US $5.2mn five-star hotel to be built in Kandy under BOI agreement

The Board of Investment of Sri Lanka signed an agreement with Star Class Hotel (Pvt) Ltd., to set up 67 room 5-star hotel which will be located at Mavilamada Road, Kandy.

The Agreement was signed by Mr. Mangala Yapa, Chairman of the Board of Investment of Sri Lanka and Mohamed Nazar Mahamed Rizan, Managing Director of the Company.

This new project in Kandy will create 61 new employment opportunities and represents an investment of US$5.2 million.

Mohamed Nazar Mohamed Rizan provided further information on his project and its importance to the tourism industry. “This is a project for a 5-Star hotel in Kandy, which is my hometown and a very beautiful city. As tourism to Kandy has developed considerably, we will need more hotel rooms”.

Rizan added “Our project is for a 67 room, 5-star hotel which will take 1½ years to complete. However, we are looking at expanding the project by building at a latter stage an additional 27 rooms. The hotel will have 2 banquet halls, so it is ideal for weddings.”