India’s iconic Taj hotels brand to invest $40 million in Sri Lanka [Infographic]
Puneet Chhatwat, Taj brand owner and Tata Group’s Indian Hotels Company Managing Director and CEO (Picture: Hottelling)
Taj brand owner and Tata Group’s Indian Hotels Company Managing Director and CEO Puneet Chhatwal is bullish on the Sri Lankan hospitality market.
Indian hotel company Taj is setting its sights on Sri Lanka with a $40m investment into the country’s hospitality industry pipeline.
The investment will include upgrades to existing hotels as well as the development of several new properties.
We find out more.
Tata CEO attends Cinnamon Future of Tourism summit in Colombo
Puneet Chhatwal, CEO and Managing Director of Tata Group, recently attended the Cinnamon Future of Tourism conference in the Sri Lankan capital of Colombo recently. There he spoke of the significant investment that iconic Indian hotel brand Taj is planning on making in the region.
Sri Lanka recently suffered a devastating terrorist attack, but its hospitality market and the country in general are making a remarkable recovery and show strong signs of continued growth in this sector.
Chhatwal told the Daily FT that his group was on hand to pledge support and on-going investment into the country, saying, “Sri Lanka has recovered commendably, and we have seen demand returning. Taj is supportive of Sri Lanka which is perhaps the most strategically important neighbour. The stronger we are as a subcontinent, the better it is for both Sri Lanka and India.”
Investment and optimism in Sri Lanka
Chhatwal was very clear on his position on Taj’s investment into Sri Lanka, saying, “We are confident and bullish on Sri Lanka and we want to do more. This is the right time and most opportune.”
The $40m investment will cover a $20m renovation of the Taj Samudra in Colombo, the revamp of an airport hotel (to be rebranded under Vivanta), the renovation of the first 50 rooms and the introduction of the fine dining Bombay Brasserie restaurant in Bentota.
New properties will be opened in Galle, Kandy and Jaffna, and Taj also plans on introducing its new homestay arm, Ama Trails & Stays soon.
Chhatwal praised the Cinnamon Future of Tourism event and said that conferences such as this would help to shine a spotlight on Sri Lanka as a tourist destination.
“Tourism is the biggest multiplier of jobs globally. Tourism accounts for 10% of global GDP and all jobs. Every single job created within tourism helps generate 8 to 10 additional jobs in ancillary sectors,” he added.
According to the TOPHOTELCONSTRUCTION online database, 31 new hotels will open their doors in Sri Lanka in the next couple of years:
Let’s take a look at some current hotel projects by the Taj brand: