Two city hotels up for sale?

Two major properties ( in Colombo) of a large conglomerate are in the market for sale, according to leisure industry sources.

This is a bid to fund their largest projects todate. The project costs for this large construction which is their ‘ magnum opus’ have run out with the group facing funding issues, the sources said.

They added that one of the properties was for sale for a couple of years but it didn’t fetch the correct price. The second, more popular property, is also now in the market.

Analysts say that the entry of new international hotel chains has impacted local operators. They also added that the refurbishment of these two hotels and in their properties abroad has dragged the conglomerate's leisure sector profits.

(DEC)