Earnings of hospitality industry double
FHM Humayan Kabir
The capital’s hospitality industry has almost doubled in size and earnings over the last four years, thanks to the addition of a few new five-star hotels, officials said Wednesday.
The luxury hotels in Dhaka have earned Tk 1.18 billion revenue as room rent in calendar year 2007 while it was Tk 577.29 million four years back in 2004, a top official of a five star hotel told the FE.
“The hospitality industry is expected to go to a new heights as four five star hotels in Dhaka earned TK 1.312 billion in the first three quarters of the current year 2008, up by Tk 140 million from the 12-month earnings of 2007,” he said.
Bangladesh’s four five-star hotels -Pan Pacific Sonargaon, Dhaka Sheraton, Radisson Water Garden and The Westin – are situated in the capital.
Foreign businessmen, ready-made garment buyers in particular, have contributed to the growth of the hospitality industry.
The four five-star hotels earned Tk 970.42 million in 2006 and Tk 717.69 million in 2005.
“We are optimistic that the hospitality industry in Bangladesh will flourish further in the coming days as the country’s economy is growing fast with the increased flow of tourists and businessmen to the country,” said director (sales and marketing) of the Westin hotel ATM Hafizullah.
He said: “Businessmen around the world are gradually choosing Bangladesh as one of the lucrative places for investment. This is helping the hospitality industry to reach a new height.”
The occupancy rate of the newly set up Radisson Water Garden and The Westin is higher than their older counterparts — the Pan Pacific Sonargaon and the Dhaka Sheraton, an official of the Radisson hotel said requesting anonymity.
He said the newly started Dhaka’s Radisson hotel’s occupancy rate was 81 per cent during January-September period this year followed by 70 per cent of the Westin, 69 per cent of Dhaka Sheraton and 37 per cent of Sonargaon hotel.
“The winter season is the peak time for tourists flow. We expect more revenue earnings during the last quarter (October-December) than that of any other previous quarters of current year 2008,” the official said.
“I hope the revenue earnings will cross Tk 1.5 billion in 2008. It will be history for the country,” he said.
In the first three quarters (January-September) of 2008, the Westin hotel earned highest Tk 454 million as room rent revenue, followed by the Radisson Tk 402 million, Sheraton Tk 272 million and the Sonargaon Tk 184 million.