Singapore’s Calamander invests US$10mn in Sri Lanka hotel

Dec 17, 2013 (LBO) – Singapore-based Calamander group has invested 1.35 billion rupees (10 million US dollars) to acquire and upgrade a hotel in Sri Lanka. Calamander had bought Unawatuna Beach Resort just off Galle in Southern Sri Lanka for around one billion rupees in 2011 and rebuilt it by investing another 350 million rupees.

Sri Lanka has seen a surge in hotel investmetns after a 30-year war ended in 2009 and tourist arrivals started to pick up.

The 30-year old hotel has since been re-named Calamnader Unawatuna Beach Resort.

“The new Calamander Unawatuna Beach maintains a key role in promoting and developing Sri Lanka’s tourism industry, and reaching the 2016 target of 2 million arrivals,” Calamander chairman Roman Scott said in a statement.

“For more than forty years, Unawatuna beach and UBR have been hugely popular with the North European market, in particular Germany.

“The hotel hosts an extraordinary one in ten of all German visitors to Sri Lanka, who proceed to spend over one billion rupees during their two week average stay on the island.”

Holland, the UK, and Scandinavia tourists are the hotels’ next largest