The Sunday Leader

Belluna Joins Hands with Asia Capital PLC on Four Star Hotel JV

  • Rising Investments Along With City Beautification

By Amavasya Sirisena

The importance of encouraging investments along with the prominence given on beautifying the cities and changing the outlook were given lime light during the grand groundbreaking ceremony of the Marine Drive Hotel which was held recently in Colombo.

Speaking on the prominence of investment opportunities, Chairman of the Board of Investments (BOI), Upul Jayasuriya stated that, “It is necessary that we not only encourage this kind of investments, but also change the city’s outlook, so that it would attract more people and tourists in near future.”

Speaking on the current projects that Asia Capital PLC has ventured so far with the collaboration of Belluna Co. Ltd, Japan; Group Chief Executive Officer/ Director of Asia Capital, Stefan Abeyesinhe said to The Sunday Leader that, “Currently there are five luxury development projects that we have commenced as joint ventures with the collaboration of Belluna since 2014. These series of projects comprise: Marine Drive Hotel in Colombo 3, 50 villa ultra-luxurious resort in Galle, 447 Luna Tower project – a 190 unit exclusive apartment complex at Union Place, multi-development project near Lake House and ‘The Westin Maldives Miriandhoo resort.”

When questioned on the investments done on each project, he further stressed that, “The investment for Marine Drive Hotel, Union Place Project 51 Million US Dollars whereas other projects: 50 villa resort in Galle, Maldives Project and Lake House Project would be 18 Million US Dollars, 55 Million US Dollars 350 – 400 US Dollars respectively.”

Further speaking on the support they receive from BOI, Abeyesinhe said, “Four out of five ongoing projects are listed under BOI so that when we bring money from overseas, it is easy to do with BOI as it is very structured and clean.” Further speaking, “the government agencies are very helpful with their immense support and help in making these projects a success.”

When talking on the close relationship they have with Belluna Co. Ltd, Japan for past three years since 2014, Abeyesinhe stated that, “Belluna is the main investment arm and this is the second hotel that is being built with the collaboration of Belluna. They invest all the money on the projects since we can’t invest that much of money.”

Talking on the role of Asia Capital PLC, he further stressed that, “Our role comprises advisory, financing, mergers and acquisitions, research, private equity, venture capital, equity capital markets etc.”

Elaborating further on the duration of the entire Marine Drive Hotel project, Abeyesinhe stated that, “We are looking for aggressively 30 months for completion and six months for the opening of the hotel.”

“We have already started building a network of hotels in the Sothern coast of Sri Lanka. Thus, meantime, we are keen on looking for new sights and as infrastructure develops, we will pay more heed on East coast,” Abeyesinhe added.

Marine Drive Hotel, the second hotel commenced as a joint venture of the duo, is a 300 room four star business hotel built with the professional touch of the best architects from Japan. The hotel will offer guests a choice of Deluxe and superior rooms as well as spacious suites with supreme features and panoramic views of the Indian Ocean and Colombo’s city skyline. The infinity pool on the rooftop bar is perfect for those who fancy an evening in an open sir sitting. The hotels multiple restaurants offer a delectable blend of global cuisine whilst the blissful spa will serve as a serene retreat after a day in the city.

 

 

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