March 24: Shyam Bahadur Panday, the founding chairman of Shangrila Hotel, was conferred the Lifetime Achievement in Business Leadership Award during the eighth edition of the Newbiz Business Conclave and Awards held on Friday.

According to New Business Age, the organizer of the awards ceremony, Panday was honoured with the prestigious Lifetime Achievement Award in recognition of his lifetime dedicated to the relentless pursuit of excellence in business.

“Revered throughout Nepal’s private sector, he’s admired for his pioneering spirit, innovative endeavours, and visionary leadership, notably within the hospitality industry,” reads the letter of appreciation handed to Panday.

Panday’s legacy includes renowned properties and unwavering service in tourism promotion. The orgsanisers noted that Panday’s enduring passion and boundless enthusiasm have inspired the business community, leading to new ventures and collaborations with global brands.

The jury unanimously decided to bestow upon him the NewBiz Lifetime Achievement in Business Leadership Award 2024.

Panday ventured into the hospitality business by discontinuing his family tradition of serving the government. Had he continued with the family tradition, Panday wouldn’t have established his distinct identity in the hospitality sector of Nepal. Neither would have Shangri-La Hotel come into existence.

He reached the post of under secretary in civil service but retired to venture into the business world. He began his business by exporting rice and jute to China. However, he decided to move on to the hospitality sector from the export business, resulting in the establishment of Shangri-La Hotel. However, it was a daunting task for Panday to establish the hotel in Lazimpat area, which was a deserted place at that time.

He convinced fifteen families residing in the area to purchase the land and establish the hotel. His major challenge was the social mindset of pursuing the family tradition at that time, which he overcame to scale to new heights and successfully established Shangri-La Hotel in the 1970s.