“In line with the company’s accounting policy, land was revalued and Rs. 234m was added to the revaluation reserves. The existing staff continued to be employed even during the closure period and towards this Rs. 78m has been expended,” Chairman Jayawardena said addressing shareholders at the release of the annual report.
He added that during the year, proposals were called for from reputed international hotel managers to submit proposals for the management of the properties and many top notch brands were among the shortlisted prospective partners.
“Final negotiations have been done and await the opening of the refurbished property for the management agreement to take effect,” Jayawardena said adding that expertise is drawn from the strategic partner for the construction project keeping in mind the expectation of the international community from a star class property in terms of service and product delivery.
“Architectural plans and other documentation have been forwarded to the regulatory authorities for necessary approval for the development of the property and the most beneficial company structure and business model is being pursued to derive long term benefits to the shareholders,” the Chairman said.