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- 24. Juli 2005
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[h=1]Hotel construction explodes[/h]
Sri Lanka is seeing an unprecedented rise in the number of new hotels being built with 52 being opened this year alone — an average of one per week.
Some hoteliers are now concerned that, if the number of tourists does not keep up with the industry’s accelerated expansion, the market will be so fragmented many will go out of business.
A small group of entrepreneurs with close ties to the Government recently made formal representation to the authorities, informed sources said. They had warned that an oversupply of rooms could result in price wars and, for some, even bankruptcy. The sources did not want the members of the group identified.
more and source
Sri Lanka is seeing an unprecedented rise in the number of new hotels being built with 52 being opened this year alone — an average of one per week.
Some hoteliers are now concerned that, if the number of tourists does not keep up with the industry’s accelerated expansion, the market will be so fragmented many will go out of business.
A small group of entrepreneurs with close ties to the Government recently made formal representation to the authorities, informed sources said. They had warned that an oversupply of rooms could result in price wars and, for some, even bankruptcy. The sources did not want the members of the group identified.
more and source