Sri Lanka Browns to build Rs1.75bn hotel

April 09, 2012 (LBO) – Sri Lanka’s Browns Investments is to build a 150-roomed hotel on the south coast at an estimated cost of 1.75 billion rupees and scheduled to be completed by 2013 amid a tourism boom. The firm is to build a four-star hotel with 150 rooms in Kosgoda as it has decided to venture into the leisure sector, the statement said. A stock exchange filing said the project would be done by Samudra Beach Resorts, a fully owned subsidiary of Browns Investments, which is a joint venture between Brown & Company and Taprobane Holdings.

Samudra Beach Resorts has signed a deal with the Board of Investment, Sri Lanka’s investment promotion agency which grants concessions like tax holidays.