TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

Strong Demand Propels Sri Lanka's Hotel Market

Category: Hotels, Posted:22 Aug 2014 | 17:08 pm

Sri Lanka's hotel sector is seeing a return to its dynamic growth story on the heels of strong rate growth. Through mid 2014 upscale and luxury hotels are experiencing surging average room rates (ADR) in excess of 9% year-on-year.
According to hospitality consulting firm C9 Hotelworks Managing Director Bill Barnett, "the positive knock on effect of rising rates has pushed up lead indicator RevPAR (revenue per available room) over 12% when compared to the same period in 2013.
Looking at the present performance data hotel demand is now firmly outpacing supply, which is a strong fundamental for lifting up the country's hotel sector to the next level in the market cycle, which is proving to be a temptation for investors who are evaluating Sri Lanka's tourism potential. "
New data from leading research firm STR Global show the decline which started in 2013 and bottomed out in late 2013 and the beginning of this year have now been reversed. Currency volatility and negative international press clearly created a negative impact on hotels.
While neighboring India has been able to post higher occupancy in 2014, Sri Lanka has posted higher average room rates, which in C9 Hotelworks analysis is a reflection of a stronger supply demand scenario.
Commenting on the country's cyclical turnaround, C9's Barnett who is in Colombo speaking at the inaugural Sri Lanka Hospitality Investment Conference at the Cinnamon Lakeside Hotel said "after the early hopefulness of the industry in 2011, the market is decidedly back on track" according to positive numbers we have seen though the mid part of 2014."

Other News

Read more

REMINDER Online Thailand Event This Week

Category: Real estate, Posted:20 Jul 2021 | 15:15 pm Give us one-hour this Thursday and we will give you a complete rundown on Thailand’s resort real estate sector including special insight into hotel-branded residences, co-living, tech strategies, integrated resort communities, and lifestyle property. Check out the latest data on Phuket, Koh Samui, Hua Hin and Pattaya. Sign up now for this free online event. Sign up
Read more

Outrigger Buys Three Hotels in Thailand

Category: Hotels, Posted:19 Jul 2021 | 09:12 am The US-based Outrigger Hospitality Group has bought three hotels in Phuket, Koh Samui and Khao Lak. A portfolio deal, the properties had been under Manathai and will be converted to Outrigger. The new names of the hotels will be Outrigger Koh Samui Beach Resort, Outrigger Khao Lak Beach Resort and Phuket Manathai by Outrigger. Given […]
Read more

All The Jazz. It’s Saturday Video Updates

Category: Tourism, Posted:17 Jul 2021 | 12:20 pm One of the positives of the pandemic is seeing spirited entrepreneurs recreate their business models. We are presenting a story form Phuket about how a furniture factory owner got out of the box and created an entirely new handcrafted business. Made in Phuket. Surfskate with Island Boards We also have a full video of last […]