Business
Tourist arrivals expected to exceed pre-pandemic levels by 2025: First Capital
MICE tourism takes a hit amidst Minimum Room Rate implementation
By Sanath Nanayakkare
Tourist arrivals are projected to surpass 2 million in 2024 and are expected to exceed pre-pandemic levels by 2025, a report released by First Capital Research states.
2024 commenced on a positive note, witnessing over 200,000 arrivals within the first three months. However, as the winter season draws to a close, a temporary slowdown is anticipated, with expectations of a gradual pickup starting from July. Hence, we project the year to culminate with 2.1Mn arrivals, generating revenue of USD 3.0Bn. By 2025, tourist arrivals are forecasted to reach 2.5 million, indicating a gradual resurgence beyond pre-pandemic levels, the report says.
“There is opportunity for Sri Lanka’s tourism sector to increase focus on key source markets as they have yet to regain pre-pandemic outbound tourism levels. Sri Lanka’s primary source markets, such as India, Russia, the UK, and China, are still striving to attain pre-pandemic outbound tourism levels presents an opportunity for the Sri Lankan tourism sector to focus efforts on regaining its presence in these key markets.”
“Additionally, the depreciation of the Sri Lankan Rupee (LKR) has become a significant factor, making holidays in Sri Lanka more financially feasible compared to pre-pandemic times,” it says.
“MICE tourism takes a hit losing the market to regional peers amidst Minimum Room Rate (MRR) implementation. MRR has hindered the growth of Colombo hotel occupancy rates and potential to discourage many MICE (Meetings, Incentives, Conferences, and Exhibitions) groups from choosing Sri Lanka due to the comparatively higher MRR of Colombo city hotels compared to regional peers,” FC Research notes.
The report makes top recommendations for the sector by quoting three key segments, as follows.
• Overseas exposure: Aitken Spence Hotel Holdings PLC, John Keells Hotels PLC, Hayleys Leisure PLC
• Coastal and Boutique hotels: Lighthouse Hotel PLC, Fortress Resorts PLC , Royal palms Beach Hotels PLC, Serendib Hotels PLC and Dolphin Hotels PLC
• City hotels: AHP
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.”
