Jetwing and Mercantile Merchant Bank in Rs. 700 mn. Jaffna hotel
The Jetwing group and the Mercantile Merchant Bank Limited have teamed up to build a 76-room star class hotel in the heart of Jaffna town with an investment of Rs.700 million.
The new property, Jetwing Yarl Hotel, will rise 14 floors and is due to be completed within 18 months on a 46-perch land area at Old Clock Tower Road in Jaffna.
The new hotel will feature both roof top swimming pool and a presidential suite.
Prime Minister D.M. Jayaratne, Economic Development Minister Basil Rajapakse and Traditional Industries Minister Douglas Devananda participated in Friday’s foundation stone laying ceremony for the new hotel. Major General G.A. Chandrasiri, Governor of the Northern Province, was also present.
The investors were represented by Mr. Milinda Moragoda of the Mercantile Merchant Bank, Ms. Shiromal Cooray, Managing Director of Jetwing Travels and Ruwan Samarasinghe, MD of Jetwing Hotels.
Business analysts noted that since the war ended nearly three years ago, many in the private sector have only paid lip service to the importance of re-engagement with and re-integration of the North.
There had been no significant investment in the area although big companies have sought to cash-in on the post war rebound in tourism by rushing to build hotels outside the North.
Source: http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=44628
