Japanese investors to infuse US$1.5 m more in Asia Leisure

Japan Capital will infuse a further US$1.5 million into Asia Capital PLC's (ACAP), latest hotel project in Galle, Asia Leisure.

The hotel project was launched late last year with an investment of US$14 million being made by Asia Capital and its Japanese partners. The hotel which is expected to be the largest in Galle will be built on two acres of beachfront real estate and is due to be completed next year.

The CFO, Japan Capital, Shigeki Hamaguchi said he was pleased to offer more support to Asia Leisure to complete this hotel project to the highest international standards.

He said that since he met Asia Capital Directors two years ago he always wanted to partner them and is honoured and proud to have had an opportunity to partner them on their hotel projects.

Director and Group CEO, Asia Capital, Stefan Abeyesinhe said that this investment is 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 hotel and hoped that this fruitful relationship 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 other hotels.

Given that Asia Leisure already engages in hotel management, the company has implemented a strategic plan to manage other hotels. 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 needs.

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 leisure and real estate sectors and is changing direction to focus on these avenues of growth.

ACAP will expand its leisure sectors over the next few years. As a group of hotels with a strong thrust on expansion, Asia Leisure is engaged in multiple development projects.