Laugfs Leisure eyes more hotels
Laugfs Leisure is looking forward to take over the management or to
buy hotels. It has a five year plan to aggressively enter the leisure
sector by building hotels in the Cultural Triangle and in attractive
locations in South coast and East coast. The first hotel to be
constructed by the Laugfs Group at a cost of Rs 500 million investment
is expected to complete construction by June next year.
The construction of the hotel in Karugapam in Chilaw by Laugfs
Leisure is currently under way.
“We have already started the project and the ground filling work is
carried out at present. The hotel is scheduled to be completed by mid
next year”, Laugfs Leisure CEO and Director Harsha Gamage told Daily
The foundation laying ceremony will be held next month. This 74 room
hotel falls under the category of a small luxury hotel. There will be an
expansion to this by way of another 26 rooms in the second stage,” he
said. “We see a growth in the leisure sector especially with foreign
tourist arrivals. There is a need for accommodation and projects of this
nature could cater to the growing demand in the industry,” Gamage said.
The Laugfs Group entered into the leisure sector in 2008 by
purchasing Emerald Bay in Kosgoda and a boutique hotel Temple Tree
Resort and Spa. The two hotels have recorded an increase in arrivals
since its takeover.
The two hotels have recorded 50 percent growth from previous year and
a turnover growth of 41 percent. Both hotels are doing well. The off
season prospects are looking bright. Even for the off season there is 75
percent confirmed bookings. During the season they had recorded over 85
percent occupancy since 2009 September.