Sea Pearl to expand hotel business into Dhaka

Being inspired by a successful venture in Cox’s Bazar, Sea Pearl Beach Resort and Spa Limited is now heading towards the capital as the company has decided to expand its hotel business into Dhaka.

The company board already cleared way for opening a hotel at the Baridhara diplomatic zone in Dhaka on a rental agreement basis, it said in a filing with the Dhaka Stock Exchange on Tuesday.

Sea Pearl, the owner of Royal Tulip Cox’s Bazar, will now operate La Villa Western in Baridhara upon completion of necessary renovation process, the listed hotelier said, adding that the 8-storey facility has a 15,000 square feet space.

The structure accommodates 26 rooms and two restaurants measuring 1,000 square feet and 1,700 square feet respectively.

An estimated amount of Tk 1.5 crore will be spent in the renovation process.

Sea Pearl expects that the new venture will add Tk 4 crore more to its existing annual revenue.

The entire cost will be met from the company’s own resources and no loan will be taken to this end, said an executive. 

The Sea Pearl executive also mentioned that his company will soon sign an agreement with the Dhaka renter. Then a team of engineers will visit the spot and take necessary step for renovation.

Earlier in September, the company announced to operate a new passenger cruise ship on Khulna-Sundarban-Khulna route and purchased two cruise-ships at a cost of Tk 8.50 crore.

The Sea Pearl executive said the cruise ships have recently completed trial run and are all set for their first voyage.

Sea Pearl share price declined 0.95 per cent to Tk 41.60 at the Dhaka bourse on Tuesday. Its share price moved between Tk 38.50 and Tk 79.10 throughout the previous one year.

The company has a paid-up capital of Tk 120.75 crore while its market capitalisation is Tk 519 crore. It has Tk 70 lakh in reserve.

The ‘B’ category company got listed with stock market in 2019 and distributed 1 per cent cash dividend for FY20.