Business Times

Jetwing to go public with five hotels

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.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Enhancing capacity at the 3 Coins brewery
Union Bank to launch country fund through NAMAL
Jetwing to go public with five hotels
Indo-Lanka CEPA deadlock ends
BOI restructuring comes under fire; unions to protest on Tuesday
Pravir quits Richard Pieris, joins Overseas Realty
First time in Sri Lanka:Uncut currency notes
Comment - Chaos in tourism
Features - Green building should be made mandatory in SL
Features - Ukwatte – Why I moved out of business
CBL revenues high but challenged by Indian, Chinese copies of ‘Munchee’
Red rice cookies, another breakthrough in food technology
Gulf Investors look East in post Egypt crisis : MTI
Ceylon Leather to reorganise its outlets
Indian schols now open to both public and private sectors
Hayleys 9-month turnover Rs 38.5 billion, PTP Rs 1.5 billion
Richard Pieris to go into exchange traded funds
Sri Lanka’s economic future – vast prospects in Trincomalee
Bangladesh has around 9,000 factories compared to Sri Lanka’s 800 units
Climate change may see massive migration : ADB
Night ‘Food Mart’ on Feb 15 in Colombo
Japanese NGOs help flood victims
Unplanned hotel expansion could lead to price war;top hotelier warns
Aligning Sri Lanka’s scientific research to achieve national objectives
January inflation gives mixed signals but prices overall seen rising in 2011
SMBL and LAL in joint, tourism-related venture
Deepal’s latest book oninsurance advisors
Lanka Hospitals to increase capacity, expand in the regions, open for JVs
Ceylon Continental turnover up 96% in 3Q10
CIMA internship for accountancy students in Sri Lanka
Colombo Dockyard gets fresh orders for $240 mln to build more ships
Sri Lanka to face milk powder shortage
Most not even getting ready for 2012's new SL accounting standards : Ernst & Young
Top Sri Lankan at Microsoft wins prestigious award
World’s first land-based aquaculture farm now under construction in Sri Lanka
Lanka Walltiles profits up 30% despite Rs. 216 mln VRS
CB maintains current interest rates on ‘repo’ and reverse ‘repo’


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution