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Japanese investors infuse a further $1.5 m in Asia Leisure Galle project

Feb 19, 2015 2:12:55 PM - www.ft.lk

Asia Leisure, a fully-owned subsidiary of Asia Capital PLC (ACAP), on Tuesday announced that Japan Capital would infuse a further $1.5 million into ACAP’s latest hotel project in Galle.

The hotel project was announced late last year with a totalinvestment of $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 two acres of fine beachfront real estate and is expected to be completed at the end of 2016.

Speaking about this investment, Japan Capital CFO Shigeki Hamaguchisaid 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, Asia Capital Director/Group CEOStefan Abeyesinhestated that this investment was 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, Asia Capital has identified strong potential in the property, leisure and real estate sectors and is changing direction to focus on these avenues of growth. ACAP plans to expand its leisure and property sectors over the next few years and to increase its leisure portfolio significantly.
As a group of hotels with a strong thrust on expansion, Asia Leisure is engaged in multiple development projects at present. Asia Leisure’s vision is to provide intimate hotels across these locations with elaborate attention to unique concepts for today’s indulgent traveller. However, whilst focusing on the leisure sector Asia Capital will continue to maintain its strong footing in investment banking.