Lanka needs to attract high-end int’l brands to draw upmarket tourists – Thilan Wijesinghe

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Sri Lanka needs to attract high-end international brands to draw high-spending tourists as only about 6% of the country’s graded resort hotel rooms are managed by international brands, compared to over 40% in the Maldives.

This was opined by investment banker, entrepreneur, PPP specialist and Chairman & Owner of TWC Holdings, Thilan Wijesinghe who has been appointed to the Board of Directors of Ventive Hospitality Limited, which successfully concluded a USD 200 million IPO in India, reaching a market capitalisation of over USD 2 billion upon the commencement of trading at the National Stock Exchange of India recently.

Ventive Hospitality is a joint venture between Blackstone India and Panchshil Realty, and is among the largest real estate developers in India based in Pune. Thilan is the only non-Indian on the board. Ventive is India’s first South Asia-focused listing comprising 13 operating hotels and four office and retail properties in India, three hotels in the Maldives and one international luxury branded resort property in Sri Lanka which is scheduled to commence construction later this year.

With 2,036 operating hotel rooms currently in Ventive’s portfolio, the company is now the fourth-largest hotel company in India by market capitalization and are located in Pune, Bangaluru and Varanasi and are managed by international brands such as Ritz Carlton, JW Marriot, Marriott, Courtyard by Marriott and Oakwood. The three hotels in the Maldives are managed by Anantara, Conrad and Atmosphere.

“While the initial focus in Sri Lanka will be on a newly built resort, Indian management did not rule out acquisitions of operating hospitality assets that can be internationally branded in Sri Lanka, Maldives and other Indian Ocean destinations. “I am also delighted that for the first time, one of India’s iconic real estate companies and the world’s largest private equity firm now has exposure to Sri Lanka”

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