Jetwing Hotels eyes strategic overseas growth amidst domestic heritage focus

By Nishel Fernando

Dimitri Cooray

Jetwing Hotels, one of Sri Lanka’s most iconic hospitality brands, has affirmed its long-term ambition for foreign expansion, even as its immediate strategy sharpens on the restoration and operation of historical buildings within Sri Lanka. 

This dual focus was revealed by Jetwing Hotels Managing Director Dimitri Cooray, who also emphasised the critical need for Sri Lanka’s tourism sector to prioritise “quality over quantity.”

Cooray recently detailed the company’s new strategic direction during a CAL Circle podcast, emphasising a notable shift towards heritage properties.

“At the moment, we are actively looking at how we can heritage some of Sri Lanka’s historic buildings or houses,” Cooray stated. Jetwing’s approach involves directly acquiring and investing in these properties, a strategy preferred over management contracts.

“The value for us is when you own the asset,” he explained, noting that while the initial purchase of dilapidated houses might be relatively inexpensive, the investment in restoration is substantial—often five to six times the buying price. The company has already successfully undertaken such projects in Ambepussa and Jaffna, with more in the pipeline for Galle and another location in Jaffna.

While the domestic heritage portfolio grows, the vision for international expansion remains on the horizon. Cooray revealed that Jetwing already maintains a discreet international footprint, operating a 23-room motel in Auckland, New Zealand, since 2007. 

“That is not branded Jetwing, but we have had it since 2007,” he noted, indicating a quiet but enduring presence abroad. “Eventually, we will look at expanding maybe, but currently our focus is to ensure that the local business is in good stead before we can expand.”

Cooray’s insights extended beyond Jetwing’s immediate plans to the broader state of Sri Lankan tourism. He candidly described Sri Lanka as a “five-star island with a three-star image,” attributing this disparity to a lack of proper planning and development guidelines. He advocated strongly for a shift in national tourism strategy.

 «Sri Lanka should be aiming for quality rather than quantity,» Cooray asserted, noting the island’s limited resources. “We need to ensure that we get high-spending clients rather than the volume. Of course, it’s important to have numbers, but we should focus more on the amount we earn per client rather than the number of heads who come through.”

Jetwing’s resilience during the challenging years between 2019 and 2023, marked by the Easter attacks and the economic crisis, was attributed to stringent financial discipline, a principle ingrained by the company’s founder, Herbert Cooray. This foundation, combined with an optimistic outlook and a commitment to people, positions Jetwing to confidently navigate its dual growth path.

The Jetwing story began in 1973 when founder Herbert Cooray, initially a building contractor, opened the six-room Blue Oceanic Beach Hotel in Negombo. What started as a modest venture, driven by an organic shift from construction to hospitality and strong socialist ethos of community integration and sustainability, gradually blossomed. Through decades of strategic expansion, including the establishment of its own travel company and the eventual unification under the ‘Jetwing’ brand derived from collaborations with Scandinavian and German partners, the group grew to encompass approximately 38 properties across Sri Lanka.