Dec 24, Colombo: Citrus Leisure, a publicly listed company in Sri Lanka's hospitality industry said it will commence operations on the construction of a 150-room five-star hotel in the Southern coastal town of Waskaduwa in early 2015.
In a stock market disclosure, the company said due to changing market conditions and evolving demands of the travel and tourism industry, the initial plan to build a four-star hotel has been changed and the project has been redefined with added luxury, upgraded facilities and new amenities to provide high-end hospitality offering to meet five-star standards.
The Citrus Leisure said the landscape of the area has also changed creating an opportunity for a premium property in Waskaduwa and the recent upgrading of its hotel in Hikkaduwa gave rise to the need for Citrus to market to the high-end segment of tourists.
Accordingly, the cost of the project has been increased from the initially estimated Rs. 1.8 billion by another Rs. 902 million.
The additional cost will be used to enhance all the 150 rooms with extra space and luxury amenities, add a junior suite in addition to the presidential suite, to add four extra restaurants offering specialty cuisines, and to increase the capacity of the main banquet hall to meet international standards. It will also add a secondary banquet hall with a capacity of 200.
The leisure company anticipates to host international events and to promote the hotel as an ideal location to host large scale MICE events given its proximity to Colombo.
Other features include a fully-equipped gym, indoor games room and an ocean-facing amphitheater.
Citrus Waskaduwa has also invested in initiatives to control anticipated escalating operational costs. These include a large water treatment plant in order to store and recycle water and LED lighting for the entire hotel.
The Board expects to raise the additional money needed through inter-company borrowings, from financial institutions or by injecting fresh capital. The Board will take a final decision at a later date, the company said.