Oct 25, 2012 (LBO) – Sri Lanka’s East West Properties Plc, plans to build more hotels chairman Nahil Wijesuriya has told shareholders, with the first hotel to be managed by US based Marriot group as already announced. East West is building a 200 room hotel in Weligama Bay between Gall and Matar on Sri Lanka’s southern coast which is expected to be managed by Marriot International for 25 years.
Wijesuriya told shareholders in the annual report that another company East West Hotel Developers (Pvt) Ltd has been set up “a number of hotels at key locations in Sri Lanka.”
Another company, East West Leisure (Pvt) Ltd had been incorporated to provide adventure tours to younger travellers and to “promote off-the-beaten track areas in Sri Lanka.
Most business groups in Sri Lanka have been jumping on the tourism bandwagon after a 3-year civil war ended.
Foreign investments, especially from India are coming into mixed developments involving apartments and shopping complexes in addition to hotel rooms, particularly to key locations in Sri Lanka’s capital.