first luxury hotel in Anuradhapura consists of 20 artistically designed luxurious Chalets scattered over an unrestricted area of 58 acres.

This was opened one year ago. “In keeping with our “Go Green” concept, 50% of the energy requirement of the resort is generated through solar power; the resort has the largest solar farm in the country with a capacity of 125 KVA and is proud to be the only supplier of Solar Energy to the National Power Grid,” he said. The concept of ‘Jungle Beach Resort’ in Pasikudah the first hotel in the zone is to create an experience of both jungle and beach in one location.

Finco Group is one of Sri Lanka’s leading private sector organizations with a solid business reputation and sound financial standing.

Related Info :

• Sri Lanka to Permit Eco Friendly Hotels in Buffer Zones of Nature Reserves to Cater to Increased Local & International Interest

• Sri Lanka Offers Land for Hotels at Government Estimated Price and Scraps Earlier Price of Rs 20mn an Acre. Attracts Projects worth $ 573mn

• Eastern Sri Lanka Tourism Takes Off with 1,000 Star Class Rooms in Pasikuda