Interview with Ms. Stasshani Jayawardena (Chairperson / Chairman) and Mr. Susith Jayawickrama (Managing Director), Aitken Spence Hotel Holdings PLC

21 Oct Interview with Ms. Stasshani Jayawardena (Chairperson / Chairman) and Mr. Susith Jayawickrama (Managing Director), Aitken Spence Hotel Holdings PLC

Evolution of Aitken Spence Hotels: History & Growth Trajectory including its expansion and difference in managed vs owned properties.

Aitken Spence Hotels has a rich legacy that spans over five decades and, as an organisation, has been a pioneering force in Sri Lanka’s hospitality industry. Today, we operate 19 properties across four countries: in Sri Lanka, the Maldives, India, and Oman, with an inventory exceeding 2,600 rooms. This makes us the Sri Lankan hotel group with the single largest international footprint.

Our journey began with the Neptune Hotel in 1974, now known as Heritance Ayurveda Resort and continued with Sri Lanka’s first five-star resort, the iconic Hotel Triton, now Heritance Ahungalla; both designed by the legendary architect Geoffrey Bawa. In the years since, we have gone on to develop two of the country’s most architecturally and environmentally significant properties: Heritance Kandalama and Heritance Tea Factory. Both of these properties have become architectural and cultural landmarks in their own right, showcasing our commitment to building unique, iconic properties rather than acquiring existing ones; a strategy that continues to set us apart.

Nearly 30 years ago, conflict in Sri Lanka prompted us to begin looking beyond our borders, and we made the strategic decision to invest in the Maldives. That move proved pivotal and today our Maldivian portfolio includes several iconic resorts under the Adaaran brand. Of particular note is our flagship Heritance Aarah, which was launched in 2019 as our first Heritance-branded property overseas.

In 2008, we entered the Oman market with a hotel management contract and later acquired the Al Falaj Hotel in 2016. We now operate one owned and two managed properties in Oman. In India, we were the first Sri Lankan hotel company to venture into overseas hotel management, starting in New Delhi. That experience laid the groundwork for the acquisition of our own hotel, Turyaa Chennai, in 2015. Located in the heart of the city’s booming IT corridor, the property has just celebrated 10 successful years in operation.

Across our portfolio, we seek to maintain a balance between owned and managed properties (15 owned and 4 managed); a strategy which has allowed us to remain asset-strong while also benefiting from flexible, scalable expansion through management contracts. Our flagship brand, Heritance Hotels & Resorts, reflects the pinnacle of our hospitality philosophy, and is complemented by our Adaaran brand in the Maldives and the Turyaa brand in India and Sri Lanka.

I believe that our growth has always been rooted in a commitment to authenticity, sustainable practices, and a deep respect for local culture and heritage. Beyond financial and geographical expansion, our impact is reflected in our people. For instance, at Heritance Kandalama, we source our produce locally, and 60% of the hotel’s exceptional team is employed from within a 20km radius, underlining our emphasis on regional economic development, and community upliftment through tourism.

Today, Aitken Spence Hotels stands as the Sri Lankan hotel group with the largest international presence, thanks to strategic investments, operational excellence, and a clear vision of what hospitality should mean in an evolving global context.

Landmark Projects & Key Achievements over the years in the hotel/resort portfolio.

I am particularly proud of Aitken Spence Hotels’ legacy as a pioneer in the tourism industry. We have continued to set benchmarks in the sector, from embedding internationally recognised sustainability practices in Sri Lankan operations, to being the first Sri Lankan hospitality Group to expand overseas. Today, we are, in fact, still the only Sri Lankan Hotels group to have an overseas footprint outside of the Maldives.

In Sri Lanka itself, if you look at a property like Heritance Kandalama, which last year celebrated 30 years as a global icon of sustainable hospitality, not only is it the world’s first LEED-certified hotel outside of the USA, it is also Asia’s first Green Globe 21 Certified hotel. Heritance Kandalama was also awarded Gold under the Climate Adaptation and Resilience category at the ICRT Indian Subcontinent Responsible Tourism Awards this year, held in New Delhi, reaffirming our commitment to responsible practices.

