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Wednesday, 14 March 2012

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The Blue Water to invest Rs. 450 m in new hotel



The Blue Water



Ajith Wijeyesekera

Union Resorts Ltd the managing and owner company of The Blue Water would further invest Rs. 450 million to build a second hotel adjoining the main property.

Chairman of the Hotel, Ajith Wijeyesekera, told Daily News Business at the recently concluded ITB in Berlin that the new property would be an all suite, 40 room property. “We are targeting the top end clientele,” he said. He said that construction has already started and they hope to have the property ready by winter 2013. “We hope to raise the Rs. 500 million from equity and lending and with tourism booming and more up market clientele patronizing Sri Lanka, we hope to break even in four to five years,” he said.

He also said that The Blue Water is maintaining high occupancy with the staff being paid an average Rs. 30, 000 as service charge per month. The management is also looking at constructing two hotels in properties they hold in Wadduwa and Sigiriya.

“We are yet to decide on which one we should concentrate first,” he said. Wijeyesekera said that their new world class banquet hall which was opened two years ago with an investment of Rs. 250 million is giving them good returns.”

 

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