The hotel is owned by Hotel Developers (Lanka) Ltd. and the company was incorporated in 1983. The company was listed on the Colombo Stock Exchange in 1984. Since its commencement, the company has had a
troublesome history. As the promoters of the hotel did not have the means to finance the construction of the hotel, the
Government of Sri Lanka had to provide a guarantee of the payment of a yen-loan worth LKR1.3 billion. As a security for this guarantee, the majority of the shares was transferred to the government. The land on which the hotel was built was leased from the Land Commissioner General's Department, and due to the non-payment of the land lease, the land lease was cancelled and the land was reverted. The hotel was launched in 1987 and the 30th anniversary was celebrated in 2017. To mark the occasion, a stamp and a
first day cover were issued by the
Sri Lanka Post. The new restaurants, Graze Kitchen and L.A.B lounge were opened after the first phase of the refurbishment. Hotel Developers (Lanka) was delisted from the Colombo Stock Exchange in 2020. The Government of Sri Lanka solely owns Hotel Developers (Lanka) Ltd and therefore, runs as a
state-owned enterprise.
COVID-19 pandemic The operations of the hotel were temporarily halted after one of the staff members was tested positive for
COVID-19. ==Operations==