Mr. Ravi Thambiayah, Chairman/MD of Renuka Hotels Limited and Renuka City Hotels PLC has announced his retirement from executive responsibility at these companies at a recent board meeting but will continue to be chairman of the group which includes Cargo Boat Development PLC, owners of the high rise office building in Fort, and continue to handle the lucrative share portfolios of group companies, company sources said.

Mr. Thambiayah’s father, the late Mr. A.L. Thambiayah who represented Kayts in Sri Lanka’s first two parliaments between 1947 to 1956, was chairman of Cargills and Millers as well as Cargo Dispatch Company Limited, a well known port operator in its day, is credited with the vision that saw the birth of Hotel Renuka on a prime site on Galle Road, Kollupitiya several years ago.

Subsequently, Renuka City Hotels PLC quoted on the Colombo Stock Exchange and Cargo Boat Development PLC, also a listed company, were spun off.

Thambiayah has passed the baton to his two daughters, Shibani and Arnila, who have been appointed Joint Managing Directors of the two hotel companies – Renuka Hotels Limited and Renuka City Hotels with effect from February 25.

A few days ago the two hotel companies honoured its long serving employees with 19 receiving Gold Sovereigns and cash payments recognizing loyal service of over 15 years with 24 other staffers with a service record of between 5 and 15 years receiving cash payments.

The company said that all categories of employees serving in the various departments of the hotels at senior to junior levels were recipients of awards at a ceremony chaired by Thambiayah.

"The two Renukas have always maintained their properties in pristine condition and, notwithstanding lean times, have made sure that the staff received a sustainable service charge. As a result, the hotels have been able to retain their key staff, which augured well for the consistently good reputation they enjoy," the company said in a news release.

It said that it had been their policy to consistently refurbish their property both in terms of technology and aesthetics. In recent years, a brand new bar, two function rooms and a state-of-the-art reception area with marble floors and modern furniture have been added.

Thambiayah Senior saw prospects for the hotel industry when development incentives were offered in 1970 and decided to embark on setting up a star class city hotel on family property in Galle Road, Kollupitiya.

He sent his younger son, Ravi, who had just completed a degree in economics, for training at the Royal Lancaster in London. The son returned to Colombo to take over the management of the Renuka Hotel in June 1972 when the first hotel was commissioned.

Renuka City was built on an adjacent property in 1995 under the auspices of a quoted company while Cargo Boat Development PLC, owning and operating the Renuka building in the Fort with over 70,000 sq. ft. of space was also developed as a quoted company.

The group which also owns and operates Crescent Launderers and Dry Cleaners (Pvt) Ltd owns other prime city property in Colombo and Jaffna and are now looking into the possibilities of developing these, the owners said.

At a meeting on Feb. 25, the Renuka boards adopted a vote of thanks to Mr. Ravi Thambiayah for the ``massive contribution’’ he had made to the company over the last three-and-half decades crediting his hard work, good management and timely decisions to the company’s growth.

"Mr. Thambiayah’s skill in share trading has resulted in the company owning an extensive investment portfolio, which has contributed immensely to the profitability of the group and led to the remarkable increase in the share price of the company, which we are very thankful for," the directors said.

"The company owns large percentages of shares in DFCC Bank, John Keells Holdings and Chevron."

The two new Joint MDs of the hotel companies, Miss Shibani Thambiayah and Miss Arnila Thambiayah, were both educated in England with Shibani who took a Bachelor of Economics (Honours) degree from the University of Nottingham following up with a Masters of Management in Hospitality from Cornel University, USA.

Her sister took a BA (Hons) in Management Studies from the University of Nottingham and an MSc in International Business and Management from the Manchester Business School of the University of Manchester.

Shibani who joined the hotel industry in 1999 as a Management Trainee at Hotel Renuka and Renuka City was named General Manager of these two hotels in 2004. She has also worked at Nestle Lanka and Expedia Inc. as a Market Manager during her career.