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| Sunday, 20 March 2005 |
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Rs. 1.5b investment on Phase 2 Global Towers Hotel project by Rohan Mathes Sri Lankan born, UK based business entrepreneur and Managing Director Global Lanka Holdings Ltd., Phylix Selvadurai said Sri Lanka's tourism industry will bounce back steadily in around six months, despite the tsunami calamity. At a media briefing to announce the Rs. 1.5 billion investment of Global Lanka Holdings for Phase 2 of its Global Towers Hotel project in Sri Lanka, at the Global Towers Hotel in Colombo last Wednesday, Selvadurai said, "the inherent and spontaneous Sri Lankan smile itself is a great asset in the hospitality industry. With the right blend of the diversity of attractions and interests this resplendent isle has to offer the tourists, the industry is bound to flourish before the end of the year". He said that there is a huge Indian market yet untapped by the industry. "We are targeting the Indian tourist and businessmen as we believe the demand for Sri Lanka as a tourist as well as business destination is growing by leaps and bounds in India". "Also, there are three million expatriate Sri Lankans globally. It is heartening to note that a significant number of them have in recent times begun to return to their motherland for extended stays. Global Towers believes that this too provides a very viable market which we need to cater to and hence the need for the 'Apartment hotel' concept. We must strive to get these Sri Lankan expatriates on holiday at least once annually, similar to the Israelis". He said that they were also targeting other destinations such as China, the Middle East, Singapore, Malaysia and the Maldives. Besides being a tourist and business destination, Sri Lanka was fast becoming popular as a medical destination, particularly in the Maldives. "This is yet another growing and lucrative market which needs to be tapped", he said. He outlined his other investment plans - the investment in three more hotel projects in Ambalangoda, Nuwara Eliya and Vavuniya, due to be completed in 2008, his investments in Sri Lanka totalling over Rs. 3.3 billion. This would comprise 640 star class rooms and generate employment to over 850 Sri Lankans. We also intend listing the company on the Colombo Stock Exchange (CSE) by 2007, with the Company's current share capital of Rs. 565 million being transferred to Sri Lanka, Selvadurai said. He said that the Global Towers phase 2 will have 130 hotel rooms, 70 one bedroom 'Executive Suites', one 2-bedroom 'Executive Suites' and 4 'Penthouse Suites'. It would also consist of a state-of-the-art business centre, conference facilities, a complete health club with spa, two floors of parking area, a 6,000 square foot resplendent lobby, restaurant, banquet hall with the capacity to accommodate 1,000 guests, a rooftop swimming pool, and adjacent to it, for the first time in Sri Lanka, a revolving restaurant overlooking the Indian ocean and the city of Colombo. |
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