Business
Import restrictions forcing major vehicle trader to diversify into hospitality industry
By Hiran H.Senewiratne
Wasana Trading Company Kandana, a leader in the vehicle trading industry, is making an aggressive diversification to the hospitality industry as the automobile market is not proving lucrative due to import restrictions in the country.
“At present the imported vehicle business is too tough due to heavy import restrictions, which resulted in the cost of a unit going beyond the value for money, and affordability was the reason to shift to the hospitality business, chairman, Wasana Trading, Sampath Mirinchige, who is also the chairman of the Vehicle Traders Association (VTA) told The Island Financial Review.
Mirinchige added: ‘I first made inroads to the hotel industry by building a “luxury Cabana” in my coconut estate in Nagoda, Kandana mainly to host VTA meetings. But now we are focusing on this business despite heavy odds and challenges.
‘I, together with my brother Asiri Dayan, offered this cottage to our friends and due to its unique architecture and services there were many requests to expand this. Heeding these requests I built more “luxury cabanas” and also introduced a restaurant and opened “Wasana Nature Resort and Restaurant” in April 2018 which was very successful.
I later added “Kurumba Pub” and created a mini lagoon, mini swimming pool and a floating restaurant investing Rs. 170 million which became a major attraction for families and also became a favorite venue for day outings.
In a bid to provide superior yet affordable banquet facilities, the latest addition to the property is the luxury “Elegance Ballroom” with an investment in the excess of Rs. 500 million. This pillarless banquet facility with modern lighting and fittings was built adjoining “Wasana Nature Resort and Restaurant” with separate parking and could accommodate around 400 guests.
One of the unique features of this project is our focus towards environmental protection and giving emphasis to nature. Hence, none of the plots of greenery and water bodies was tempered with but were protected, which too is an attraction for guests today and is a much sought after venue for wedding photography backdrops.I have obtained UDA approval to build 30 cabanas but have put the project on hold due to the current economic conditions.
The success of “Wasana Nature Resort and Restaurant” has to be attributed to its location, unique eco style buildings and its layout amidst water bodies and also the qualified staff who were hired from overseas as well as from star class hotels.‘Despite the downturn in the tourism industry the ministry is still charging the Tourism Development Levy from us.And despite the drop in tourist arrivals commodity prices have skyrocketed and there are many other issues and we find it difficult to sustain our business. Hence the charging of a 1% TDL from us when the chips are down in the industry is very unfair.In terms of part 1 of the Finance Act No 25 of 2003, every institution licensed under the Tourism Development Act, No. 14 of 1968 has to pay a levy of one per cent on the turnover each year as a Tourism Development Levy.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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