The pricing policy for Colombo hotels effective since August 2023 to upgrade city room rates will be terminated on May 31, 2024, now that its objectives have been met.
Tourism minister Harin Fernando told reporters that the Minimum Room Rate (MRR) for hotels in Sri Lanka’s capital has successfully raised room rates by 33 per cent.
“Occupancy levels have also increased from 46 per cent to near 70 per cent, hence it is believed the industry is now mature enough to continue (business based on market forces) from this stage,” he explained.
The MRR, which drew widespread protests from travel agents and event promoters last year, was promoted by the Hotels Association of Sri Lanka.
