Chipping Coral

Proceeds form the sale will go to write off the owning company
quote s, Ceylon Holiday Resorts Limited, debt amounting to around Rs. 250 million.rn

rnJohn Keells officials said a lag in tourism and significant investments in their flagship hotel in the southern coast endash Benthota Beach Hotel in the recent past contributed to the build-up of the debt. rn

rnOfficials added that with their flagship endash Benthota Beach refurbished to international standards, a second hotel in the vicinity would be a redundant investment. rn

rnHowever, the new owners will acquire the 154-room hotel along with its tangible assets and a staff carder of 153, including 22 executives. rn

rnThe hotel is owned by Ceylon Holiday Resorts Limited and was constructed around 1985 on Tourist Board Land taken on a 50 year lease.