Laugfs to Invest for a Resort in Maldives
Maldives Promotion House – Laugfs Holdings of Sri Lanka will expand its footprint in the leisure sector by setting up its first overseas hotel in the Maldives. The company is in search for a prime location to set up a luxury resort.
Laugfs Leisure focuses on eco-friendly hotels and operates 2 hotels in Sri Lanka with 4 more hotels in development or planning. Laugfs Leisure is a fully owned subsidiary of Laugfs Holdings a diversified conglomerate from Sri Lanka with main interests in energy and supermarkets.
Sri Lanka is one of the leading investors for tourism industry in Maldives with 10 resorts owned or managed by Sri Lankan companies.
The group joins other established Sri Lankan brands in the Maldives, including Chaaya Resorts by the John Keells Hotels Group, Adaaran Resorts by Aitken Spence, and Malwatte Hotels & Resorts, which is joining hands with Hilton International to manage a four-star resort currently under construction.
Started 15 years ago in the LPG industry, Laugfs Holdings has since diversified into other businesses such as supermarkets and restaurants. The group began investing in the leisure sector when Sri Lanka’s ethnic conflicts ended in 2009.