These are principles that have sought to embed across our properties. Heritance Aarah, for instance, is the first LEED-certified building in the Maldives and has been recognised by both Forbes and TripAdvisor; a resort that has won global acclaim for its all-inclusive, premium offering. In turn, the managed Rainforest Ecolodge was awarded the first LEED Platinum Certificate in Sri Lanka (the fourth in Asia, and fifth in the world).

More recently, our hotels have won multiple awards at the South Asian Travel Awards 2025. Heritance Ayurveda was awarded the Leading Wellness & Spa Hotel and Adaaran Club Rannalhi was recognised as the Leading Dive Hotel / Resort.

Each property whether in Sri Lanka, or the other three countries in which we operate, is a testament to our philosophy: blending world-class hospitality with local heritage.

Upcoming Initiatives & Strategic Priorities (new openings, refurbishments, market expansion).

We’re currently undertaking a series of strategic investments across our portfolio, focusing on both new developments and significant refurbishments of some of our most iconic properties. These transformations are designed not just to elevate the aesthetics, but to enhance overall guest experiences while aligning with evolving expectations around sustainability, wellness, and digital connectivity.

A key focus for us is also workforce development, especially when it comes to creating safe, inclusive environments for all our team members. For instance, we’ve recently invested in upgrading staff accommodation at properties like Heritance Kandalama, including dedicated, purpose-built facilities for our female staff. This is part of a broader effort to empower women to confidently pursue careers in hospitality, particularly in more remote regions.

Geographically, we’re looking to expand our footprint further into South Asia and the Middle East; markets where we see a growing demand for high-quality, experience-driven hospitality. While our physical expansion continues, we’re also investing heavily in digital infrastructure, creating seamless, intuitive touchpoints for our guests before, during, and after their stay.

Another important strategic priority is the continued development of the Aitken Spence Hotels Academy; a training institution we established to nurture world-class hospitality talent. Developed in partnership with the TUI Care Foundation, this collaboration highlights our global credibility and significantly strengthens our ESG profile. By benchmarking our talent pipeline against international standards, we’re ensuring that we stay relevant to both global investors and the increasingly discerning global traveller.

Domestically, our growth strategy is becoming increasingly curated. Rather than focusing solely on scale, we are now targeting niche segments, offering highly customised, culturally rich experiences that celebrate the true essence of Sri Lanka. These include potential strategic investments and product development initiatives that bring synergy to our operations while unlocking new value in underexplored areas of the market.

In every initiative, our focus remains consistent: to deliver exceptional, authentic experiences while embracing innovation, empowering people, and contributing meaningfully to the communities and markets we serve.

Digital Transformation & Innovation in guest experience, operations & sustainability.

At Aitken Spence Hotels, digitisation is key to our operational strategy, and we have made progressive steps towards implementing a comprehensive digital infrastructure, creating a unified digital strategy for bookings and guest engagement.

Leveraging data analytics to enhance guest experience and operational agility is critical to creating a future ready organisation. But technology can also be harnessed to enhance service offerings without replacing our staff, implementing advancements in digitisation to develop talent and guide career progression, especially for technologically fluent younger generations.

However, it is key that we balance technology with authentic experiences, using digital tools to educate guests on sustainability and the values we uphold, creating meaningful connections with both people and nature. While we emphasise marketing and customer data analysis through digital technology, at our resorts guest interaction remains key. City properties differ from resorts, where personal engagement remains central.

Equally important is our commitment to safeguarding digital privacy and data security, ensuring that guest information is protected to the highest of standards. As we embrace innovation, maintaining trust through transparent and robust data protection measures is essential to uphold the confidence our guests place in us.

Sustainability & Environmental Responsibility (e.g. green building standards, eco-tourism, energy efficiency).

Sustainability isn’t just a part of our strategy. I think it reflects who we are as an organisation. It began with Heritance Kandalama, a property that has become symbolic of sustainable hospitality in Sri Lanka and beyond. We are proud to have catalysed what has become a sustainability movement within the Sri Lankan private sector. For us, this is not a trend; it’s a long-standing commitment to turning principle into action.

