Vella inks US $ 5.1mn BOI pact to elevate 98 Acres Resort into global luxury benchmark

From left: Vella co-founder and Director Ranga Abeyrathne, co-founder and Director Eranda Abeyrathne, BOI Acting Chairman Dr. Sulakshana Jayawardena and Director General Renuka Weerakone

Uva Greenlands Estate (Pvt.) Ltd officially signed a landmark agreement with the Board of Investment of Sri Lanka (BOI) on May 29, 2026, setting the stage for a major evolution of 98 Acres Resort & Spa in the breathtaking highlands of Ella. 

The visionary US $ 5.1 million investment is strategically designed to position both Ella and the resort on the world map as a benchmark for global luxury.

The transformative project aims to redefine the boundaries of ultra-luxury hospitality in Sri Lanka, helping to cement the island’s reputation as a premier destination for discerning global travellers. 

Scheduled to unfold across two phases over the next 36 months, the expansion will create approximately 150 direct employment opportunities. This development is expected to generate a meaningful economic impact for the Uva region and reinforce Sri Lanka’s standing as a high-value tourism economy.

The initiative marks the second BOI project under the Vella group’s travel and tourism sector, further solidifying its growing presence in Sri Lanka’s luxury hospitality landscape. 

The group’s first BOI venture, the acclaimed Ravana Pool Club in Ella, is an award-winning landmark that has already set a compelling standard for experiential hospitality on the world stage. 

With the upcoming expansion of 98 Acres Resort & Spa, the group is poised to build on that success and once again raise the bar for world-class tourism in the country. 

“We believe it is our shared responsibility to elevate Sri Lanka’s tourism industry to the next level,” stated Vella Director and co-founder Eranda Abeyratne, capturing the core vision behind the investment. 

“This investment reflects our commitment to introducing a new era of refined luxury and world-class hospitality, creating greater value for the industry and country, while redefining what destination hospitality truly means in Sri Lanka.”

The extensive expansion stands as a testament to the Vella group’s unwavering long-term vision of delivering immersive, experience-led hospitality that remains globally competitive while deeply rooted in Sri Lanka’s extraordinary natural beauty and cultural identity. 

Through this agreement, the Vella group and BOI signal a shared ambition to position the country not merely as a tourist destination but as a standard-bearer for sustainable luxury hospitality across Asia.

The Vella group operates as a diversified Sri Lankan conglomerate with extensive interests across hospitality, adventure tourism, tea, retail, leisure and lifestyle-led experiences. Its expansive portfolio includes some of Sri Lanka’s most distinctive destinations and brands, featuring 98 Acres Resort & Spa, Walaa Kulu, Villa le Maas Tota, Flying Ravana Adventure Park, Ravana Pool Club, Kiri Kopi Cafés, Uva Halpewatte Tea Factory, Halpe Tea Exports and Ceylon Tea Supermarkets. 

Rooted in experience, innovation and people-led growth, the group continues to create unique experiences bridging Sri Lanka to the rest of the world.