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Completion of Vallibel One’s 5-star property delayed by another year

18 August 2017 10:17 am - 0     - {{hitsCtrl.values.hits}}


The completion of Business tycoon Dhammika Perera’s Vallibel One PLC’s 5-star hotel in Negombo will be delayed by another year due to the delays encountered in the construction of the hotel’s super structure.

Accordingly, the company said it is expected to commence the commercial operations of the hotel, which is named as The Grand Beach Hotel by April 2020.

In a previous stock market filing in November 2015, the company said it was expecting to begin commercial operations of the hotel by April 2019.

The hotel project falls under Vallibel One’s fully owned leisure subsidiary Greener Water Ltd.
Situated between the Maha Oya and Indian Ocean, the hotel, which boasts about a first of its kind indoor water park, stands on 18 acres of freehold land.

Vallibel One went for its Rs.532.8 million initial public offering in 2010 to partly raise funds for the project. 



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