As part of our future roadmap, we have pledged to meet 12% of our direct energy requirements through renewables by 2030, and I’m pleased to share that we’ve already achieved 5% of that target. In the Maldives, all of our resorts have successfully eliminated single-use plastics and installed on-site glass bottling plants, showcasing our commitment to operational sustainability, even in the most remote locations.

In 2024/25, we invested over LKR 7 million in environmental initiatives, recycled 100% of wastewater, and preserved more than 211 acres of forest. These aren’t one-off efforts, they’re part of a deeply embedded strategy aligned with our parent company’s Net Zero ambition for 2030.

Each of our hotels champion our core sustainability pillars: eco-tourism, biodiversity conservation, and community empowerment. A decentralised, place-based approach ensures that our efforts are both authentic and effective.

We were also early adopters of LEED certification, long before it became industry standard, demonstrating our foresight and commitment to green building practices. Today, energy efficiency, digitalisation, and waste reduction are integrated across our operations. More importantly, we actively engage and encourage our partners to adopt similar sustainable practices, multiplying our impact across the hospitality value chain.

In conjunction with our hotels, Aitken Spence Travels has prioritised sustainability as the foundation of our operating model. As Sri Lanka’s first and only DMC to be Travelife Certified, we integrate responsible tourism principles throughout the guest journey. Our aim is to create shared value, where travel benefits not only our visitors but also local communities, ecosystems, and future generations.

Our long-term vision embraces regenerative tourism, with key focus areas that include:

• Net Zero emissions by 2030, driven by renewable energy integration and sustainable mobility.
• Empowering women and local entrepreneurs, integrating them into our supply chains to drive inclusive economic growth.
• Biodiversity conservation through programs like Green Paws, which supports leopard conservation in Sri Lanka’s central highlands, and partnerships with the Department of Wildlife.
• Investing in education and youth, through career guidance, volunteering, and skill development that ensures the next generation is future-fit and globally competitive.

Ultimately, we believe that sustainability and world-class hospitality are not mutually exclusive. By placing the planet and people at the heart of our business, we aim to set a benchmark for responsible tourism in the region and inspire others to follow.

Investment Opportunities & Growth Potential for growth in Sri Lanka and abroad under current global tourism recovery.

Sri Lanka is firmly on the path to a strong tourism revival; one that I believe presents a timely and compelling opportunity for strategic investment. At Aitken Spence Hotels, we offer U.S. and global investors a well-established gateway into some of South Asia’s most promising and resilient hospitality markets. With a diversified portfolio, a history of operational excellence, and a solid framework of corporate governance, we are ideally positioned to deliver sustainable, long-term value in a rapidly evolving tourism landscape.

The momentum in Sri Lanka’s tourism sector is undeniable. In 2024, international arrivals grew by 38% to reach 2 million visitors; a marked increase on the previous year which saw a 106% growth on the year before, as the country underwent a period of political and economic restoration.

In the first seven months of 2025 alone, Sri Lanka welcomed 1.37 million international visitors, generating over USD 2 billion in tourism earnings, up 7.8% year-on-year (YoY) compared to the same period last year.

Our top source markets—India, the UK, Russia, Germany, and China—remain strong, while we’re also seeing significant growth from markets such as Bangladesh, the Netherlands, Poland, France, and the Americas. This diversification points to a broadening appeal and a clear potential for further expansion.

What’s particularly exciting is that the current recovery is not simply about returning to pre-pandemic volumes; it is about reimagining the tourism offering itself. Sri Lanka is now positioning itself as a premium, year-round destination, with demand growing for differentiated experiences that go beyond the traditional sun-and-sand model. This shift opens up a host of opportunities for investment, including new hotel developments in emerging destinations, the refurbishment and repositioning of existing properties, and the creation of integrated leisure and wellness projects that align with global travel trends.

There is also strong potential in adjacent sectors that support tourism growth, such as cruise and MICE (Meetings, Incentives, Conferences and Exhibitions) infrastructure, improvements to air connectivity and transport services, and the development of digital travel platforms to support more seamless, tech-enabled guest experiences. These areas are essential for building a future-ready tourism ecosystem.

