The Jetwing Group has plans to go public with the five new hotels it’s putting up this year.
“Hotels in Yala, Dambulla, and Uppuveli in Trincomalee and Jaffna, and a Colombo unit are on the cards for Jetwing this year and we plan to go public after we complete a private placement for them,” Hiran Cooray, Chairman Jetwing Hotels Ltd told the Business Times.
He said that all these hotels together will cost Rs. 4.5 to Rs. 5 billion, adding that the company has not yet finalized the modalities of listing publicly, but is discussing it. “We may list all the hotels together or do it individually,” he said.
Mr. Cooray said that while Yala and Dambulla properties are being handled by the group alone, the hotels in Jaffna, Trincomalee and at Ward Place Colombo (which will be a business hotel) will be handled with partners.
He said Jetwing has upgraded all of its hotels except for St. Andrews in Nuwara Eliya, which they’ll be doing this year.
He said the company has taken a ‘firm’ decision not go to the Maldives as they feel the market there is saturated.
Mr. Cooray said that the hotel they were planning in India didn’t get the Indian authorities’ approval and this project is now at a standstill. About two years ago, Jetwing signed a management contract with Kerala Balers (Pvt) Ltd, a coir exporting company to manage a hotel in Kerala. However, Mr. Cooray noted that Jetwing is quite strong internationally. “We have a hotel in Vietnam and we are managing one in Luang Prabang in Laos,” he said adding that Jetwing will focus on expansions within the island, while also looking out for international projects.
“The new hotels will complete the entire circuit around the country,” he said adding that Jetwing is open to explore other areas related to tourism.