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

Hua Hin Set To Grow International Airlift

Category: Tourism, Posted:12 Apr 2021 | 06:00 am One of Thailand’s best performing hotel sectors is Hua Hin. Well, let’s just say it is the best market over the past twelve months of the pandemic. The destination is now poised to look ahead post-Covid and is looking to increase overseas airlift once the country reopens. Aside from the current expansion of the gateway […]
Read more

Mass Phuket Hotel Vaccination Drive Underway

Category: Tourism, Posted:10 Apr 2021 | 17:14 pm Check out an insightful view of how Phuket’s tourism industry has come together and are pushing forward on a massive vaccination drive for hotels across the island. An inspiring story of how the island is working together. Over the past week more than 70,000 people, mostly staff of Phuket hotels have been vaccinated across the […]
Read more

Condo Hotels Trending In Bangkok’s Property Market

Category: Real estate, Posted:09 Apr 2021 | 09:44 am Bangkok’s hotel branded real estate has traditionally been focused on luxury offerings with brands such as St. Regis, Four Seasons, Ritz-Carlton, and more. While Thailand’s resort markets have and are seeing the most traction as the mid and upper-midscale branded residences, that trend is now going urban. In Bangkok Siamese Assets and Kew Green have […]