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Finco to invest Rs 2.2 billion

Plans 3 more hotels:

Uga Resorts (Pvt) Ltd, a fully-owned subsidiary of the Finco Group of companies will invest a further Rs 2. 2 billion to construct three additional hotels. Finco Vice President Priyanjith Weerasooria said in addition they have already invested Rs 800 million for their first boutique property investment, Ulagalla Resort, in Thirappane, Anuradhapura.

He said they acquired a property belonging to Associated Developers in Pasikudah three months ago to construct a luxury resort in the Tourism zone next to Malu Malu.

“In addition we have also leased a property in Kuchchaveli for another luxury hotel.”

Both projects are scheduled to be completed by mid 2012.

The company is also looking to build a 30-room property in the South.

He said that out of the investment 75 percent would be equity and 25 percent from borrowings.

They are looking at the niche market and hope to market the rooms for over US $ 325. “We are looking at the US, Canada, India, UK, and Chinese markets,” he said.

Uga Resorts Head of Marketing Subandu Perera said they paid emphasis in developing eco-friendly resorts, and intends on positioning itself in the ‘Luxury’ segment.

Ulagalla Resort, the first luxury hotel in Anuradhapura consists of 20 artistically designed luxurious Chalets scattered over an unrestricted area of 58 acres.

This was opened one year ago. “In keeping with our “Go Green” concept, 50% of the energy requirement of the resort is generated through solar power; the resort has the largest solar farm in the country with a capacity of 125 KVA and is proud to be the only supplier of Solar Energy to the National Power Grid,” he said. The concept of ‘Jungle Beach Resort’ in Pasikudah the first hotel in the zone is to create an experience of both jungle and beach in one location.

Finco Group is one of Sri Lanka’s leading private sector organizations with a solid business reputation and sound financial standing.

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