Business

Launching in Kandy of SL’s first seven-star hotel, valued at Rs. 9 billion

Published

1 year ago

2024/12/10

Sahan Weerasooriya

Dignitaries at the launch of the hotel.

By Ifham Nizam

Sri Lanka is poised to make history with the opening of its first seven-star hotel, Aviyana’s Private Chalets, in Kandy. The brainchild of Dr. Indika Hewawasam, the estimated Rs. nine billion project is set to elevate the island nation’s appeal as a premier destination for high-end travelers.

The first stage of this ambitious project, featuring 12 private chalets, is scheduled to welcome guests in May 2025.

Ambasevana Group of Companies chairman cum chairman Aviyana Private Chalet (Pvt) Ltd. Dr. Hewawasam, unveiled his vision last Thursday when he spoke to journalists at Cinnamon Life.

Highlighting the unparalleled features of the project, he stressed that the complex will boast 50 swimming pools, making it a standout in the region. “This is not just a hotel; it’s an experience. Our goal is to position Sri Lanka as a leading destination for luxury travel, attracting billionaires and global celebrities,” said the youthful chairman.

Hewawasam who is passionate about nature said that chalets were built on an 18-acre property in the scenic Knuckles Mountain Range, stressing the hotel aims to blend opulence with nature.

“Each chalet will offer unmatched privacy and breathtaking views of the region’s lush landscapes, catering to discerning travelers seeking tranquility and exclusivity, he said.

The project, with an estimated cost of Rs. 9 billion, has already seen an investment of Rs. 7 billion, with construction 70% complete. More than 300 workers are currently engaged in bringing this vision to life.

Hewawasam projects an annual contribution of USD 500 million to Sri Lanka’s tourism revenue, underlining the untapped potential of the country’s luxury travel segment.

“Our marketing campaign will position these chalets at a starting rate of USD 1,000 per night. This not only sets a new benchmark in Sri Lankan hospitality but also aligns with the growing demand for premium travel experiences, Hewawasam added.

Aviyana’s Private Chalets also offers a lucrative proposition for investors. Villas are priced at approximately Rs. 180 million, with pre-purchase options currently available.

He guarantees one of the highest returns on investment (ROI) in the market, with all tenant and maintenance responsibilities managed by the hotel’s dedicated team.

“We’ve deliberately chosen to keep ownership exclusive, involving a select group of local professionals and foreigners. This ensures the integrity and high standards of the project, he explained, addressing queries about the decision to avoid raising funds through the stock market.

Aviyana’s Private Chalets Director Operations Shezad Hameed said that to enhance the guest experience, Aviyana’s Private Chalets will bring in world-class chefs, wellness professionals, and service staff. The goal is to redefine luxury hospitality in the region, offering an unparalleled blend of comfort, privacy, and natural beauty.

As the project progresses towards its grand opening, he said that it stands as a testament to Sri Lanka’s potential to compete with global luxury destinations. By combining innovative design, strategic marketing, and a commitment to excellence, Aviyana’s Private Chalets is set to put Sri Lanka firmly on the map of elite travel destinations.

The Aviyana Hotel will be the eighth seven-star hotel globally, joining the ranks of renowned establishments like the Burj Al Arab in Dubai. Hewawasam stressed the importance of attracting high-net-worth international tourists and positioning Sri Lanka as a premier destination.

The Chairman also said that the project is also a testament to the country’s entrepreneurial spirit. Backed by 200 local professionals and select Sri Lankan investors, it showcases a self-reliant funding model without foreign loans. “The initiative is expected to boost the national GDP and create numerous employment opportunities, with plans for extensive collaborations with global chefs, designers, and service providers,” he added.

Aviyana’s innovative approach intertwines luxury with Sri Lanka’s rich cultural heritage. From incorporating traditional cuisine to sustainable practices, the hotel aims to offer an authentic experience. It also features the untapped potential of Sri Lanka’s tourism, which contributed only 5% to the GDP in 2018, despite its global appeal.

“With vision and perseverance, the impossible becomes achievable,” Hewawasam remarked, reflecting on the journey of conceptualizing and executing this landmark project.

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Business

Sri Lanka secures IMF staff-level deal for USD 700 million tranche

Published

4 hours ago

2026/04/10

Thilina Walpola

Sri Lanka has reached a staff-level agreement with the International Monetary Fund to secure the next tranche of funding under its ongoing bailout programme, marking a key step in the country’s fragile economic recovery.