Our international presence in the Maldives, Oman, and India further strengthens our ability to attract and facilitate investment, particularly for partners looking to expand their footprint across multiple markets in the region. With our regional experience, brand credibility, and longstanding relationships, Aitken Spence Hotels is uniquely positioned to support investors in navigating these diverse and high-potential landscapes.

For those seeking a stable, scalable, and sustainability-aligned platform in the global tourism sector, Aitken Spence Hotels represents not just a business opportunity, but a strategic partnership in unlocking growth and value for the long term.

Relations with international investors / partners, global outlook, and the group’s strategy in working with U.S. or foreign stakeholders.

Aitken Spence Hotels is built on a foundation of long-standing, trusted partnerships with some of the most recognised global brands. We’ve cultivated strategic relationships with industry leaders such as TUI, OTIS, RIU, Western Union, Lloyds of London, Hapag Lloyd, and Singapore Airlines, many of which have endured for over 30, or even 50, years. These alliances are not simply transactional; they are built on shared values, mutual respect, and a consistent delivery of excellence across borders and sectors.

We place immense value on our international partners and remain open to meaningful collaborations that drive mutual growth. Our global outlook is both ambitious and pragmatic, rooted in leveraging our diversified hospitality portfolio across Sri Lanka, the Maldives, Oman, and India, while aligning with partners who share our vision for sustainable, experience-driven tourism.

In regard to the U.S., it of course remains a key strategic focus for us. We see the Americas as a region with tremendous potential, not only in terms of visitor numbers, but also in the quality of partnerships that can be fostered. Our aim is to deepen our collaborations with U.S. stakeholders, whether through investment, travel consortiums, or industry networks, to co-create premium, high-quality hospitality experiences that reflect global standards while preserving local authenticity. Ideally, U.S. investors will join us in shaping the future of sustainable tourism in South Asia, where the demand for experiential, eco-conscious travel continues to grow.

Globally, our strategy is proactive and forward-looking. We actively identify emerging markets and align with stakeholders abroad to innovate and scale. This includes building relationships with global travel leaders, tech platforms, and development partners to strengthen our competitive edge. Our offerings are designed to be both scalable and responsive, meeting the needs of modern travellers while delivering long-term returns for our partners.

It’s also important to understand our strength in context. Aitken Spence Hotels is part of Aitken Spence PLC, a diversified conglomerate that recently celebrated its 157th anniversary; a legacy few companies in the region can match. As a Group, we are deeply committed to global development priorities and have long been aligned with global governance frameworks. We were the first Sri Lankan conglomerate to commit to the Science Based Targets initiative, and among the first in the world to sign the Women’s Empowerment Principles (WEPs). We’ve also been a signatory to the UN Global Compact for over two decades, dating back to 2002.

This commitment to sustainability and ethical governance isn’t just rhetoric. We are the only Sri Lankan company to have been ranked among the Top Ten Corporate Citizens for an unparalleled 19 consecutive years, consistently upholding environmental, economic, and social responsibility through periods of both growth and adversity.

Our integrated tourism model offers another unique advantage to global partners. Through Aitken Spence Travels, Sri Lanka’s largest destination management company, tourists can seamlessly experience multiple destinations across Sri Lanka, the Maldives, Oman, and India, all within a single network. Whether they are leisure travellers, MICE delegates, or cruise tourists, we can facilitate a connected, high-quality experience across borders. And through our broader business ecosystem, services like freight forwarding and courier logistics allow us to extend that same efficiency to expats and residents who require global connectivity.

There’s also something to be said about the destination itself. Sri Lanka punches well above its weight in terms of biodiversity, cultural depth, and natural variety. A traveller can witness four distinct types of forests, spot elephants or leopards by the roadside, and pass through landscapes that transform dramatically every few hours, each rich in history, ecology, and authenticity.

We see it as our responsibility, as a tourism service provider and industry leader, to ensure that these experiences are preserved and enhanced through sustainable practices. That means engaging local suppliers, collaborating with regulators on conservation, investing in renewable energy, and aligning with international standards to benchmark our progress.

Ultimately, we believe that the future of tourism lies in responsible, inclusive, and regenerative models, and we are proud to invite international stakeholders, especially those from the U.S., to be part of this journey.