Hospitality Industry In Sri LankaCompanies (2024 - 2029)

Hospitality Industry In Sri Lanka Companies Summary

The hospitality industry in Sri Lanka is an essential part of the nation's culture and economy, with a wide variety of offerings ranging from resorts, city hotels, boutique hotels, homestays, camping sites, and restaurants. The industry is a major contributor to the tourism sector, which is the third largest source of revenue for the country. Major international hotel chains have established their presence in the country, and more are expected to set up operations in the future. The industry is influenced by various factors including political instability, economic conditions, social issues, technological developments, environmental considerations, and the legal framework. In recent years, Sri Lanka's tourism-dependent economy has faced several crises, including the coronavirus pandemic and the 2019 Easter Sunday terror attacks, which led to a significant decrease in pre-bookings. However, the government has been actively working with the hospitality industry to revive tourism and stimulate the economy. Initiatives such as the 'Tourism Bio Bubble' operation and the introduction of a mobile app aimed at improving the safety of international tourists have been globally recognized. The country's growing middle class, rising levels of disposable income, and increasing interest in travel among millennials are also driving the growth of the hospitality industry. The upcoming Asia Cup 2023 matches to be hosted by the country are expected to significantly boost demand for hotels in the cities where the tournaments will be held.