Asia Capital in JV, invests heavily in leisure

Asia Capital in a joint venture with Japanese firm Belluna has invested heavily into the leisure industry with three hotel properties, an apartment unit and a mixed development project opposite Lake House (Associated Newspapers office) in Fort.

Construction on the US$54 million 4- star property on Marine Drive near the Kollupitiya Railway station with 300 rooms commenced on Tuesday with the Special Assignments Minister Dr. Sarath Amunugama and Japanese Ambassador Kenichi Suganuma participating on the occasion.

Asia Capital and Belluna will be investing around US$350-450 million on a mixed development project opposite Lake House which they had obtained on a 50-year lease from the Urban Development Authority (UDA) for approximately Rs.4 billion, Asia Capital CEO Stephan Abeysinghe told the Business Times on the sidelines of the groundbreaking ceremony for the Marine Drive Hotel.

He noted that the mixed development project would comprise a 200 room luxury hotel, residences and commercial office space.

The Marine Drive property is scouting for an international brand to manage the hotel which would comprise of two restaurants, a bar and a roof top pool. It would offer travellers with a choice of Deluxe and Superior rooms, as well as spacious suites with supreme features.

The joint venture includes investments amounting to US$51 million for the 190 unit exclusive apartment unit at Union Place; US$18 million in the ultra-luxurious resort in Galle; and US$55 million in the Westin Maldives Miriandhoo resort, a 70 key luxury property in partnership with Marriot International.