Business News from Sri Lanka: Hilton Colombo has shown remarkable resilience and resourcefulness, despite the challenges that it has always confidence in fundamental principles such as performance, employees, dedication, and teamwork, all of which have come to the fore during the year to make the most of a challenging situation, says Krishantha Prasad Cooray, Chairman, in his review of the 2018 Annual of the company.
He said the company was prepared to welcome a record number of visitors during the 2018 peak season, but unfortunately, we were unable to realize the expected benefits due to the volatile political atmosphere prevailing in the country from October 2018, during which regular protests took place near the hotel.
“Following delays in the beginning of room construction, the company continued to compete vigorously with new industry entrants, with only a slight decrease in sales compared to the previous year.
“By completing the first phase in August 2017, the profitability during the year under review was affected by a significant depreciation expense resulting from the capitalization of the refurbishment cost,” the Chairman said.
Nevertheless, he said there were many positive developments such as high revenue and strong performance from the refurbished F&B outlets, coupled with strong MICE sector company which considered Hilton Colombo to be the most preferred corporate event location.
“We have already made significant investments in security and protection technologies to ensure increased safety for guests that have been further enhanced in recent days. In addition to being the most coveted address in the region, the level of security and protection we deliver in the leisure sector has cemented the trust of our guests and corporate clientele, “said the Chairman.
According to him, a medium to long-term approach has always been adopted by the organization to maintain the growth momentum.
“I am sure that this year too will not be different and that within a short time the industry will receive thoughtfully. Travel advisories have been lifted and tourists are expected to return to the country for holidays. Taking into account the optimistic forecasts for 2019, I am sure that by working together to instill confidence in tourists to return to Sri Lanka, we can achieve a strong recovery, “the Chairman said.
Moving forward, he said all investors in the tourism industry have a role to play in making a concerted effort to move forward stronger and we’re moving to examine how we can use the Hilton brand to make a tangible difference.
“I am sure that we can reinvent growth by having immense confidence in our goods and the people behind it,” the Chairman said.