Sri Lankaâ€™s Fortress Resorts to build Rs2.1bn 5-star beach hotel
ECONOMYNEXT – The Fortress Resorts, a hotel that’s part of the group of businesses controlled by Sri Lankan businessman Dhammika Perera, is to build a 66-room five-star beach resort on the south coast for Rs2.1 billion.
The Fortress Resorts said in a stock exchange filing that its fully owned subsidiary La Forteresse (Private) Ltd. invested Rs364 million in Alila Hotels & Resorts (Pvt) Ltd. to set up the hotel at Thalaramba, Weligama.
The hotel is to be built by Alila Hotels & Resorts (Pvt) Ltd. at a cost of Rs 2.1 billion which includes the cost of land of Rs345.8 million.
La Forteresse now owns 99.9% of Alila Hotels & Resorts (Pvt) Ltd. which will be subsequently diluted to 51%, the statement said.
The investment by La Forteresse in Alila Hotels is to finance the purchase of three acres of land at Weligama which Alila had bought for Rs345.8 million from LB Finance, a finance firm controlled by Perera.
(COLOMBO, Dec 27, 2016)