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Hunas Falls Hotel

Hunas Falls Hotel
Scenery from the garden of the hotel
Map
General information
TypeHotel
Architectural styleMid-century modern
Town or cityElkaduwa
CountrySri Lanka
Coordinates7°24′04.0″N 80°41′27.0″E / 7.401111°N 80.690833°E / 7.401111; 80.690833
Opened1971
OwnerHunas Holdings PLC
Design and construction
Architect(s)Selvaratnam and Perera
Other information
Number of rooms28
Number of suites3
Number of restaurants2
Website
www.hunasfallshotelkandy.com
Company
FormerlyHunas Falls Hotels PLC
Company typePublic
CSE: HUNA.N0000
ISINLK0210N00001
Key people
Dhanuka Samarasinghe (Chairman)
RevenueIncrease LKR906 million (2023)
Increase LKR(411) million (2023)
Total assetsIncrease LKR5,550 million (2023)
Total equityIncrease LKR2,500 million (2023)
ParentSerenity Lake Leisure (Pvt) Ltd
Footnotes / references
[1]

Hunas Falls Hotel is a boutique hotel in Elkaduwa, Sri Lanka. The hotel is located about 23 kilometres (14 mi) from Matale and about 24 kilometres (15 mi) from Kandy, in Matale District. Eponymous Hunnas Falls is located on the grounds of the hotel. Hunas Holdings PLC (formerly known as Hunas Falls Hotels PLC) is the owner and operator of the hotel. Hunas Falls Hotel opened in 1971 with prime minister Sirimavo Bandaranaike in attendance. The government took control of the hotel in 1976 from Colombo Commercial Company. Subsequently, the hotel was privatised in 1991 and a Hayleys-Jetwing joint venture acquired a controlling stake. Hunas Falls Hotels Ltd was listed on the Colombo Stock Exchange in 1993. Jetwing managed the Hunas Falls Hotel under its brand name. When Hayleys acquired Amaya Leisure, Amaya assumed the management of the hotel.

In 2019, Hayleys received an offer from Serenity Lake Leisure, a Japanese investment company, to buy the hotel. Hayleys accepted the offer which was valued at LKR700 million at LKR187 per share. Hunas Falls Hotels PLC changed its name to Hunas Holdings in February 2022. In 2023, the company signed an agreement with Azotels to develop high-end villas and management of the hotel. The hotel has 28 rooms and three suites. The amenities of the hotel include a six-hole golf course.

History

Hunas Falls Hotel commenced operations in 1971. Prime minister Sirimavo Bandaranaike attended the opening ceremony.[2] The hotel and Hunasgiriya Estate were taken over by the Government of Sri Lanka in 1976 from Colombo Commercial Company.[3] Hunas Falls Hotel was privatized in 1991 for LKR12 million. Corporate investors allotted 60% of the stake of shares, while the public issue of shares was 30%.[4] A Hayleys-Jetwing joint venture acquired the majority of the stake. The hotel company was listed on the Colombo Stock Exchange in 1993.[3]

Following the acquisition, Jetwing managed Hunas Falls Hotel under its hotel brand.[5] In 2009, Hayleys increased its stake in the hotel to 50.1% from 46.9%. In the same year, Hayleys divested its stakes in the Lighthouse Hotel, Vil Uyana and Seashells Hotel (currently known as Jetwing Sea) while acquiring a controlling stake in the Ceylon Continental Hotel.[6] After Hayleys acquired Amaya Leisure, Amaya took over the management of Hunas Falls Hotel.[7]

In January 2019, Hunas Falls Hotels PLC announced that the company had received an offer from a prospective buyer to purchase its whole 66.2% shareholding. At the time, Carbotels, a wholly-owned subsidiary of Hayleys, held 50.22% of the stake, and Amaya Leisure held 15.98%. In light of the announcement, the share price of the company reached a record high.[8] A few days later, the company announced it had accepted the offer and signed a sale and purchase agreement with Serenity Lake Leisure, a Japanese investment company. The value of the transaction was almost LKR700 million at LKR187 per share.[9]

