Business

BOI signs $ 29.32 m agreement with John Keells Hotels and Indra Traders

BOI Chairman Susantha Ratnayake formally presented the Certificate of Registration to Indra Hotels and Resorts Kandy (Pvt) Ltd. Chairman Indra Silva

Indra Hotels and Resorts Kandy (Pvt.) Ltd., a joint venture between John Keells Hotels PLC and Indra Traders (Pvt.) Ltd., plans to build a 160-room, three-star, lean luxury hotel in Kandy.

The agreement was signed on behalf of the Board of Investment (BOI), by BOI Chairman Susantha Ratnayake and Indra Hotels and Resorts Kandy (Pvt) Ltd. Chairman Indra Silva

The $ 29.32 million project will facilitate the building of this lean luxury property which is expected to be completed in mid-2022. A part of the Cinnamon brand, the property will be managed by Cinnamon Hotel Management Ltd.

“It will feature signature services, facilities, and offerings, including an expansive rooftop bar and swimming pool, as well as a restaurant that will serve local and international cuisine on both buffet and à la carte basis,” BOI said.

Cinnamon Hotels and Resorts initiated the lean luxury concept and segment to Sri Lanka in 2014 with Cinnamon Red Colombo. With the addition of this new property in the hill capital, Cinnamon Red Kandy will become the first and only Leed Gold-certified hotel in Kandy.

“The investment augurs confidence in the destination, looking beyond the current crisis, given the significance that the sector plays in the country’s economy. It is also aligned to the Government’s overall vision of generating a revenue of $ 10 billion by 2025,” BOI added.