Sri Lanka’s Fortress Resorts to build Rs2.1bn 5-star hotel in Weligama

Dec 27, 2016 (LBO) – Sri Lanka’s Fortress Resorts through its fully owned subsidiary La Forteresse private limited has made an initial investment of 364 million rupees to set up a five Star Hotel in Weligama. The hotel project is undertaken by Alila Hotels & Resorts private limited owned by La Forteresse at an estimated cost of 2.1 billion rupees. The company said the investment has been carried out taking into consideration that any expansion of the existing hotel “The Fortress” is limited. La Forteresse on 20^th December 2016 has made the initial investment which includes the cost of land of 345 million rupees to build this 66 roomed new hotel will be located at Thalaramba, Weligama. La Forteresse now holds 99.99 percent of the issued shares of Alila Hotels which will be subsequently diluted to 51 percent, the company said. Dhammika Perara, Vallibel Leisure private limited and Vallibel One hold 9.3 percent, 22 percent and 18 percent respectively of the issued shares of the Fortress Resorts. LB Finance is a subsidiary of Vallibel One.