Structural changes at Colombo Hilton this year
View(s):Major infrastructure changes this year at the Colombo Hilton costing US$45 million will be financed through a dollar loan, owning company Hotel Developers said in a statement on its annual accounts ending March 31, 2012.
The hotel firm, which underwent a series of crises last year but recovered after a series of measures which included rescheduling its debt and also initialling a new management agreement with Hilton International, has been stepping up its reporting of its annual accounts. There are still court cases pertaining to the hotel.
The major refurbishment expected in first quarter 2013 will see see improvements in across the property including rooms, food an beverage outlets and function rooms.
Revenue for the year was slightly up to Rs 2.8 billion from Rs 2.3 billion in the earlier year while the loss was marginally reduced to Rs 958 million from Rs 1.2 billion earlier, according to the annual accounts released to the Colombo stock market as per regulation.
Liabilities also reduced to Rs 8.8 billion from Rs 13.2 billion (largely Government loans).
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