The agreement, announced this week, will enable Sri Lanka to access approximately USD 700 million, subject to approval by the IMF Executive Board. The funds form part of the USD 2.9 billion Extended Fund Facility (EFF) programme agreed following the 2022 economic crisis.

The latest development covers the combined fifth and sixth reviews of Sri Lanka’s reform programme, indicating that the country has made sufficient progress to move forward, while highlighting the need to sustain reform efforts.

Sri Lanka’s economy has shown signs of stabilisation in recent months, supported by improved revenue collection, easing inflation, and a gradual buildup of foreign reserves. However, the recovery remains vulnerable to both domestic and external pressures.

By Ifham Nizam

Business

Israeli attack on Lebanon triggers local stock market volatility

Published

4 hours ago

2026/04/10

Thilina Walpola

Initially CSE trading was somewhat volatile despite the ceasefire in West Asia but it experienced further volatility after Israel attacked Lebanon yesterday.

However, the IMF delegation which is now in Sri Lanka to release two tranches of its relief package created some positive sentiments for the market, analysts said.

The All Share Price Index went down by 73.06 points, while the S and P SL20 rose by 10.57 points.

Turnover stood at Rs 2.96 billion with six crossings. Those crossings were: JKH 5.5 million shares crossed to the tune of Rs 807.6 million and its shares traded at Rs 19.70, CIC Holdings two million shares crossed for Rs 54 million; its shares traded at Rs 32, Access Engineering 600,000 shares crossed for Rs 44.4 million; its shares traded at Rs 74, Central Finance 116,000 shares crossed to the tune of Rs 27.5 million ; its shares sold at Rs 237, LMF 250,000 shares crossed for Rs 22.8 million; its shares fetched Rs 91.10 and Kelani Cables 200,000 shares crossed for Rs 21 million and its shares traded at Rs 105.

In the retail market seven companies that mainly contributed to the turnover were; Dialog Rs237 million (7.5 million shares traded), LMF Rs 203 million (22 million shares traded), Colombo Dockyard Rs 199.7 million (1.1 million shares traded), HBA Foods Rs 163 million (18.5 million shares traded), JKH Rs 156 million (7.8 million shares traded), JKH Rs 156 million (7.8 million shares traded), Softlogic Holdings Rs 117 million (9.6 million shares traded) and Acme Printers Rs 107 million (15.6 million shares traded). During the day 133.3 million share volumes changed hands in 23666 transactions.

It is said that manufacturing sector counters, like JKH, performed well, while food sector counters, especially LMF and HBA Foods, performed well. Other sectors too performed somewhat well during the day.

Yesterday the rupee was quoted a Rs 315.42/48 to the US dollar in the spot market from 315.30/40 the previous day, dealers said, while bond yields were quoted higher.

By Hiran H. Senewiratne

Business

HNB Assurance marks 25 years with strategic transformation to ‘HNB Life’

Published

4 hours ago

2026/04/10

Thilina Walpola

Highlights from the new brand reveal as HNB Assurance transforms into HNB Life

Marking 25 years of trust, growth, and service excellence, HNB Assurance PLC has unveiled its new corporate identity, transitioning to HNB Life PLC a strategic evolution that reflects the company’s forward-looking vision and commitment to empowering lives with protection and the freedom to thrive, no matter where life takes them.

This milestone signifies more than a change in name or visual identity. It represents a deliberate transformation shaped by strong performance over the past few years, during which the company has achieved remarkable growth, strengthened its market position and enhanced its customer-centric capabilities.

The newly introduced logo, inspired by the form of a wing, symbolises HNB Life’s role as a proactive enabler. It reflects the organisation’s commitment to supporting individuals in navigating life’s journey with confidence, empowering them to pursue their aspirations and live life on their own terms.

The official unveiling took place at a launch event attended by key stakeholders, strategic business partners, well-wishers and employees.

Addressing the gathering, Chairman, Stuart Chapman highlighted the significance of this transformation, stating, “As we mark 25 years of progress, the transition to HNB Life reflects our strategic intent to evolve with the changing needs of our customers and the broader market. This new identity embodies our purpose, to enable and empower individuals to achieve what they truly aspire to in life, with confidence and security. As a company we are extremely excited on what the future holds for as, as we build on an incredible foundation laid over the past two and a half decades.”

The new Vision of the Company is “To be the leader in empowering lives with protection and freedom to thrive, no matter where life takes them”.