Speaking at the international ‘Hotel Investment Conference Asia Pacific’ held in Hong kong last week, Kevin Wallace, the President and CEO of the Dubai, UAE based JA Resorts has said, his firm is planning to enter Sri Lanka to establish a five star property.
“We find the system transparent,” he was quoted saying in a report published on Hotelnewsnow.com.
“You have the laws in place there, you have the land registry. You have opportunities along the coasts.” Wallace has told the gathering.
Wallace believes, there are cheap lands to be acquired in Sri Lanka to build first class hotels.
He has expressed his happiness on the country’s banking system too.
“Whoever goes in there and builds a state of the art, contemporary 4-star resort, even 3-star, will certainly do well over the next three to five years.” The Managing Director of JA Resorts has said.
However, Wallace believes, connecting the east and west coasts with highways is imperative with international resorts, coming up in areas such as Pasikuda.
Chris Bachran, managing director of Bachran & Associates, speaking at the Investment Conference has said that, Sri Lanka will need to build its infrastructure, so the rest of the market can follow.