Nimal Perera's N Capital Buys Tangalle Bay Hotel for Rs 220mn. Iconic Resort in South Sri Lanka to be Made a 6 Star with Architect Murad Ismail

25th January 2012, www.ft.lk

High net worth investor Nimal Perera yesterday effected his first major move to become a self-made entrepreneur by buying the famous Tangalle Bay Hotel for Rs. 220 million.

The acquisition of a controlling 70% stake was via Nimal’s newly-floated personal venture N Capital Ltd., on the lines of his recreation firm N Sports Ltd.

Nimal told the Daily FT that his decision to foray into deep south tourism was with a firm belief that Hambantota in particular and the Southern Province in general would become the future centre of tourism, leisure, sports and recreation in Sri Lanka as well as a thriving industrial and service economy in tandem with the Government’s aggressive development plans such as international air and sea ports as well as the extension of the Southern Expressway.

Built to resemble a cruise ship, Tangalle Bay Hotel is a 35-room resort located on a four-acre land area with scenic beauty. It was one of first hotels owned by the late business leader Gilbert Jayasuriya and the 70% stake was acquired from International Enterprises Ltd., owned by his family. The balance 30% stake will be bought by engineer turned entrepreneur Pasan Madanayake.

At present family-owned leisure industry giant Jetwing Group manages Tangalle Bay Hotel after a recent US$ 1 million refurbishment for the 2011/12 winter season. Jetwing will continue managing the resort until required.

Following the acquisition Tangalle Bay Hotel is also set for a major expansion and refurbishment with a further investment of around Rs. 500 million after the conclusion of the winter season. Among plans are building 50 new rooms in a new wing, a presidential suite, a new spa and major refurbishment to make the resort luxurious.

Popular architect Murad Ismail is already on the job, drawing up his latest ideas for what is likely to be a six star resort.

Cash for the acquisition is from the sale of around a 20% stake in George Steuart and Company by Nimal to his co-investor Dilith Jayaweera recently.

The price paid (Rs. 220 million) by Nimal for Tangalle Bay Hotel appears a good buy. Last month LOLC Leisure bought the famous Dickwella Resort for Rs. 1 billion. However Dickwella has 76 chalet type luxury rooms built on a six acre land, also in a picturesque location on south coast.

Tangalle Bay Hotel was part of a unique portfolio of resorts originally owned by industry doyen Gilbert Jayasuriya. Others included Ocean View Ltd., Induruwa Beach Hotel and Hikkaduwa Beach Hotel.

Tangalle Bay Hotel at present boasts a large outdoor pool and an Ayurvedic Treatment Centre. It is located on the beach in the fishing port of Tangalle and features rooms with private balconies and free Wi-Fi in public areas.

Rooms are bright and airy, offering great views of the sea. They are spacious and come with air conditioning, cable TV and a mini bar. All rooms have private bathroom facilities.

Guests can enjoy water activities like fishing and waterskiing or arrange for excursions to cave temples and the Bird Sanctuary Park at the tour desk. For a relaxing afternoon, Tangalle Hotel provides massages and Ayurveda treatments.

Tangalle Restaurant, which faces the ocean, serves both Asian and Western dishes.

The Tangalle Bay Hotel is about 190 km from Colombo and 240 km from Bandaranaike International Airport. With the extension of Southern Highway to Hambantota travel to Tangalle Bay will be quicker ensuring greater traffic of local guests as well.

Following the opening of the first phase of the Expressway, all hotels up to Galle and nearby are enjoying greater clientele. The opening of Mattala Airport in October this year and the completion of the expressway up to Beliatte by next year will considerably improve the appeal for tourism and economic activities in the deep south.

Quicker access to the east coast via Hambantota as well as the latter’s rich diversity as a tourist destination including wildlife will see an exponential growth in tourism in to these areas, according to industry analysts.

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Buckingham Place Affirms Belief in Sri Lanka with New Boutique Resort

18th December 2010, www.theopenpress.com

While Hambantota Harbour, the new airport, plus a whole host of development initiatives progress rapidly, investors are keenly aware of associated benefits they will bring to the Hambantota District and Sri Lanka as a whole. High-end ‘designer’ tourism is yet another sector experiencing high investor confidence and with it, unparalleled growth.

British born entrepreneur Nick Buckingham clearly demonstrates his belief in Sri Lanka and Hambantota with his greatest commitment so far, Buckingham Place.

At this refreshingly new boutique resort at Rekawa near Tangalle, modern standards of comfort coupled with discreet service blend naturally with the tropical southern coastline and natures’ paradise.

Buckingham Place offer 11 ‘designer’ bedrooms and bedroom suites, designed with sensitivity to be at one in harmony with the natural environment. All have south westerly views over the vast Rekawa lagoon, home to many varieties of birds that you can watch either from the comfort and privacy of your balcony or by venturing out in one of the resorts canoes.

