Tangerine Group building 45-room hotel in Colombo 6

Tangerine Group of Hotels along with its sister companies signed a BOI agreement on 16 March, to launch a new hotel project under the name “Fairview Hotels (Pvt) Ltd.”.

Accordingly, this pioneering group in the hotel industry will commence developing its latest hotel project with 45 rooms in the heart of Colombo at Ramakrishna Road starting May 2011.

Executive Deputy Chairman Gerard Ondaatjie said that the upcoming hotel will be equipped to cater to the now growing in demand bed & breakfast market. The group’s latest endeavour will be well served by their overwhelming experience already possessed through catering to a large and discerning clientele via the group’s own chain comprising of renowned Nuwara Eliya Hotels Co. PLC, Royal Palms Beach Hotels PLC, Tangerine Beach Hotels PLC and Nilaveli Beach Hotels (Pvt) Ltd.

The Group’s own finance company – Mercantile Investment Ltd., has been in successful business for over four decades, and has gone from strength to strength in recent times. Its 1H10 results published in September 2010 reported an astounding 382% increase over same period previous year, bringing in a Net Profit After Tax of Rs. 506 million. In fact, the company was able to surpass its reported profit of 2009/2010 period by the half-way mark in the current financial year.

With increased tourist arrival to the country from 2010 onwards, the tourism sector has seen tremendous improvement. With the prevailing peaceful environment, the industry is now well set for increased business potential in this decade. Simultaneously, it is hoped that the ongoing resurgence in the nation’s economy would help boost domestic revenues too to a new height.