27 December 2018 12:00 am
The Jetwing Lighthouse hotel in Galle will undergo a Rs.450 million refurbishment to its rooms, public areas, service areas and plant and equipment.
A decision in this regard has been taken by the board of directors of The Lighthouse Hotel PLC and a stock market filing said the company intends to leverage on its existing capital structure to fund the upgrade.
According to The Lighthouse Hotel PLC September 30, 2018 interim financial accounts, the company had Rs.332.4 million as retained earnings. The retained earnings at group level were Rs.292.3 million.
The company said 63 rooms, out of the 85 rooms of the hotel, would go under refurbishment from May to July 2019. The remaining 22 rooms will be in operation during this period.
It is estimated that the hotel will be fully operational by August 2019.
With the upgrade, Jetwing Lighthouse intends to continue its position as a unique hospitality property in the southern coast.
Jetwing Hotels Management Services has a 41.24 percent shareholding in The Lighthouse Hotel PLC while the Employees’ Provident Fund has a 11.05 percent stake being the third largest shareholder.