They said chains such as Hilton, Accor, etc are interested in managing Riverina, Club Palm Garden and Tropical Villas. These hotels will be closed for business for 18 months from May 01, 2011 to complete an accelerated refurbishment programme.
“We plan to spend roughly US$ 30 million in refurbishing its properties,” a source told the Business Times. He added that the IPO details are also being finalised to fund both the refurbishment and expansion of hotels.
http://sundaytimes.lk/110515/BusinessTimes/bt03.html