Major investments by LAUGFS in hospitality industry
View(s):The LAUGFS Group is heavily into leisure industry investments with one of the big ones being the Pasikudah project currently underway through a major investment of Rs. 2.5 billion.
The property will be designed with state-of-the-art amenities and has a commercial opening scheduled to take place in June 2014, the group announced last week.
The Pasikudah property will offer 5-class services and amenities, including 10 luxury villas, whilst still maintaining 4-star affordability, in keeping with the LAUGFS corporate philosophy of under-promising and over-delivering in terms of quality, it said.
LAUGFS said it is carrying out multiple, simultaneous developments in strategic tourist hot-spots across the country including Chilaw, Kalutara and potentially Negombo.
LAUGFS Leisure’s Chilaw property will see the construction of an 87-room hotel on 16 acres of uniquely located real-estate allowing all rooms on the property access to scenic dual-views of the Chilaw Lagoon and the Indian Ocean.
The company has invested Rs. 1.2 billion in the Chilaw development which is scheduled to reach completion in June 2013.
A feasibility study is also being carried out for a massive 250-room property in Kalutara. “Once completed, the Kalutara property will be the group’s largest development in the tourist sector as well as a number one tourist destination of the island with incomparable magnitude and quality,” it said.
All properties will maintain a minimum 4-Star rating in order to capitalize on the significantly increased volumes of tourist traffic into the country, particularly in the 3-4 Star segments, during Sri Lanka’s post-war tourism boom.
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