Hunas Holdings

Serenity Lake Leisure Ltd transferred LKR4.25 billion in assets to Hunas Falls Hotels PLC in December 2021. The share transfer consisted of 11 entities, including seven controlling stakes. Hydropower plants, plantation companies and hotels, including the Boulder Garden Hotel, were among the transferred entities.[10] Hunas Hotels PLC changed its name to Hunas Holdings PLC on 7 February 2022.[11] In March 2023, Hunas Holdings announced that its fully owned subsidiary Hunas Falls Hotels Pvt Ltd agreed with Adrian Zecha-led Azotels to develop and manage the Hunas Falls Hotel. The agreement was to develop high-end villas on the land next to the hotel.[12] The company signed an agreement with Board of Investment of Sri Lanka to invest US$12 million for a facelift of the hotel.[13]

Amenities

The road to the hotel runs through tea plantations. Hunas Falls Hotel is situated at 1,097 metres (3,599 ft) above sea level. The hotel has 28 rooms and three suites. The Katsura Suite is decorated in Japanese style and the Highlander Suite is influenced by Scottish decor.[2] The hotel has a swimming pool, a herbal health centre, and a clubroom for teenagers.[14] The firm Selvaratnam and Perera is the architects of the hotel. The hotel's architecture is described as a planer form of the classic modern movement of aesthetics.[15] The hotel also has a six-hole golf course.[16]

See also

References

  1. ^ "Annual Report 2022/23" (PDF). cse.lk. Hunas Holdings PLC. Retrieved 18 December 2023.
  2. ^ a b Pradeepa, Ganga (21 November 2008). "Where the mist will take you unawares". Daily News. Retrieved 18 December 2023.
  3. ^ a b Jansz, Beverley (13 January 2002). "Hunas Falls - a paradise on the misty mountains". The Sunday Times. Retrieved 16 December 2023.
  4. ^ Ramanadham, V. V. (1995). Privatization and Equity. Routledge. p. 176. ISBN 978-1-134-81407-7. Retrieved 16 December 2023.
  5. ^ "Jetwing hotels is the story of Herbert Cooray, one of Sri Lanka's pioneers in tourism". The Sunday Times. 11 July 2003. Retrieved 17 December 2023.
  6. ^ "Annual Report 2009/10" (PDF). Hayleys PLC. 2010. pp. 6, 25. Retrieved 17 December 2023.
  7. ^ "Hayleys-controlled, Amaya Leisure embarks on expansion". The Sunday Times. 11 March 2012. Retrieved 17 December 2023.
  8. ^ "Hunas Falls up for sale; prospective buyer to carry out due diligence". Daily Mirror. 8 January 2019. Retrieved 17 December 2023.
  9. ^ "Japan's Serenity Lake Leisure to buy control of Hunas Falls for Rs.700mn". Daily Mirror. 14 January 2019. Retrieved 17 December 2023.
  10. ^ "Hunas Falls to get Rs.4.2bn capital boost from parent". Daily Mirror. 27 December 2021. Retrieved 17 December 2023.
  11. ^ "Hunas Holdings PLC - Name change certificate corporate disclosure" (PDF). cse.lk. Hunas Holdings PLC. Retrieved 17 December 2023.
  12. ^ "Azotels to develop Hunas Falls as luxury hotel with villas". Daily Mirror. 28 March 2023. Retrieved 17 December 2023.
  13. ^ "Sri Lanka's Hunas Falls to invest US$12mn to refurbish hotel". EconomyNext. 20 August 2023. Retrieved 17 December 2023.
  14. ^ Ellis, Royston (2011). Sri Lanka. Bradt Travel Guides. p. 109. ISBN 978-1-84162-346-7. Retrieved 18 December 2023.
  15. ^ Daswatte, Channa (1997). "The architecture of paradise" (PDF). SLA Journal. 101 (20): 19. Retrieved 18 December 2023.
  16. ^ Ellis, Royston (14 September 1997). "Chance to pretend!". The Sunday Times. Retrieved 16 December 2023.
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