Ceylon Hotels Corporation

Ceylon Hotels Corporation PLC
Company typePublic
CSE: CHOT.N0000
ISINLK0032N00009
IndustryHospitality
Founded1966; 58 years ago (1966)
Headquarters
Colombo
,
Sri Lanka
Key people
RevenueIncrease LKR878 million (2023)
Decrease LKR(196) million (2023)
Decrease LKR(152) million (2023)
Total assetsIncrease LKR14.385 billion (2023)
Total equityDecrease LKR9.775 billion (2023)
Owners
Number of employees
Increase 398 (2023)
ParentCeylon Hotel Holdings
SubsidiariesThe Kandy Hotels Company (1938) PLC
Websitewww.chcplc.com
Footnotes / references
[1]

Ceylon Hotels Corporation PLC, often called Ceylon Hotels, is a hospitality company in Sri Lanka. The company was incorporated through an Act of the Parliament of Ceylon in 1966. The company was listed as a public company in the following year. Ceylon Hotel Holdings, a subsidiary of Galle Face Hotels Group is the holding company of Ceylon Hotels Corporation. Ceylon Hotels' subsidiary, Kandy Hotels Company owns and operates the Queen's Hotel and the Hotel Suisse heritage hotels.

History

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Ceylon Hotels Corporation was incorporated through an Act of the Parliament of Ceylon, the Ceylon Hotels Corporation Act, No. 14 of 1966.[2] The company was listed on the Colombo Stock Exchange in the following year. The Gardiner family who owned a 26% stake in Galle Face Hotels Group, acquired a 35% stake in the Ceylon Hotels Corporation on 8 July 2005.[3]

Ceylon Hotels signed an agreement with Cinnovation-CG Corp's Zinc Hospitality Lanka to set up a joint venture, Ceylon Holidays Holdings in 2014. Ceylon Holidays Holdings was a fully owned subsidiary of Ceylon Hotels, Zinc Hospitality Lanka agreed to invest LKR250 million for a 50% of stake in Ceylon Holidays Holdings. The two parties agreed to develop properties under CHC Rest Houses, a subsidiary of Ceylon Holidays Holdings.[4] Ceylon Hotels through its subsidiary, United Hotels Company acquired Ceylon Hotels Maldives, a firm which was developing a resort in the Maldives.[5] Ceylon Hotels Maldives entered into a joint venture with Zhen Hua Engineering Company Limited, a subsidiary of China Harbour Engineering Company. Through the joint venture, an 85-100 room resort was planned to be built in Anbaraa island of Vaavu Atoll of Maldives.[6] However, in 2021, Ceylon Hotels decided to divest its 50% stake in the joint venture for US$4.49 million. The resort was planned to open in 2020 but instead reported losses in 2020 and 2021.[7]

Operations

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The Kandy Hotels Company (1938) PLC

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The heritage hotel, the Queen's Hotel is owned by the Kandy Hotels Company, a subsidiary of Ceylon Hotels Corporation

The Kandy Hotels Company (1938) PLC is a subsidiary of Ceylon Hotels Corporation. As of 2022, Ceylon Hotels holds a 69.54% stake in the Kandy Hotels Company. The Kandy Hotels Company is the owner and operator of the Queen's Hotel and the Hotel Suisse.[1] Kandy Hotels Company entered into an agreement with Sino Lanka Hotel Holdings to set up a joint venture to build OZO Kandy in 2012. OZO Kandy was planned to have 120 rooms.[8] OZO Kandy officially opened in 2015.[9] The hotel has been rebranded as Radisson Hotel Kandy in 2022.[10]

EKHO Hotels and CHC Rest Houses

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EKHO Hotels is a hotel brand operated by Ceylon Hotels' subsidiary, United Hotels Company. Through Ceylon Holiday Holdings, its joint venture with Zinc Hospitality Lanka owns and operates several rest houses across the country.[1][11]

See also

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References

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  1. ^ a b c "Annual Report 2022/23" (PDF). cse.lk. Ceylon Hotels Corporation PLC. Retrieved 25 October 2023.
  2. ^ "Ceylon Hotels Corporation (Repeal) Act, No. 25 of 2007" (PDF). parliament.lk. Parliament of the Democratic Socialist Republic of Sri Lanka. 2007. Retrieved 26 August 2022.
  3. ^ Perera, Shalini (2011). Corporate Ownership and Control: Corporate Governance and Economic Development in Sri Lanka. Singapore: World Scientific. p. 175. ISBN 978-9-81283-747-9. Retrieved 26 August 2022.
  4. ^ "Ceylon Hotels Corporation ties up with Zinc Hospitality to develop hotel industry". adaderana.lk. Ada Derana. 29 August 2014. Retrieved 26 August 2022.
  5. ^ "Sri Lanka's Ceylon Hotels Corp buys Maldives resort firm". Economy Next. Echelon Media. 16 November 2015. Retrieved 26 August 2022.
  6. ^ "Ceylon Hotels Cor. enters into a joint venture for US$ 50mn hotel in Maldives". Daily News. Associated Newspapers of Ceylon Limited. 7 February 2018. Retrieved 26 August 2022.
  7. ^ "Ceylon Hotels Corp. to divest stake in Maldivian resort project for US $ 4.5mn". dailymirror.lk. Wijeya Newspapers. 14 October 2021. Retrieved 26 August 2022.
  8. ^ Perea, Keishara (7 August 2012). "Kandy Hotels, Sino Lanka to set up 'OZO Kandy'". Daily Mirror. Wijeya Newspapers. Retrieved 27 August 2022.
  9. ^ "OZO Kandy celebrates official opening". Daily FT. Wijeya Newspapers. 19 May 2015. Retrieved 27 August 2022.
  10. ^ "Radisson Hotel Kandy Sri Lanka". google.com. Radisson Hotel Kandy Sri Lanka. Retrieved 27 August 2022.
  11. ^ "Hirdaramani buys 10% in Ceylon Hotels Corp". dailymirror.lk. Wijeya Newspapers. 22 January 2016. Retrieved 27 August 2022.
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