The company is scouting for a suitable land to build a hotel, the group's operations director Ravi Liyanage told Vimasuma.com, our sister news website.
The group might get into the hotel business either on its own or through a joint venture, he said.
Richard Pieris group last week announced the setting up of an insurance subsidiary, Arpico Insurance, to capitalize on the island's relatively untapped life sector which is less competitive than general insurance.