Damro Group to invest US$ 70mn in second luxury hotel in Colombo 3

The Cabinet of Ministers this week approved a proposal to provide incentives under the Strategic Development Project Act for the proposed US$ 70.4 million luxury urban hotel by Sri Lanka’s Damro Group. 

The 652-room hotel, which will be constructed jointly by Damro Group companies— D.R. Home Appliances (Pvt) Ltd., Piyestra Furniture (Pvt) Ltd and D.R. Industries (Pvt) Ltd.will be located in Colombo 3.

The Board of Investment has given its approval to award relevant concessions to the project under the Strategic Development Projects Act No.14 of 2008 subsequent to identifying it as a strategic development project.

“The Cabinet of Ministers granted approval to the resolution furnished by the Prime Minister as the Minister of Economic Policy and Planning for inaugurating the precise process for considering the proposed project as a strategic development project under the Strategic Development Project Act, and to publish the gazette notification under section 3 (2) of the Strategic Development Projects Act No. 14 of 2008 precisely indicating the clearances/relieves to be awarded for strategic development projects,” the Government Information Department said. 

Damro Group already owns and manages a luxury hotel in Colombo 03—Marino Beach—which opened doors in July 2018 with 300 rooms. Within the hotel premises and facing Galle Road is ‘Marino Mall’ that has a shopping area of over 150,000 sqft.

Damro is considered the largest furniture manufacturer in South Asia with over 175 showrooms in Sri Lanka. Damro reached a milestone in India with the opening of the 100th showroom in Kolkata last year.

Besides manufacturing a diverse range of furniture, the company also produces washing machines, refrigerators and other electronic appliances.

Damro entered the field of plantation management, acquiring Agalawatte Plantations and Pussellawa Plantations in 2017.