Hemas-Thai based Minor group in US $ 70mn hotel project

10 Jun 2013 - {{hitsCtrl.values.hits}}

Sri Lanka's Hemas Holdings PLC, a family run conglomerate with a strong presence in FMCG and healthcare sectors has embarked on to develop 3 new hotel properties in partnership with Thai based Minor Group, a top official of the firm said.

Hemas Holdigns Chief Executive Husein Esufally told shareholders that the 3 properties located in Southern Sri Lanka—Tangalle, Kalutara and Ambalangoda— will be developed at a cost of US $ 70 million and branded under Avani and Anantara brands of Minor Group.

Hemas’ portfolio of hotel properties includes Club Hotel Dolphin,Hotel Sigiriya, Avani Bentota Resort and Spa and Avani Kalutara Resort and has a room strength of 410. Hemas is the only Sri Lankan hotel chain that manages an international brand.

Hemas’ leisure sector generated revenue of Rs.1.84 billion in the FY12/13 and a net profit of Rs.233 million, up from Rs.59 million in FY11/12.

Stock

Hemas-Thai based Minor group in US $ 70mn hotel project

Most Popular Articles

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

CSE opens the week lower as broad-based selling offsets strong institutional activity

Crossings dominate market activity as ASPI extends decline

Latest News

Pakistan seeks $10 billion fund from US after mediating Iran talks, source says

Rs. 50mn worth illegal smartphones seized at Liberty Plaza

India opposition leader Gandhi freed after detention at student-led protest

Ministry of Transport, Highways gets new Secretary

Largest marine plastic stock recycled