Fairway Holidays to put up caravan park at Ascot Leisure’s Yala land
Fairway Holdings which acquired 75 per cent in Ascot Leisure in mid September will convert Ascot’s land in Yala – originally bought to set up a hotel – to a caravan park, officials said.
This land has been approved for a 30-room hotel but the new owners have changed these plans. “We will park caravans through our Go Outdoors company at Yala,” Hemaka de Alwis, Chairman Fairway Holdings told the Business Times.
This land at Yala will add to the caravan parks that Go Outdoors has around the country, he added. “In Sri Lanka, we aim to unhook the long weekend and seasonal traveller from the burdens of static accommodation.”
Abandoning plans for the hotel was done in a bid to stop adding to the carbon foot print in Yala, Mr. De. Alwis added.
As per the deal, the stake was bought by Fairway for Rs. 70 million on which Rs. 50 million is to be invested in purchasing capital in Ascot Leisure whilst the remaining Rs. 20 million is to be paid to Ascot Leisure.
Fairway Holdings has already opened a 180-room hotel in Fort and is developing a further 325 rooms in Colombo, Galle and Nuwara Eliya. Fairway Holdings develops luxury residential properties in Sri Lanka, and has three luxury apartment projects (Fairway, Fairway Galle, Fairway Urban Homes and Latitude by Fairway).
In February Fairway bailed out Multi Finance PLC, a former Entrust Group company that was in a bad financial position with the aim to start lease financing for their apartment business.