Chipping Coral

Proceeds form the sale will go to write off the owning company
quote s, Ceylon Holiday Resorts Limited, debt amounting to around Rs.

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250 million.rn

rnJohn Keells officials said a lag in tourism and significant investments in their flagship hotel in the southern coast endash Benthota Beach Hotel in the recent past contributed to the build-up of the debt. rn

rnOfficials added that with their flagship endash Benthota Beach refurbished to international standards, a second hotel in the vicinity would be a redundant investment. rn

rnHowever, the new owners will acquire the 154-room hotel along with its tangible assets and a staff carder of 153, including 22 executives. rn

rnThe hotel is owned by Ceylon Holiday Resorts Limited and was constructed around 1985 on Tourist Board Land taken on a 50 year lease.