Citrus Group to invest $23.7 m for 150 room four star in Waskaduwa

Citrus Leisure Group is to invest up to $23.7 million (nearly Rs.3 billion) to build a 150-room four star hotel in Waskaduwa.

The venture will be via Citrus’ subsidiary Waskaduwa Beach Resort Ltd., which has signed an agreement with the Board of Investment to this effect.

The Waskaduwa resort will comprise a presidential suite, nine deluxe rooms, 140 superior rooms, extensive banquet facilities and a spa inclusive of water sports activities.

Based on the announcement, Citrus Leisure Plc’s stock price improved by 50 cents to close at Rs.29.40 whilst it hit an intra-day high of Rs. 30 with 1.5 million shares traded.