Jan 24 (LBO) – Sri Lankan resort chain Jetwing has tied up with local conglomerate Hayleys and an Indian partner to set up a luxury hotel in Kerala, in the group’s first foray overseas. The new hotel is to be a joint venture with Indian company Kerala Balers holding 51 percent, and the balance equally held by Jetwing Hotels and Hayleys, Hiran Cooray, Managing Director of Jetwing told LBO.
We will be converting an old coir factory into a small luxury hotel. The Indian partner will come in with the land and building, Cooray said.
Jetwing and Hayleys will jointly invest 2.5 million dollars in the project, with construction due to begin in three months and to be completed in 18 months.
Spread out over 4.5 acres, the hotel will have 31 large rooms and 4 suites, in addition to all the trimmings of a boutique hotel.
The new property in India will be Jetwing’s first outside of Sri Lanka, following other hotel chains like Aitken Spence that have announced plans to invest in India.
Sri Lanka’s tourism industry has taken a beating on war fears, following an escalating local conflict and recent travel advisories from top European markets.