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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hilton, HDL book new deal

Hilton, HDL book new deal

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1Hilton, HDL book new deal Empty Hilton, HDL book new deal Sat Oct 20, 2012 12:26 am

sriranga

sriranga
Co-Admin
Hilton Worldwide (Hilton), together with Hotel Developers (Lanka) PLC (HDL), yesterday announced the signing of a new management agreement for the Hilton Colombo in Sri Lanka. The agreement reiterates that Hilton will continue to operate and manage the Hilton Colombo.

HDL Chairman Thirukumar Nadesan indicated that he was extremely pleased to have the agreement in place after a prolonged discussion and expressed great satisfaction that the new Agreement would immensely benefit HDL in terms of savings in fees paid to Hilton and other tangible benefits such as reduced operating terms with options for renewal by mutual consent.

The new terms are to be effective from 14 June 2012.The savings on the total fees payable to Hilton based on the current year’s (2012) forecast Revenue and Gross Operating profits will be approximately Rs. 122 million. On an annualised basis the savings for a year will be much more than Rs. 250 million. The operating term of the new Agreement ends on 31 December 2019 with extension by mutual agreement, more flexible than the provisions in the previous Agreement, which Hilton claims extends up to 2037.

“This agreement firmly establishes our joint commitment to support and drive the growth of the tourism industry in Sri Lanka. Backed by Hilton Worldwide’s expertise in global hospitality, we are confident that the country will continue to attract a growing number of both domestic and international visitors,” said Nadesan.

“We are extremely pleased to have reached an arrangement mutually beneficial to HDL, as the owners of the most sought after 5-star property in Sri Lanka and Hilton Worldwide, the most prestigious hotel chain, to continue managing the Hilton Colombo,” said Martin Rinck, President, Asia Pacific, Hilton Worldwide.

“Hilton Worldwide has been operating in Sri Lanka since 1987 and enjoys an excellent working relationship with HDL and the local community. We remain totally committed to the market and firmly believe in the country’s outstanding potential as a tourist destination and business hub,” Rinck added.

HDL, a Public Limited Liability Company, was established in March 1983 and with the enactment of the ‘Revival of Underperforming Enterprises or Underutilised Assets Act, No. 43 of 2011,’ the entire shareholding of HDL was vested with the Secretary to the Treasury. HDL firmly believes that the new vistas opened up with the signing of the Agreement with Hilton would pave the way to build up a very cordial relationship between the two parties.

Hilton Worldwide is a leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For 93 years, Hilton Worldwide has offered business and leisure travellers the finest in accommodation, service, amenities and value.

The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,900 hotels and timeshare properties, with 640,000 rooms in 91 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, Double Tree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton, and Hilton Grand Vacations. The company also manages the world-class Guest reward program Hilton HHonors.

The new agreement reached between the two parties refraining Hilton from operating another Hilton hotel under their brand name within 15km radius of Hilton Colombo is indeed advantageous and it excludes Hilton Colombo Residencies.

The Hilton Colombo has not carried out any major refurbishment since commencing operations in 1987 and Hilton Colombo will be undergoing major renovations from early 2013, which will see improvements across the property including rooms, food and beverage outlets, and meeting spaces.
http://www.ft.lk/2012/10/20/hilton-hdl-book-new-deal/

http://sharemarket-srilanka.blogspot.co.uk/

2Hilton, HDL book new deal Empty Re: Hilton, HDL book new deal Sat Oct 20, 2012 1:35 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
this is under secretary of treasury..taken ove as underperforming ent right Very Happy

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