Laugfs to set up overseas resort in Maldives
Laugfs Holdings will expand its footprint in the leisure sector by
setting up its first overseas hotel in the Maldives. The company is in
search for a prime location in the islands to set up a luxury resort.
Laugfs will commission its first star class eco-resort in Chilaw in
December. Work on the 90-room luxury resort is in progress and it is
expected to provide a large number of jobs in the area.
Laugfs Chairman, W.K.H Wegapitiya said that Rs. 1b has been invested
in the hotel and added that the company will invest aggressively in the
leisure sector which is growing at a pace with opportunities for
The beach-front resort in Bangadeniya will comprise state-of the art
facilities and provide a unique setting for the discerning traveller.
Laugfs will set up its second luxury resort on a 15-acre prime land in
Waskaduwa, Kalutara with an investment of Rs. 500m.
Laugfs Leisure Limited, a fully-owned subsidiary of Laugfs GAS PLC
acquired Mag Consultants and Agents Private Limited.
(MCAPL) and its assets, comprising 15 acres of sea front land in
Waskaduwa. The sea front eco resort will comprise 200-rooms and 50 beach
Laugfs plans to set up more star class hotels in the pristine beaches
in the South and other attractive tourists locations in the North and
The company hopes to set up resorts in Sigiriya, Nuwara Eliya and
Yala under a medium to long term plan for the leisure sector. All
properties will be eco-friendly using solar and wind power. Rain water
harvesting will be another unique feature in the resorts.
Wegapitiya said that the companies strategic move to enter the
re-emerging tourism industry will come into fruition with the launch of
the first luxury hotel in Chilaw. Laugfs will develop its brand
‘Ananthaya’ which means infinity to be on par with international brands.
The tourism industry is on a growth trajectory with a month-on-month
increase in arrivals.
Tourist arrivals recorded a 18.3 percent growth for the first four
months this year which is expected to woo around one million
visitors.“We see enormous potential for tourism growth in Sri Lanka.
Current industry figures indicate sustained growth for the third
consecutive year, with a nine percent increase in arrivals in April”
The scarcity of hotel rooms and skilled staff have been major hurdles
for the industry which is geared to earn around $ one billion this year.
“Our hotel development project will add more rooms for the
industry”,Wegapitiya said. With the acquisition of this new land, we
intend to set up our second star class hotel at Waskaduwa shortly.