Financial Times

Colombo Plaza plans new outlets

The Colombo Plaza under the management of Asian Hotels Corporation has reported that occupancy and profits have picked up in recent months.

The hotel recorded a total of 6,270 room nights during June 2003 - an increase of 43% against the same month in 2002, it said in a statement.

This produced a gross operating profit (GOP) of over 34% in June 2003 a landmark gain of 224% as against the performance of June 2002. The noteworthy increases in volume, revenue and profits are due to the significant growth of business in the Conference (87%), Long Stay (99%) and Corporate (21%) segments.

This escalation could also be linked to the growth of Colombo's five star hotel market which registered a total of 35,258 room nights in June 2003; a growth of 39% over the previous year. The hotel's progressive trend is expected to continue into the following months with occupancy in July 2003 already confirmed at more than 75% resulting in a marked GOP of over 35%.

The Colombo Plaza plans to be a driving force behind the development of the hospitality industry in Sri Lanka. Preparations have already begun in this regard with plans to introduce a series of outlets within the property. The focal point of attraction would be the landscaping which would encompass a lagoon at its centre. The proposed outlets included a Shellfish Restaurant offering a large variety of local and imported products which will overlook the lagoon and will have an indoor and outdoor section with seating for 150; an Outdoor Grill and Tandoori Pavilion located adjacent to The Taprobane Restaurant and an oblong-shaped pavilion in the middle of the garden offering patrons outdoor cocktail and function facilities.