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

10 June 2013 04:57 am - 0     - {{hitsCtrl.values.hits}}

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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.

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