Aitken Spence Hotel Holdings

Aitken Spence Hotel Holdings PLC is a hotel chain holding company based in Sri Lanka. The Sri Lankan conglomerate Aitken Spence is the parent company of Aitken Spence Hotel Holdings. The company operates hotels in Sri Lanka, Maldives, Oman and India. Aitken Spence ventured into the hospitality business by building two seaside resorts designed by Geoffrey Bawa. The company was founded in 1978 as Ahungalla Hotels Ltd and is the proprietor of the Hotel Triton. Ahungalla Hotels Ltd was listed on the Colombo Stock Exchange in 1980. In 1994, after acquiring Aitken Spence Hotels Ltd, the company gained control of the properties of the hotel chain. Kandalama Hotel and the Tea Factory Hotel commenced operations in 1994 and 1995 respectively. The company opened its first resort in the Maldives in 1993.

Aitken Spence Hotel Holdings PLC
TypePublic
CSE: AHUN.N0000
ISINLK0003N00000
IndustryHospitality
FoundedMarch 14, 1978 (1978-03-14)
Headquarters
Colombo
,
Sri Lanka
Areas served
  • Sri Lanka
  • Maldives
  • Oman
  • India
Key people
Brands
  • Heritance Hotels & Resorts
  • Adaaran Resorts
  • Turyaa Hotels
RevenueIncrease LKR46.060 billion (2023)
Increase LKR7.310 billion (2023)
Decrease LKR46 million (2023)
Total assetsIncrease LKR107.952 billion (2023)
Total equityIncrease LKR30.180 billion (2023)
Number of employees
Increase 2,989 (2023)
ParentAitken Spence
Websitewww.aitkenspencehotels.com
Footnotes / references
[1]

Ahungalla Hotel Ltd changed its name to Aitken Spence Hotel Holdings in 1997. The "Heritance" brand launched in 2006 with Hotel Triton relaunched as Heritance Ahungalla. The company partnered with RIU Hotels to build a 500-room resort in Ahungalla at a cost of US$100 million in 2014. The second hotel brand, "Turyaa" was introduced in 2015 and the company opened Turyaa Chennai, the chain's first owned property in India. Heritance Negombo reopened in 2016 after an LKR5 billion renovation. Heritance Aarah, Aitken Spence's latest resort in the Maldives opened in 2019. Aitken Spence Hotel Holdings is one of the LMD 100 companies in Sri Lanka. The hotel chain has a 2,826-room inventory across 21 properties. The company owns and operates 15 properties and manages six properties.

History
Heritance Ahungalla originally known as Hotel Triton was the second hotel built in the Aitken Spence hotel chain

Aitken Spence ventured into the hospitality sector by building two Geoffrey Bawa-designed hotels. Hotel Neptune (currently known as Heritance Ayurveda) was built in 1973 and Hotel Triton (present-day Heritance Ahungalla) commenced operations in 1981.[2] Aitken Spence named its first hotel after Neptune, the Roman god of the sea. The second hotel was named after Triton, the son of Neptune.[3] Aitken Spence Hotel Holdings was incorporated in 1978 as Ahungalla Hotels Ltd, the proprietor of Hotel Triton. Ahungalla Hotels Ltd was listed on the Colombo Stock Exchange in 1980. In 1994, Ahungalla Hotels Ltd acquired the proprietor of Hotel Neptune, Aitken Spence Hotels Ltd, thus acquiring control of Hotel Neptune, Kandalama Hotel and Pearl Beach Hotel.[1] Kandalama Hotel and the Tea Factory Hotel were opened in 1994 and 1995 respectively. The company ventured into the Maldives in 1993, the first Sri Lankan company to do so.[2]

Ahungalla Hotels Ltd was renamed Aitken Spence Hotel Holdings in 1997. In 2006, the company rolled out its "Heritance" brand. Hotel Triton was relaunched as Heritance Ahungalla in June 2006 after a US$12 million refurbishment.[4] Aitken Spence entered the hospitality sector of Oman by signing an agreement with Oman Hotels and Tourism Company to manage four of their hotels in 2008. The deal added 406 rooms to the company's inventory.[5] The company acquired Golden Sun Resort in Kalutara in 2010. Previously, the company only managed the property.[6] Aitken Spence partnered with Spanish hotel chain RIU to build a 500-room resort in Ahungalla in 2014. The US$100 million project was approved by the Board of Investment of Sri Lanka.[7]

Heritance Negombo reopened in 2016 after LKR5 billion refurbishment

Aitken Spence Hotels launched its new brand "Turyaa" at the London World Travel Market in 2015. Turyaa Chennai was opened in the same year and Turyaa Kalutara planned to be open in the following year.[8] Aitken Spence acquired Al Falaj Hotel in Oman 2016 for US$36 million in 2016. The company has been managing the hotel since 2008.[9] Aitken Spence Hotels reopened Heritance Negombo in 2016 after spending an LKR5 billion on refurbishment. The hotel was previously known as the Browns Beach Hotel.[10] RIU Sri Lanka was launched in 2016 and the hotel became the first RIU hotel launched in Asia.[11] Aitken Spence Hotels divested its total stake in Hotel Hilltop, Kandy in 2017 for LKR740 million. The buyer was former MP Earl Gunasekara.[12] Heritance Aarah, which has 150 water villas commenced operations in 2019.[13]

