LAUGFS invests in leisure sector

Laugfs Leisure Limited, a fully-owned subsidiary of Laugfs GAS PLC acquired Mag Consultants and Agents Private Limited (MCAPL) and its assets, comprising 15 acres of prime sea front beach property at Waskaduwa, Kalutara with an investment of Rs. 500 million. Chairman of the Laugfs Gas PLC, W.K.H Wegapitiya said that Laugfs Leisure is aggressively investing in the leisure sector.

“Our Strategic decision to enter the re-emerging tourism industry sector put into action with the commencement of the construction of the first star class 90 roomed luxury hotel in Chilaw which will be operational by December this year.

With the acquisition of this new land, we intend to set up our second star class hotel at Waskaduwa shortly.

We intend to set up few other star class hotels in the pristine beaches of southern Sri Lanka and will also focus on other attractive tourists destinations including that of northern and eastern provinces of the country under our medium to long-term plans for the sector.

This particular land in Waskaduwa was previously earmarked to build a five star luxury beach resort by a renowned international hotel chain, but did not materialise due to the security situation at that time”.

LAUGFS Leisure will embark on building a 200 room, state-of-the-art luxury resort hotel in this newly acquired, 15 acre property at Waskaduwa.

Commenting on the acquisition of the MCAPL, a spokesman from LAUGFS indicated the move adopted by the company considered critical and important since this was the only stretch of land available for a construction of a hotel of the magnitude planned in the most promising out of all coastal and other tourist destinations in the country. “We see great potential in Sri Lanka tourism development. Current industry figures indicate sustained growth for the third consecutive year, with January 2012 showing an increase of 15 percent with 85,815 arrivals.

Predictions for the current year indicate that arrivals will surpass one million and the revenue to be generated from the industry will reach one billion US Dollars.

Therefore, we have had no hesitation about entry and ability to grow in a booming industry”, company spokesman said.