Asia Leisure to build luxury resort

Asia Leisure, a fully owned subsidiary of Asia Capital PLC, will construct a 100-roomed luxury resort in Galle, which is expected to be the largest hotel in the Southern coastal town.

The hotel project estimated to cost Rs 1.9 billion, is a Japan-Sri Lanka joint venture.

Construction work will be launched by the end of this year and is expected to be completed in December 2016.

The hotel will be built on two acres of beachfront real estate and financed equally by Asia Capital and its Japanese partners.

"We are bullish about the country's tourism sector and this is the fifth hotel project we are investing in.

The hotel will have five-star status and we also exploring the possibility of moving into the hill country," Asia Capital, CEO Stefan Abeysinghe said.

The Chairman and CEO, City Creation Holdings Inc, Jin Sashida said that the main reason to invest in this project was because the two companies have similar ideas.

The second reason is that Sri Lanka's economy is growing at a healthy rate. "This is promising for Sri Lanka as a whole and we are happy to be a part of the development of this country," he said.