“Three Colombo hotels for sale”
In response to last week’s story titled “Three Colombo hotels for sale’, M. Shanthikumar, President of the Hotels Association of Sri Lanka (THASL) has sent the following letter which has been edited:
“Hotels in Colombo City has the highest investment with some of the finest star class hotels in the entire country. As a single region, Colombo has the highest hotel investments including International hotel chains.
“We have been made to understand from a majority of Colombo hotel members of substantial increases in earnings since minimum room rates came in to operation in October 2023. The third quarter results of the public quoted Colombo hotel companies is a testament to the success of the Minimum Room Rates in the city.
“Further, Colombo City Hotels are now able to retain staff without them looking for opportunities in offshore destinations, as increased earnings are generating a higher service charge for our staff.
As for hotels on sale, there are many in Colombo and outside Colombo on sale as tourism went through an unprecedented four years since the Easter bomb attack in 2019, followed by the impact of the pandemic in 2020 and 2021 and then the political and economic crisis in the country, which brought tourism to a virtual standstill. The sale of hotels has nothing to do with a minimum rate but various other issues hoteliers are facing post the four very challenging years. In fact, due to increased revenues due to Minimum Room rates and increased arrivals, some hoteliers may well rethink on their decision for sale.”
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