Santani Resort Kandy, the first hotel to be featured in Time Magazine, will invest US$ 40 to 50 million to build two hotels and a villa project in Sri Lanka and overseas.
Founder and CEO of Santani Vikum Nawagamuwage said they have acquired a 70 acre land adjoining their hotel in Kandy to build villas and offer it to investors. “We will manage it and offer a rental to owners,” he said.
The consortium of investors will also look at building two additional hotels in Sri Lanka in rural areas and also one overseas. “We will invest around US$ 40 to 50 million for this and may look at raising capital through the Stock market.”
He also said that they invested US$5 million for Santani three years ago and recovered the investment in 18 months maintaining a70% occupancy and marketing the property around US$ 400 per day.
Time Magazine, one of the oldest and most reputed publications in the world, has featured this Sri Lankan luxury resort in its “World’s Greatest Places’ list published last week.
“We have received unprecedented international recognition since opening the hotel a year and a half ago, but to be featured on “World’s Greatest” list by TIME is really a great honour.”
Minister, John Amratunge said, Santani has achieved more international recognition than any new hotel and the fact that a Sri Lankan property made it to the list, while regional competitors such as Thailand and Indonesia have no properties listed, is an achievement for the country, and this will bring additional global attention to Sri Lanka.
Santani which is located in Kandy is one of the only eight Asian properties featured on this prestigious list. This is also the first time a Sri Lankan entity has been featured in any TIME magazine list.
“This is the first time a Sri Lanka entity has made it to any of TIME Magazine’s acclaimed lists,” said Chairman, Sri Lanka Tourism Promotion Bureau, Dehan Senviratne.
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