July 24, 2018 (LBO) - Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported weak results for the quarter ended June 30, 2018. Revenue was down 14% and profits were down sharply by 77%.
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The listed group owns the Cinnamon Grand and Cinnamon Lakeside hotels, making it the owner of the largest amount of '5-star' hotel rooms in Colombo. The group's ballrooms give the group the largest amount of function capacity in the city, which is primarily used for the high margin wedding business.
Results have likely been impacted by the opening of the Shangri La hotel in Colombo, which has added 500 rooms to the market, and become the city's destination of choice for high end travellers. In addition to the room capacity, Shangri La has added the largest function/wedding spaces in the city, becoming the destination of choice for the city's high end weddings.
AHPL is a subsidiary of Sri Lanka's largest listed conglomerate John Keells Holdings (JKH). Rumours have been swirling in the marketplace that the group intends to sell its city hotels in anticipation of the completion of its US$1bn Cinnamon Life development (Colombo's largest property development project). Cinnamon life will add another 800 hotel rooms to the top end of the city hotel market.