Feb. 17, 2010
Papa Bello Enterprises has announced its partnership with Thilanka Hotels and Resorts to develop and manage Papa Bello Enterprises concepts in Sri Lanka. Under the initial terms of the agreement, released via company statement, Thilanka has agreed to assist Papa Bello in opening a minimum of three corporately owned multi-concept units featuring Papa Bello Pizza, Royal India Express and the Kebab CafÃ© by the end of 2010. Sri Lanka is a country of approximately 20,000,000 people and has a GDP of approximately $92 billion.
Gamini Goonewardena, managing director for Thilanka Hotels and Resort, expressed his excitement to be aligned with the pizza brand. "At this time, we are experiencing unparalleled growth in the country and we believe that there are numerous opportunities to rapidly develop the Papa Bello Brands in our country," he said. "Initially, we will target store openings in the cities of Colombo and Kandy, due to their population density and accessibility."
James Price, CEO of Papa Bello Enterprises, said Sri Lanka was the perfect location to begin international expansion. "The stock market in Sri Lanka was up nearly 100 percent in 2009, which was one of the best performing markets in the world," Price said. "Accordingly, I feel that the time is perfect to introduce Papa Bello and its brands to the people of Sri Lanka who are craving high quality, Western-style eateries."
"Our shareholders can be quite pleased with this new international expansion and partnership with Thilanka. Thilanka is deep rooted and very well connected in the country politically and socially and will bring a tremendous history of top level service and hospitality to each location opened."