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A feasibility study on the proposed resort found that Kalpitiya was not ideal location for the project after raising funds from a public offer, the company said.
"The assessment was that Kalpitiya will not be an attractive location to build a star class resort in the foreseeable future due to several factors including the unavailability of required infrastructure facilities," the company said in a stock exchange filing.
Hikkaduwa Beach Resorts Plc will now dispose its lands and use the funds to develop other projects.
In 2017, the company, a unit of Sri Lanka's Citrus Leisure, absorbed three other listed hotel companies of the group as part of a restructure: Waskaduwa Beach Resort Plc, Kalpitiya Beach Resort Plc and Passikudah Beach Resort Plc.
Hikkaduwa Beach was trading 20 cents lower at 7.10 rupees Friday. (COLOMBO, 11 April, 2018)
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