Japan’s Odakyu Electric Railway to open resort hotel in Sri Lanka
NEW DELHI, NNA – Odakyu Electric Railway Co. will jointly develop a 2.5 billion yen ($22.6 million) resort hotel in Sri Lanka with three other companies as rapidly growing tourism on the island nation is causing accommodation shortages.
The Japanese rail operator said Wednesday it is seeking government approval for a resort hotel development in Mirissa, a town on the south coast. Details of the hotel are yet to be decided.
Odakyu is teaming up with its group hotel operator UDS Ltd., Japanese property investment consulting firm Stasia Capital Holdings Ltd. and Sri Lanka’s TAD Lanka group.
Sri Lanka was named the best country to visit in 2019 by the travel guidebook publisher Lonely Planet for its culture, wildlife and friendly people, about 10 years after decades of civil war ended.
The number of foreign visitors to Sri Lanka more than doubled from 1 million in 2012 to 2.1 million in 2017, with visitors from Japan also growing sharply from 26,000 to 45,000 in the same period, Sri Lankan government data showed.
Inbound visitors were estimated to have totaled 2.3 million last year and are expected to continue increasing, keeping the hotel supply and demand balance tight.
Last July, Odakyu announced its first overseas project, in Australia, developing houses on the outskirts of Sydney with Daiwa House Industry Co.
Stasia, Odakyu’s partner in Sir Lanka, has done consulting work for serviced apartment development projects in Thailand and Myanmar.