Malwatte Valley Plantations revealed that the proposed resort island project will include 70 star class villas with an estimated cost of 26 million US dollars.
The company recently informed its shareholders and the Colombo Stock Exchange that they intend to raise over Rs.606.59 million (nearly USD 5.8 million) from a rights issue, to partly finance a hotel project in the Maldives.
The company is expected to complete the project within two years after they initiate it by September this year.
Upon completion, the project is expected to be managed by the Hilton-World Wide Hotel chain with whom a Memorandum of Understanding had been signed. The project is expected to be carried through Malwatte Hotels and Resorts (Private) Ltd, a subdivision of the company.
This recent move comes in the light of Sri Lanka and Maldives taking steps to promote tourism in both countries jointly.
Since the end of Sri Lanka’s civil war the country experienced a boom in tourism which led to several Sri Lankan and Maldivian tour operators and hoteliers to make arrangements to work jointly in by introducing tour packages which promote both destinations.
Recently Maldives Tourism Minister, Dr. Maryam Zulfa and Sri Lanka’s Economic Development Minister, Basil Rajapaksa had discussed the matter of promoting tourism jointly in both countries.
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