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Riverina Resorts (Pvt) Ltd a wholly-owned subsidiary of Palm Garden Hotels PLC entered into a Memorandum of Understanding with Club Med group of France last week, to brand, market and manage the Riverina Resort in Beruwela.
In a statement to the Colombo Stock Exchange last week, Riverina Resorts further announced that the companies had mutually agreed on redesigning the partially built resort to comply with Club Med standards and specification and once completed, will be globally and locally managed by Club Med.
The initial term of the agreement is 10 years. Club Med is a reputed Club Resort operator attracting clientele, and its advent is expected to augur well for Sri Lankan tourism as well as for the local and
national economies.