Fairway Holdings to invest Rs 3.4 bn on hotel projects

Fairway Holdings

Sep 19, 2016 – Fairway Holdings will invest over Rs. 3.4 billion in 2016 and 2017 for a City Hotel project, (ZMAX Fairway Colombo) and mixed development project in Galle.

For the first time Plateno Group of China with over 20 hotel brands in its global portfolio and the seventh largest hotel management company in the world will manage ZMAX Fairway Colombo.

“This is the first time we are in this region and we are happy to extend our foot print to this region by managing this landmark hotel in the center of Colombo which is another capital for us. We are looking at more hotels in more fast growing capital cities in Asia,” Plateno International Managing Director Bill Lin said.

Group Director and Chief Financial Officer Prasanna Leanage told Daily News Business they have invested Rs.1.3 billion to build the ZMAX Fairway Colombo behind the Dutch Hospital which was opened last Friday. He said that they converted a car park and shop space used by seven people to build this hotel on a 55 perch land.

“This is an eight storeyed 181 room hotel with all the modern facilities including a gym, a 24 hour coffee shop and a food court and a rooftop bar. With these we offer ‘smart luxury’ to guests.”

The hotel’s IPTV platform for instance, in addition to offering satellite TV preferences based on guest nationality (comprising 22 local and international channels) and video-on-demand, also offers live video streaming of events and even billing details from the room.

He said that they will seek a classification for the hotel since they them falling into the minimum room rate category. “We prefer market forces deciding our rate rather than a formula.”

Leanage said that they will build another hotel cum mixed development project near the entrance to the Southern Highway on a land obtained on a 99 year lease.

“This will be the first mega mixed development project outside Colombo and we will pump Rs. 2.5 billion for that. We hope to start construction next year.”

Fairway Holdings Chairman Hemaka de Alwis they are also very happy to have the world renowned Plateno Group as their partners and their marketing skills will help the hotel to run with over 80% occupancy.

Source:- http://www.dailynews.lk/?q=2016/09/19/business/93445


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