Sri Lanka gives nod to USD1.59bn worth hotel projects

Aug 22, 2012 (LBO) – Sri Lanka has approved 129 projects involving the building of 9,364 hotel rooms up to July 2012, deputy economic development minister Lakshman Abeywardene said. In 2013, revenues of 1,360 million US dollars were expected; in 2014, 1,740 million US dollars; in 2015, 2,120 million US dollars and in 2016, 2,500 million US dollars.

A ‘one stop shop’ at the ministry of economic development which fast tracks investment clearances had received 217 applications worth 2.14bn US dollars up to July 2012, he said.

Minister Abeywardene said this year Sri Lanka was on track to welcome 1,050,000 tourists in 2012 up 22.7 percent from a year earlier. Up to July 543,205 tourists had arrived up 16.7 percent from a year earlier.

Earnings from tourism for 2012 was forecast at 980 million US dollars up from 838.9 million US dollars in 2011.