Affordable Hotels in Fort Lauderdale|"Colombo Hotels To Add 700 Rooms"

Source             :    dailynews.lk/
Category        :    Affordable Hotels In Fort Lauderdale
By                  :    dailynews
Posted By     :   Hotels In Fort Lauderdale

Affordable Hotels In Fort lauderdale

Sri Lanka's tourism sector needs over US$ 3.5 billion in investment to build the required 40,000 rooms to cater to the anticipated 2.5 million tourists in 2016.The main contribution will be made by Shangri-La Colombo, Hyatt Regency, Movenpick, Sheraton, Marino Sands Hotel, ITC Hotel and Suncity Business Hotel and others in this regard. Currently,Colombo is only equipped with 2,000 five star rooms which are in short supply.With the completion of the Movenpick and Hyatt the country will see another 700 rooms being added during the next 3 to 4 years. "We believe there would be demand for city five star rooms with the expected growth in business, crew and MICE travellers. Further the infrastructure development in the country and being strategically located to expanding economies and large source markets for tourism such as India, China, and Singapore, the country offers good potential for growth", according to a TKS Securities research report.

The report has identified nine large scale mixed development projects, five standalone apartment projects and six three to five star hotel projects which have been announced in and around the city of Colombo. "The developments we have identified together will add 3,000 apartment units and more than 3,000 three to five star hotel rooms in the coming 4 to 5 years. However we do not expect a glut in hotels, apartments and retail space as the development will be automatically phased out, TKS Securities said. In the mixed development arena, Havelock City has already completed and sold two apartments towers (226 units) and another two apartment towers (218 units) are under construction. Meanwhile Hyatt Regency and Platinum One have partly completed structures for majority of the level of storeys. However apart from these developments all other projects are yet to break ground. Therefore we believe that the Colombo metropolis will function with a marginal capacity increase during the next 2 to 3 years where we would not see a real growth until the next 4 to 5 years,the report said.

The Australian based Crown group will invest US$ 350 million on a mixed development project along with a Sri Lankan investor. Government permission was granted for the project under the Strategic Development Act purely for a tourism project. Hyatt Regency project with 475 hotel rooms and 90 serviced apartments is expected to open in 2014-15 with an investment of US$ 159 million.

The US$ 170 million EoN Resorts project located at D.R.Wijewardene Mw Colombo 10 will comprise 300 rooms, 100 luxury apartment units, 150,000 sqft retail space, 2,000 sqft food court and Convention centre with 2,000 seating capacity. Movenpick Colombo, a 24 story five star complex, developed by Softlogic Holdings will comprise 224 rooms,conference and meeting facilities, four restaurants serving diverse, cuisines, and a full range of recreational facilities, such as a fully equipped gymnasium, a swimming pool, and a health spa and other facilities. Total cost of the project is estimated to be US$ 46.6 million. Shangri-La Colombo hotel project with 500 hotel rooms is expected to open 2016-17. Shangri-La Colombo will comprise Sushi bar, steakhouse, seafood market and Irish pub, specialty restaurants such as Indian, Islamic, Szechuan and Macanese,Sky lounge, meeting facilities ,Swimming pool and tennis courts Total Investment for the Shangri-La Colombo hotel project is $ 400 million.

The $ 80 million Sheraton Colombo project is expected to open in the near future and the hotel will comprise 306 rooms. The project will spread across in 100 perches Galle Road, Colombo 3. Colombo Marino Sands Hotel project, developed by Damro Group with an investment of US$ 40 million will comprise 270 room 12 storey luxury hotel and a department store. In addition, the hotel will comprise three basement car parks ,200 ft roof top infinity pool,four restaurants and other facilities. The US$ 23 million, Suncity Business Hotel in Green Path, Colombo 3 is expected to open in 2016. The project is developed by Suncity Hotels (Pvt) Ltd and will comprise 240 rooms, roof top swimming pool, open air club lounge ,dining restaurant, gym,five lifts and car parking.

Source : dailynews.lk/?q=business/colombo-hotels-add-700-rooms