Japanese investors lay out additional

February 22, 2015, 7:14


"The hotel project was announced late last year with a total investment of US$14 million being made by Asia Capital and its Japanese partners"


"It's great to have such high profile Japanese businesses investing in Sri Lanka"

Asia Leisure, a fully owned subsidiary of Asia Capital PLC (ACAP), last week announced that Japan Capital would put US$1.5 million more into ACAP's latest hotel project in Galle.


The hotel project was announced late last year with a total investment of US$14 million being made by Asia Capital and its Japanese partners. The property which is expected to be the largest hotel property in the Southern town of Galle will be built on 2-acres of fine beach front real estate and is expected to be completed at the end of 2016.


Speaking about this investment Hamaguchi, the CFO of Japan Capital said he was pleased to offer more support to Asia Leisure to complete this hotel project to the highest international standards. He further added that since he met with Asia Capital two years ago he always wanted to partner with them and is honoured and proud to have had an opportunity to partner with them on their hotel projects.


Commenting on what this move means to the company Stefan Abeyesinhe - Director / Group CEO, Asia Capital stated that this investment is of much value to the company as it also brings in much needed foreign direct investment into Sri Lanka. He added that Asia Capital was indeed fortunate to have such high profile Japanese businesses keen on investing in their properties and hoped that these fruitful relationships would continue into the future.


The new property is to be designed by award winning Japanese architect Miyake Masaki who is to be appointed principal architect for this project and will have a large focus on environmental conservation. Miyake Masaki and his company Miyake Masaki Associates are responsible for some of Asia's most breathtaking hotel properties including the Amara Sanctuary Resort Hotel in Singapore, the Fete Hotel in Manila and the Kyoto Hotel project in Japan.


Asia Capital via Asia Leisure will operate the 100 room property along with their existing properties. Given that Asia Leisure already engages in hotel management, the company has implemented a strategic plan to manage other properties. Asia Leisure has already negotiated for three more hotels in which the company would either manage the operations of and/or have minority financial interest depending on the hotel's requirements.


Asia Capital PLC is the largest investment bank in Sri Lanka to be listed on the Colombo Stock Exchange. As a group of hotels with a strong thrust on expansion, Asia Leisure is engaged in multiple development projects at present.