Business Times

SilverNeedle Hospitality launches in Asia including Sri Lanka

SilverNeedle Hospitality, a new integrated management, development and investment hospitality company, launched itself in the Asian region including Sri Lanka this week. Founded by the Nadathur Group along with a group of prominent industry veterans, SilverNeedle is rolling out a portfolio of hotels focused on mid-upper scale properties in key destinations across Asia, according to a company statement.

The company kick-started its growth plans with the acquisition of Australia-based Touraust Corporation’s Constellation Hotels business. The acquisition portfolio includes over 60 hotels in Australia and New Zealand including Chifley, Australis Resorts and Hotels, Country Comfort brands and the Sundowner Motels brands in New Zealand.

Bill Black, President of SilverNeedle Hospitality said, "With our vision to be a leader in Asian Hospitality and to be a company with substantial scale, we have kick started our business with the acquisition of Constellation Hotels. This acquisition gives us a great platform to launch our own new brand, NEXT Hotels and Resorts. Constellation with its operating expertise, know-how and insights, gained in the mature tourism market of Australia will be of great benefit to our new company."

SilverNeedle Hospitality will be launching its portfolio of hotels and resorts through strategic investments, development and management. The portfolio will be focused on the mid-upper scale segment, in key urban and resort destinations across Asia. This recognizes an opportunity to capitalize on the rising number of newly affluent, middle-class travelers into and within Asia. Business and leisure travelers will soon be able to look forward to unique levels of Asian hospitality in key destinations in China, Vietnam, Thailand, Indonesia, India and Sri Lanka, the company added.

SilverNeedle Hospitality will continue to add to its current portfolio by scouting for hotels that fit its growth plans of over 10,000 rooms in 5 years. The group plans to invest and develop green-field, brown-field and operating hotels in the region.

SilverNeedle Hospitality has already set up its headquarters in Singapore as well as regional offices in Bangkok, Mumbai and Sydney and plans to open an office in China in early 2012.

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