A spectacular deserted beach where the ancient leather back sea turtles nest is only 70 metres walk from the gates of Buckingham Place while a cycle ride through the local village is rewarded by glimpses of everyday life and quite often by monkeys swinging from trees – a real “off the beaten track” experience.

Inspired by his own love of the island, Nick aims to provide guests with an opportunity to experience some of the best that Sri Lanka has to offer. Scenery; its unspoilt beaches, tranquillity; Rekawa’s own lagoon – a haven for tropical birdlife and; adventure - with a taste of local culture, heritage and cuisine.

So what is behind the Buckingham Place byline - Believe in Sri Lanka?
“Unprecedented investment in sensitive, high quality tourism infrastructure and the current widespread optimism say it all. Sri Lanka is fast evolving into a must visit destination especially amongst discerning, independent travelers in search of an un-spoilt destination” says upbeat Nick. “…this is where my best life experiences have happened too so it makes perfect sense for me to be here and invest here. There’s something really special about Sri Lanka and when I’m away from it I’m homesick - in fact more so than when I’m away from the UK!”

So here’s a rare chance to experience Sri Lanka up close, by bicycle, in a canoe or on foot. If you’re in Rekawa more than a few days you might even get involved with ‘Community Links’ the resort’s own social responsibility initiative - support for village micro projects. You might just want total relaxation though – something not hard to enjoy at this unique boutique resort.

Soft opening
Opening its gates to acclaim, Buckingham Place warmly welcomes local and international travelers – mostly arriving from Colombo, the UK and Western Europe. “Over the coming months we’ll refine what we do and define what works. Being hidden away is our biggest headache” Nick jokes, “making sure people don’t get lost on the way” An excellent map on the website appears more than adequate however.

Happily the restaurant is very easy to find... Chef Wasana who hails from Moneragla produces a heartfelt array of fusion dishes as well as the traditional Sri Lankan rice and curry. “Cooking is hot and hard work but that doesn’t really matter, especially when guests congratulate us and appreciate our effort” You’ll even find an authentic fish & chip lunch as good anywhere in the UK (not to be missed) while vegetarians, dessert lovers and fussy kids are all looked after very well.

Whether you are visiting Sri Lanka to relax or explore it’s likely that within a day or so you’ll feel very reluctant to leave the sanctuary of a really great room, in this beautiful, homely and very hospitable ‘boutique’ resort.

During the resorts soft opening period great value introductory rates include a la carte breakfast for two plus all taxes and service charge – great value indeed for memories to treasure forever.

To check availability and rates please email: reservations@buckinghamplace.lk or check the website: www.buckinghamplace.lk. Alternatively, visitors can reach Director Nick Buckingham on his mobile phone by dialing + 94 777 717473.

Company history
In 2002, following several wonderful holidays in Sri Lanka Nick Buckingham formed a Board of Investment (BoI) approved company to construct Buckingham Place. Breaking ground the following year, works continued until the Tsunami of 2004. With an uncertain future at that time Nick remained in the country during its ‘hour of need’ initiating and managing the BTRTDH Trust – a massive and highly successful endeavor to rehabilitate and equip Tangalle’s only hospital.

With the hospital project complete, resort construction restarted in 2008, continuing through until September 2010.

Focused on directing the resort full time, Nick plans to expand operations in due course by completing ‘phase 2’ hopefully to coincide with the opening of the new airport.

“As soon as phase 1 is established and when we’ve had sufficient guest feedback I’ll get on with the expansion – in readiness for opportunities created by the development of Hambantota District and the airport in particular. For now I just want to relax a little, enjoy paradise and…. continue believing in Sri Lanka….”

Sri Lanka's Raigam to Invest in Salterns and Chemical Plants

24th April 2010, www.dailynews.lk

After the successful completion of the initial public offering (IPO), trading of Raigam Wayamba Saltern shares will commence on April 29 at the Colombo Stock Exchange.

The funds raised through the IPO will be utilized to increase salt production and meet the country's salt requirements, said Raigam Group Chairman/CEO Dr. Ravi Liyanage.

Raigam will invest in three salterns in Tangalle, Trincomalee and Puttalam.

"We expect to complete the Tangalle Saltern construction soon. Seventy five percent of the work has been completed under this project. We have imported a refinery machine to the Saltern costing Rs.125 million," he told a press conference, yesterday.

"Wayamba Saltern is a subsidiary of Raigam Group and we will establish a chemical plant in Trincomalee with an invest of over Rs.500 million.

This will follow as the second phase of the Saltern in Trincomalee," he said.

He said this chemical plant will cater to the local and the export market.