Sri Lanka Richard Pieris mulls hotel venture

Jan 20, 2012 (LBO) – Sri Lanka’s Richard Pieris & Company group plans to invest in the hotel sector as part of its diversification strategy amid a boom in tourists arrivals, an official said.

The company is scouting for a suitable land to build a hotel, the group’s operations director Ravi Liyanage told Vimasuma.com, our sister news website.

The group might get into the hotel business either on its own or through a joint venture, he said.

Richard Pieris group last week announced the setting up of an insurance subsidiary, Arpico Insurance, to capitalize on the island’s relatively untapped life sector which is less competitive than general insurance.