Business Times

Some Jetwing hotels to go ‘public’

By Duruthu Edirimuni Chandrasekera

The Jetwing Group is considering offering shares to the public in some of its hotels while setting up two luxury hotels and upgrading its properties in Negombo in a bid to position them in the luxury class, according to an official.

“We are planning to list some of our hotels in the medium term, because we are looking to expand now that tourism is taking off,” Hiran Cooray, CEO Jetwing told the Business Times. He said the company has two big plans for Negombo. “We are rebranding Blue Oceanic and Seychelles to Jetwing Blue and Jetwing Sea, respectively,” he said.

Mr Cooray said Blue Oceanic will come under a $2 million upgrade while the Seychelles upgrade will cost $5 million. “We will bring in a large conference facility to Blue Oceanic and the idea is to bring these two hotels to the same standard as that of Jetwing Beach in Negombo,” he explained.

Mr. Cooray said Jetwing plans to start construction on the 10-acre land they own at Kuchcheveli in the East during the first quarter of 2010. “We will be building a luxury hotel and plan to operate it in end 2011,” he added. He said Jetwing has applied for another plot of land from the government to re-build Yala Village. “We have applied for a land at a nearby plot,” he said.

Mr. Cooray said that tourism will grow at a rate of 10% to 15% per annum next year. “More airlines such as Oman Air are coming in. SriLankan Airlines, Emirates and Qatar Airways are increasing their frequencies. The Scandinavian operators are starting to feature Sri Lanka now. With all this we should hit 525,000 tourists by 2010. It will go to 600,000 to 650,000 there onwards.”

Top to the page  |  E-mail  |  views[1]
Other Business Times Articles
Shell Gas urges proper regulation
Nisol directors taken to court by Sampath Bank
First lender, now trader
Some Jetwing hotels to go ‘public’
Raj sheds Galleon's local investments
Land clearance an issue for BOI projects
United Motors to launch assembly plant
New way to meet the press: By phone
Comment - Tourism: Frying pan to the fire
Assessing the ICTA
Gen. Fonseka spells out strategy in achieving ‘Mission Impossible’
Higher education for the 21st Century Project
Plantation sector neglected by investors
SLIC case petitioner says auditors should return fees
Space Agency Act coming soon
GSK, Dialog, MAS support “Light to Life”
Tourism about values, not numbers
IMF in Sri Lanka: Playing politics or Good Samaritan?
TRC Act to be amended
SLFI convention on Tuesday
Toilet paper takes centre stage at laxative launch
Singapore Passenger Cruise Terminal
Regional telecom regulators discuss regional issues, seek consensus
Comment - Share Market – Incentive to gamble
HNB wins top annual report award
South Asian economics undergraduates meet in Dhaka
Producers and food processors meet next year
UN–HABITAT invites micro finance agencies to upgrade under-served settlements
Citi awarded Dialog Telekom cash management mandate
Cyber Concepts awarded ISO 9001: 2008 Certification
‘Intense’ e-Asia promotion for Kandy, Kurunegala and Galle


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution