Tangerine Group to launch new hotel project

The Tangerine Group of Hotels and its sister companies signed a BOI agreement last week, to launch a new hotel project titled "Fairview Hotels (Pvt) Ltd".

From left: Structural Engineer Saro Weerasuriya, Director, Imports Sunandana Mudannayake, Director, Finance Shermal Jayasuriya, Director, Recoveries Mahes Amarasekara, Chairman and Managing Director, Gerard Ondaatjie and Director General, Board of Investment of Sri Lanka, Jayampathi Bandaranayake.

The pioneering group in the hotel industry will commence developing its latest hotel project at Ramakrishna Road, Colombo 6. When completed, it will have 45 rooms.

Executive Deputy Chairman Gerard Ondaatjie said that the upcoming hotel will be equipped to cater to the now growing demand in the bed and breakfast market.

The group's latest endeavour will be well served by their overwhelming experience through catering to a large and discerning clientele under the group's own chain comprising Nuwara Eliya Hotels Co. PLC, Royal Palms Beach Hotels PLC, Tangerine Beach Hotels PLC and Nilaveli Beach Hotels (Pvt) Ltd. The Group's finance company - Mercantile Investment Ltd., half year results published in September 2010 reported a 382 percent increase over the corresponding period the previous year, recording a Net Profit After Tax of Rs. 506 million.

The company surpassed its reported profit of 2009/2010 by the half-way mark in the current financial year.

With the increased number of tourist arrivals to the country from 2010, the tourism sector has seen tremendous improvement.

With the prevailing peaceful environment, the industry is now set for increased business potential in this decade.

The ongoing resurgence in the nation's economy would help boost domestic revenue too to a new height, he said.