Operations

Aitken Spence Hotel Holdings is an LMD 100 company. LMD 100 ranks listed companies in Sri Lanka by revenue annually. In the 2020/21 edition published in 2022, Aitken Spence Hotel Holdings ranked 91st down from 55th rank in the previous year due to a 70% revenue decline.[14] The hotel chain has a 2,826 room inventory across 21 properties. Aitken Spence Hotel Holdings owns and operates 15 properties and manages six properties. The hotel chain promotes its properties in brands, "Heritance Hotels and Resorts", "Adaaran Resorts" and "Turyaa Hotels".[1]

Properties
Heritance Tea Factory commenced operations in 1995, built in an abandoned tea factory
Earl's Regency, one of the three properties managed by Aitken Spence Hotel Holdings
PropertyProprietorLocationNo. of rooms
Owned properties
Heritance Hotels & Resorts
Heritance AarahCowrie Investments (Pvt) LtdMaldives150
Heritance AhungallaAitken Spence Hotel Holdings PLCAhungalla152
Heritance AyurvedaAitken Spence Hotels LtdBeruwala64
Heritance NegomboNegombo Beach Resorts (Pvt) LtdNegombo143
Heritance KandalamaKandalama Hotels (Pvt) LtdDambulla152
Heritance Tea FactoryHethersett Hotels LtdNuwara Eliya51
Adaaran Resorts
Adaaran Club RannalhiJetan Travel Services Co. (Pvt) Ltd Maldives122
Adaaran Prestige VadooUnique Resorts (Pvt) Ltd50
Adaaran Select HudhuranfushiADS Resorts (Pvt) Ltd197
Adaaran Select MeedhuparuCowrie Investments (Pvt) Ltd215
Turyaa Hotels
Turyaa ChennaiAitken Spence Hotel Managements (South India) Pvt LtdChennai, India140
Turyaa KalutaraTuryaa (Pvt) LtdKalutara109
Aitken Spence Hotels
Al Falaj HotelAitken Spence Resorts (Middle East) LLCOman150
Amethyst ResortParadise Resorts Passikudah (Pvt) LtdPasikudah38
RIU Hotels
Hotel RIU Sri LankaAhungalla Resorts LtdAhungalla501
Managed properties
Aitken Spence Hotels
Desert Nights CampOman Hotels and Tourism CompanyOman86 Bedouin tents
Earl's RegencyEarl's Hotels[15] Kandy116
Sur Plaza HotelOman Hotels and Tourism CompanyOman105

Source: Annual Report, 2022/23 (pp. 12, 76-80, 267)[1]

Finances
Ten-year financial summary
YearRevenue LKR mnsProfit LKR mnsAssets LKR mnsEarnings per share LKR
202346,06046107,952(0.94)
202224,5711,034101,6401.85
20215,728(7,253)74,168(13.93)
202019,019(896)74,350(1.90)
201919,5711,19764,9022.37
201818,2511,58358,5933.43
201716,0551,01452,1781.97
201613,3782,08838,4484.13
201513,2713,43632,7886.60
201412,9473,51725,9776.92

Source: Annual Report, 2022/23 (p. 266)[1]

See also

References
  1. "Annual Report 2022/23" (PDF). cse.lk. Aitken Spence Hotel Holdings PLC. Retrieved 8 June 2023.
  2. Kodituwakku, Isankya (5 December 2015). "Aitken Spence Hotels' refocused expansion". Echelon Magazine. Echelon Media (Pvt) Ltd. Retrieved 24 January 2023.
  3. de Silva, Charitha. P. (6 February 2022). "Aitken Spence breaks into hotels". The Island. Upali Newspapers. Retrieved 24 January 2023.
  4. "Aitken Spence Hotels". The Sunday Times. Wijeya Newspapers. 6 May 2006. Retrieved 24 January 2023.
  5. "Aitken Spence enters ME Hospitality Industry". Sunday Observer. Associated Newspapers of Ceylon Limited. 10 February 2008. Retrieved 24 January 2023.
  6. "Aitken Spence records Rs 2.08b net profit". Sunday Observer. Associated Newspapers of Ceylon Limited. 13 June 2010. Retrieved 24 January 2023.
  7. "Sri Lankan Conglomerate joins up with Spanish chain to start new hotel in Ahungalla under BOI". adaderana.lk. Ada Derana. 27 June 2014. Retrieved 24 January 2023.
  8. "Aitken Spence launches Turyaa by Heritance at World Travel Market". Daily FT. Wijeya Newspapers. 7 November 2015. Retrieved 24 January 2023.
  9. "Sri Lanka's Aitken Spence to buy Oman's Al Falaj Hotel". Economy Next. Echelon Media (Pvt) Ltd. 27 January 2016. Retrieved 24 January 2023.
  10. Sirimane, Shirajiv (23 March 2016). "Heritance Negombo opens on April 2 with Rs 5 bn investment". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 24 January 2023.
  11. "RIU Hotel Ahungalle". Life Online. Wijeya Newspapers. 20 December 2016. Retrieved 24 January 2023.
  12. "Spence sells Hilltop in Kandy for Rs. 740 m". Daily FT. Wijeya Newspapers. 25 September 2017. Retrieved 24 January 2023.
  13. "The Luxe Life". Travel + Leisure. 4 October 2019. Retrieved 24 January 2023 – via PressReader.
  14. "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 76. Retrieved 24 January 2023.
  15. Weerasuriya, Sanath (19 March 2021). "Earl's Regency, Kandy". Daily Mirror. Wijeya Newspapers. Retrieved 24 January 2023 – via PressReader.
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