Damro Group to invest US $ 57.5mn in luxury hotel in Colombo 3

Sri Lanka’s Damro Group is to set up a new luxury hotel in Colombo 3, with an investment of US $ 57.50 million.
An investment agreement to this end was entered this week with the Board of Investment (BOI).

The hotel, constructed and operated by Damro Group subsidiary Damro Leisure Private Limited, will have 366 rooms.

In February, this year, Damro Group received the Cabinet approval for a US $ 70.4 million luxury urban hotel in Colombo, under the Strategic Development Project Act.

However, it is not clear whether the latest investment agreement with the BOI is connected to the project that received the Cabinet approval in February.  

Damro Group already owns and manages a luxury hotel in Colombo 3—Marino Beach, which opened doors in July 2018, with 300 rooms. Within the hotel premises and facing Galle Road is Marino Mall that has a shopping area of over 150,000 sq. ft.

Damro is considered the largest furniture manufacturer in South Asia, with over 175 showrooms in Sri Lanka. Damro reached a milestone in India with the opening of the 100th showroom in Kolkata last year.

Besides manufacturing a diverse range of furniture, the company also produces washing machines, refrigerators and other electronic appliances.

Damro entered the field of plantation management, acquiring Agalawatte Plantations and Pussellawa Plantations in 2017.