Marriott chain eyes Colombo
Shirajiv SIRIMANE
Marriott International operating more than 2,800 hotels and resorts
around the world is looking at opportunities to invest in Sri Lanka.
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General Manager Cinnamon Grand Rohn Karr welcoming Ed Fuller. |
President and Managing Director, Marriott, Ed Fuller who was in
Colombo to attend the PATA Board meeting in an exclusive interview with
Daily News Business said they already have over 20 hotels under their
portfolio in India.
“The group will be embarking on more projects in India,” he said.
The Marriott group for their roll out plan in India will also need
hotels in Colombo.
“This is why we are looking at managing hotels in Colombo once again.
Sri Lanka once again is a bright spot in our horizons,” he said.
The group was already in Sri Lanka a few years ago and pulled out
since the hotel they were managing did not want to expand according to
their plan. Marriott International is planning rapid global growth in
the next three years, particularly in the key corporate travel markets
of China and India, across most of its major brands.
By 2010, Marriott expects to have 500 hotels open internationally.
The chain currently has about 350 hotels outside the United States,
compared with only 16 non-U.S. hotels in 1991.
The company expects investment spending in 2008 to total US $ 1.1
billion to US $ 1.2 billion, including US $ 60 million for maintenance
capital spending, US $ 525 million to US $ 575 million for capital
expenditures and acquisitions US $ 175 million to US $ 200 million for
timeshare development, US $ 15 million to US $ 25 million in new
mezzanine financing and mortgage loans for hotels developed by owners
and franchisees.
Fuller said that they are also increasing their portfolio in China
and are looking to manage 50 hotels by the end of 2010.
Commenting on Sri Lanka as a destination he said that it has good
potential, which is yet to be fully utilised.
He was full of praise for the newly built Colombo airport and said
that it was of international standard. “However infrastructure such as
the roads has to improve,” he said.
Asked about the quality of hotels he said that they too are
satisfactory. “The Cinnamon Grand is one example for that,” he said.
Fuller also said that the Sri Lankan staff too are of high standard
and this was very encouraging for the industry.
In 2007, Marriott International reported sales from continuing
operations of US $ 13 billion. |
