Proposed 5 star Hotel Project
Invite prospective foreign investor
Land(Free hold land)
Distance 50 minutes from Colombo, 20 minutes from International Air Port
Project Cost USD 125 million (including land)
Total Investment/Unit Approx. USD 250,000
Construction Period 36 months
Corporate Tax Tax Free Investment with BOI Facility Duty-free imports for all the materials
Project Status Preliminary planning approval received from the Ministry of Tourism Finalizing detailed project plans
About this Project
Sri Lanka is considered as a preferred tourist destination amongst many Western tourists and the island experienced 40 years of rapid expansion of its tourism sector between 1980 and 2020. Tourist arrivals increased at an average annual rate of 20%, reaching a level of 407,230 in 1982.
The removal of the travel advisories by countries such as Britain, France, Germany etc.. after end of 30 years ethnic conflict in 2009, saw a marked increase in tourist arrivals to Sri Lanka. As a result, the occupancy rates also recorded noticeable growth figures. Demand growth resumed towards the latter part of 2009 led by select markets, picking up further in 2010 to 2020.
The pace of growth accelerated in 2011 and thereafter with a recorded average occupancy rate of 77%, the highest witnessed thus far. The removal of travel advisories following the end of the three decade long ethnic conflict in May 2009 presented significant scope for Sri Lanka to be on par with its competitors.
Tourist arrivals were in 2015 with 1,798,380 arrivals. This was an increase of approximately 18% over the 1,527,153 arrivals recorded in 2014. Sri Lanka recorded an all-time high of 2.3Mn tourist arrivals in 2018, including the largest number of tourist arrivals from India recorded of 425,000.The tourism earning for the year ended 2018 was USD 4.4Bn.