New hotel proposals almost double in Sri Lanka

ECONOMYNEXT – Sri Lanka’s growing tourism industry has attracted a lot of investments during the first eight months of 2018, with new hotel proposals almost doubling, a report released by the Central Bank said.

Out of the 29 hotel projects that were granted approval in the first eight months, 24 have already started, the report said.

The projects that started will add 878 rooms in total.

The Sri Lanka Tourism Development Authority received 100 new hotel project proposals, worth 830 million dollars, for the first eight months, compared to the 53 projects worth 261 million dollars last year.

Tourist arrivals to Sri Lanka grew by 11.6 percent to 1.7 million in the first nine months of 2018.

Earnings from tourism also grew by 11.6 percent in the first nine months, compared to the previous year, to reach 3.2 million dollars.

Targeted promotion campaigns, improved service quality and a lower base the previous year were the reasons for the growth, the half yearly report on recent developments said. (COLOMBO, 6 November 2018)

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