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

BOI Chairman Susantha Ratnayake (right) formally presents the Certificate of Registration to Indra Hotels and Resorts Kandy Chairman Indra Silva

• Venture to build 160-room 3-star lean luxury hotel in Kandy by mid-2022

The Board of Investment (BOI) of Sri Lanka recently signed an agreement with Indra Hotels and Resorts Kandy Ltd. to build a 160-room, three-star, lean luxury hotel in hill capital with an investment of $ 29.3 million.

The entity is a joint venture between John Keells Hotels PLC and Indra Traders Ltd., 

The project will facilitate the building of this second 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.

Cinnamon Hotels & 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.