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Sri Lanka: Analysis of the Hotel Sector

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Sri Lanka: Analysis of the Hotel Sector Screen91

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The highly diversified landscapes and natural attractions in Sri Lanka have been welcoming a growing number of visitors to the country. The total tourist arrivals to Sri Lanka in 2018, amounted to more than 2.3 million, which welcomed 2.17 million in 2017. The revenue generated through travel and the tourism sector remained a high contributor to the national economy, with a contribution of 5.1% towards GDP for two consecutive years i.e 2017 and 2016. in 2017. The earnings from the foreign exchange from tourism sector increased to 15.9% of total foreign exchange earnings in 2017. In order to accommodate the increasing number of visitors, Colombo has more than 14 hotel construction projects in the pipeline that are scheduled to be opened by 2022. This pipeline targeted the luxury segment of the hotel market and aimed to add around 2,000 rooms to the supply and less focused on budget and mid-scale segment with around 600 rooms that are going to be added to the supply. The country recorded average daily revenue (ADR) of LKR 20,500 in 2018 and LKR12,300 of revenue per available room (RevPAR). Sri Lanka recorded around 60% of the occupancy rate for the same year but due to the Easter terror attacks in April 2019, all the key indicators recorded fewer figures when compared to 2018.

Sri Lanka: Analysis of the Hotel Sector Screen92
Sri Lanka: Analysis of the Hotel Sector Screen93

Sri Lanka: Analysis of the Hotel Sector Screen94
Sri Lanka: Analysis of the Hotel Sector Screen95
Sri Lanka: Analysis of the Hotel Sector Screen96

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Post Mon Aug 22, 2022 2:02 pm by ChooBoy

Hotel properties are trading below book value are the best real estate assets to invest.


Post Wed Aug 24, 2022 7:04 pm by rajini

Starting a career in the hospitality industry by accident, Ilias Vamvakas’ journey since can be described as a true inspiration. 
He started working at a very young age by washing the dishes in a small Greek resort in Germany on weekends. In his over 35-year career, Vamvakas has worked in almost every position within the industry before excelling as a General Manager at several renowned hotels around the world, including his homeland Greece; Germany, UK, Cambodia, Thailand, Mauritius, Morocco, Maldives, and the Caribbean, to name a few. Sri Lanka is his 15th country to have worked in.

“I began to enjoy what I was doing, despite working behind-the-scenes, washing dishes. I soon moved to front-of-house working with customers, and this is where I began to enjoy working in hospitality – through my interactions with internal and external customers. What excites me most about hospitality is that wherever you go, you experience something unique and new. There is never a dull moment in hospitality; it is never monotonous,” he recalled.

This passion to enjoy work, his personality to serve guests better, and learning from every opportunity shaped Vamvakas’s progress throughout his career, whilst becoming a role model to others. 

Since assuming duties as the Area Vice President of Cinnamon Hotels and Resorts Sri Lanka and the General Manager of Cinnamon Bentota Beach, Vamvakas has embodied this passion, knowledge, and excitement, and shares his candid views on Sri Lanka having what it takes to become a truly vibrant tourist destination. 

Vamvakas first joined Cinnamon Hotels and Resorts as General Manager of Cinnamon Bey Beruwala in December last year. Prior to the existing appointment, he was the General Manager at Banyan Tree Hotels and Resorts.

Vamvakas shares key insights into his roles and the opportunities and challenges that lie ahead for the tourism industry in Sri Lanka, which is becoming increasingly dynamic, and in turn, adding value to the country’s socio-economic growth. Excerpts of the interview:

click the link to see more details

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Post Sat Aug 27, 2022 2:25 pm by Love Boy

Hotel sector fire works on Monday.. Can make more than 100% profit possible.. bounce bounce bounce bounce

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Post Tue Aug 30, 2022 4:56 pm by God Father

Sri Lanka: Analysis of the Hotel Sector Scree130

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