Sri Lanka cable firm to build hotels

Jan 20, 2010 (LBO) – Sierra Cables, a listed power cable maker said it will build hotels in a joint venture with another group as strong tourist arrivals increased drew investment capital into the sector. Colombo is to see at least two 500 million dollar hotel and apartment development complexes on state land and existing leisure chains are also building new hotels in the coast.

Sierra Cables said in a stock exchange filing it will put 250 million rupees into two hotel projects with Free Lanka Capital Holdings.

In 2010 tourist arrivals were up 46 percent to 660,000 after a 30-year war ended in May 2009.

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