Japanese Leisure Investments
Asia Leisure, an Asia Capital Group subsidiary recently announced a strategic tie up with Japan Capital (Pvt) Ltd, through which Japan Capital will be making an initial investment of US$ 1.8 million into Asia Leisure’s property in Wadduwa.
The agreement was signed by Asia Capital PLC Director/CEO Stefan Abeyesinhe and Japan Capital Jt. Managing Director/CEO Osamu Miyoshi, a local company set up for the purpose of investing in real estate.
Abeyesinhe said, “This is a strategic tie up for both Sri Lanka’s tourism industry as well as for our company. This is a wonderful start to a promising relationship which will continue to explore further opportunities.”
Miyoshi said, “We have many advanced technologies which we hope to bring to Sri Lanka and market aggressively.
Also we would like to offer Japanese companies information on Sri Lanka. We hope to learn a lot about Sri Lanka while doing business jointly with Asia Capital.”
Japan Capital CFO Shigeki Hamaguchi said, “I have learnt much about business by working in Japan and Bali Island and am eager to establish a new business here using my past experience. Jointly with Asia Capital our local partner, I would like to create superior resort hotels where tourists worldwide can relax both mentally and physically.”
The hotel will comprise of 33 suites and will be built on a 460 perch beachfront land with all modern amenities. It will also feature a large swimming pool overlooking the ocean, a fine dining restaurant, an all day dining restaurant and a garden restaurant serving the best of gourmet specialties. A bar and an exclusive spa wing has also been planned.
Asia Wealth Management Company (Pvt) Ltd was the financial advisers to structuring the partnership.
Asia Leisure currently owns and operates River House, Balapitiya, Tamarind Hill, Galle and Park Street Hotel, Colombo. The property in Wadduwa will be the company’s second beach property after Taprobana Teoria, Balapitiya. They are also planning a 46 room beach property in Galle.