Shangri-La Asia marked its 50th anniversary year with its Sri Lankan operations leading the group in revenue growth, driven by exceptional performances at its Colombo and Hambantota hotels and a return to profitability in its investment-property portfolio.
In 2024, the group’s two Sri Lanka hotels recorded consolidated revenues of US $40.5 million (Rs 12.102 billion), a 22 percent increase over the US $33.2 million posted in 2023. Despite this uplift, the hotels division registered a loss of US $2 million—marginally higher than the US $1.9 million loss a year earlier—as average occupancy rose to 39 percent and the average daily room rate climbed to US $162 (from US $146 in 2023), yielding a RevPAR of US $64. At 500 rooms, Shangri-La Colombo and its 274-room sister property in Hambantota now command room rates above regional peers (Malaysia’s average ADR is US $134 with RevPAR of US $89), underscoring Sri Lanka’s improving market position.
Colombo and Hambantota outperformed every other Shangri-La Asia destination in 2024, surpassing Hong Kong’s 5.8 percent revenue rise to US $321.9 million, the Chinese mainland’s 6.7 percent decline to US $655.2 million, and growth in Singapore, Malaysia and the Philippines (16 percent), as well as in Japan, Thailand, France, Australia, the UK, Mongolia and elsewhere.
On the real-estate side, Sri Lanka’s investment properties—which include the seven-storey One Galle Face shopping mall, apartments and office space—returned to profit with US $5.2 million (Rs 1.553 billion) in 2024, reversing a US $1 million loss in 2023. Revenues for these assets climbed 32.4 percent to US $24.5 million from US $18.5 million, the strongest growth among all regions. Rents average US $21–25 per square metre per month (Rs 6,275–7,470), with occupancy levels of 85–90 percent. Group-wide, investment-property revenues rose 16.2 percent to US $125.8 million, buoyed by strong showings in Sri Lanka and Mongolia and additional income from Shangri-La Centre in Fuzhou, China.
Subsidiaries’ property-development sales also gained traction, generating US $2.3 million—up 43.8 percent from US $1.6 million in 2023. At year-end, Sri Lanka hotel assets were valued at US $146.6 million (2023: US $109.6 million), investment properties at US $191.0 million (2023: US $203.4 million) and properties for sale at US $19.548 million (2023: US $18.347 million), including land costs.
For the group as a whole, 2024 revenue edged down 4.2 percent to US $2.1854 billion, while profit fell 12.3 percent to US $161.4 million (2023: US $184.1 million). Hotel profits dropped to US $70.0 million (2023: US $96.6 million), even as investment-property earnings rose to US $199.9 million from US $185.3 million. An exceptional foreign-exchange gain of US $11.2 million—stemming from Sri Lankan-rupee appreciation—was recorded, compared with US $29.9 million in 2023.
Shangri-La Asia, incorporated in Bermuda and chaired by Kuok Hui Kwong (47), reported her 2024 salary at US $666,000 within total cash remuneration of US $2.11 million. The company remains majority-owned by Malaysian founder Kuok Hock Nien’s Kerry Group (50.189 percent) alongside significant holdings by Kerry Holdings Limited. Over the past twelve months, the stock has declined 22.53 percent, closing at HK $4.47 on Friday for a market capitalization of HK $16.10 billion.
To celebrate its golden anniversary, Shangri-La Asia transformed the 45th floor of Island Shangri-La in Hong Kong into 21 luxury themed rooms and suites, and continues to showcase its Michelin-starred dining at Petrus, Summer Palace and Shang Palace—reinforcing the group’s commitment to elevating guest experiences across its portfolio.
