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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Edge Hotels and Resorts to start small luxury chain

Sri Lanka's Edge Hotels and Resorts to start small luxury chain

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Jan 16, 2013 (LBO) - Edge Hotels and Resorts, a new small luxury hotel chain has signed agreements to start two hotels, with four more planned, Sri Lanka's state investment promotion agency said.

Sri Lanka's Board of Investment, which gives tax breaks to investors did not disclose any investment values for the hotels.
The first property Reefs Edge Hotel and Villas will be built in Uswetakeiyawa. It will have 23 rooms and facilities for events including a 300 person banquet hall.

The second property, City Edge Colombo will be built on Marine Drive Bambalapitiya.

"This is only the beginning. We plan to launch more hotels in key locations in the island, with time," the BOI quoted Graetian Gunawardhana, chairman of Edge Hotels as saying.

"It is our belief that our hotels will attract selective visitors from all over the world..."

Gunawardhana, an export industrialist who had headed Sri Lanka's export and American business chamber was the main investor in the chain. He is currently as board member of Sri Lanka's insurance regulator.

Key personnel in the hotel chain is Kushal Perera, chief executive; Shehan Gomez, managing director of Chariot Restaurants and Upul Gamage, a 25-year hotel industry veteran who will be general manager.
Edge Hotels were also planning four other properties, the BOI statement said which would expand the chain to six properties over the next four years. Corals Edge, Ambalangoda with 36 rooms where construction was due to begin in May 2013.

Lakes Edge, Nuwara Eliya, which will have 40 rooms by Lake Gregory.

Kingdoms Edge in Sigiriya which was expected to be built from August 2014 and Bays Edge, Kalkudah, which was planned for early 2015.
http://lbo.lk/fullstory.php?nid=350166495

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