Despite its property being under refurbishment for most of the year, Hotel Developers (Lanka) PLC, owners of the Colombo Hilton Hotel closed 2017 increasing both revenue and profit after tax as well as the hotel’s occupancy, the owning company’s annual report reveals.
Occupancy was up 57% from the previous year’s 47%. The company had no long-term interest bearing borrowings in its books and the average room rate was marginally up to Rs. 21,077 from Rs. 20,408 the previous year. The owning company had total assets of over Rs. 15.4 billion and equity of Rs. over Rs. 14 billion.
Total revenue topped Rs. 3 billion from Rs. 2.5 billion the previous year and a profit after tax of Rs. 258 million was posted, up from Rs. 141 million a year earlier. The hotel was able to boost both its room revenue and food and beverage earnings.
Hotel Developers Chairman Krishantha Cooray noted that Hilton was the first international hotel brand to set up in Sri Lanka 30 years ago and has stayed the course during the ensuing three-decade strife.
"Over the decades, despite growing competition, the stellar Hilton brand of service with the support of loyal Hilton patrons has helped to sustain and expand market share," the chairman said.
Hotel Developers is 100% government owned and its directors are nominees of the Government of Sri Lanka.
"Despite being in refurbishment mode over most of the year under review, the company achieved a revenue increase from Rs. 2.5 billion the previous year to reach Rs. 3 billion in 2017," Cooray said. "Profit after tax increased from Rs. 141 million to Rs. 258 million."
He thanked the Hilton team for this exemplary achievement made possible by their enduring commitment and unstinted loyalty and Hilton Honours members and other local and foreign guests for their continuing patronage.
Cooray said that their projections for industry expansion remain solid with the tourism sector continuing to prove its mettle as one of the mainstays of national economic growth. The industry expected government to take some bold and impactful measures to market destination Sri Lanka internationally and optimize the country’s tourism potential, he said.
The final stage of the refurbishment of the hotel was beginning this year and Cooray expected profitability to be boosted by extensive room refurbishing and new food and beverage offerings.
"We have taken cognizance of escalating competition within the industry and believe Hilton Colombo competes strongly on aspects including its location, high level and consistency of service, quality of accommodation, food and beverage options, brand reputation and the Hilton Honours loyalty program which contributes almost 50% to our occupancy rate," he said.
The Hotel Developers directors are Messrs. KP Cooray (Chairman), Pravir Samarasinghe, DR Samarasinghe, Ms. Sonali Liyanamana, D. Colombage, Shermin Mansoor, Ms. Dheeshana Ameresekere, Ms. Tehani Mathew, JMUP Jayamaha, C. Ramachandra and Athula Senanayake.
Total revenue topped Rs. 3 billion from Rs. 2.5 billion the previous year and a profit after tax of Rs. 258 million was posted, up from Rs. 141 million a year earlier. The hotel was able to boost both its room revenue and food and beverage earnings.
Hotel Developers Chairman Krishantha Cooray noted that Hilton was the first international hotel brand to set up in Sri Lanka 30 years ago and has stayed the course during the ensuing three-decade strife.
"Over the decades, despite growing competition, the stellar Hilton brand of service with the support of loyal Hilton patrons has helped to sustain and expand market share," the chairman said.
Hotel Developers is 100% government owned and its directors are nominees of the Government of Sri Lanka.
"Despite being in refurbishment mode over most of the year under review, the company achieved a revenue increase from Rs. 2.5 billion the previous year to reach Rs. 3 billion in 2017," Cooray said. "Profit after tax increased from Rs. 141 million to Rs. 258 million."
He thanked the Hilton team for this exemplary achievement made possible by their enduring commitment and unstinted loyalty and Hilton Honours members and other local and foreign guests for their continuing patronage.
Cooray said that their projections for industry expansion remain solid with the tourism sector continuing to prove its mettle as one of the mainstays of national economic growth. The industry expected government to take some bold and impactful measures to market destination Sri Lanka internationally and optimize the country’s tourism potential, he said.
The final stage of the refurbishment of the hotel was beginning this year and Cooray expected profitability to be boosted by extensive room refurbishing and new food and beverage offerings.
"We have taken cognizance of escalating competition within the industry and believe Hilton Colombo competes strongly on aspects including its location, high level and consistency of service, quality of accommodation, food and beverage options, brand reputation and the Hilton Honours loyalty program which contributes almost 50% to our occupancy rate," he said.
The Hotel Developers directors are Messrs. KP Cooray (Chairman), Pravir Samarasinghe, DR Samarasinghe, Ms. Sonali Liyanamana, D. Colombage, Shermin Mansoor, Ms. Dheeshana Ameresekere, Ms. Tehani Mathew, JMUP Jayamaha, C. Ramachandra and Athula Senanayake.
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