Sri Lanka hotel to be re-built by Banyan Tree

May 30, 2013 (LBO) - Sri Lanka's Beruwala Walk Inn, a unit of Singapore-based Banyan Tree leisure group will re-build a hotel which was washed away in a tsunami in 2004, a top official has said.







Banyan Tree gained control of Beruwala Walk in from John Keells Holdings in October 2003 and closed it for refurbishment in April 2004.

The hotel is in the South Western tourism belt of the island.

The Indian Ocean tsunami hit the coast in December 2004.

After the end of a 30-year war with Tamil Tiger separatists in 2009, Sri Lanka has seen a surge of tourist arrivals.

"We have decided to move forward with the re-development of the Hotel Swanee and are in the progress of evaluating economically feasible options in regard to workable business models and funding arrangements," chairman Ariel Vera told shareholders in an annual review.

"The company is in the process of finalizing the design plans for redevelopment of the hotel property...

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Vera said shareholders will be informed of details as the project progresses.

Vera said he was "cautiously optimistic" despite challenging global conditions and Sri Lanka continuing to struggle with high budget deficits and high int