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The Sundaytimes Sri Lanka

Asia Leisure ties up with Japan Capital for Wadduwa hotel; plans for two hotels in Galle

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Asia Leisure, a fully owned subsidiary of the Asia Capital Group, having announced a strategic tie up with Japan Capital (Pvt) Ltd to build a hotel in Wadduwa is planning another two properties in Galle, officials said.

“Japan Capital will be making an initial investment of approximately US$ 1.8 million into Asia Leisure’s property in Wadduwa and we own two plots fairly close to each other in Galle which we plan to develop,” Stefan Abeyesinhe, Director/CEO of Asia Capital PLC told the Business Times on the sidelines of the agreement signing ceremony. He signed the agreement with Osamu Miyoshi, Jt. Managing Director/CEO of Japan Capital (Pvt) Ltd, a local company set up for the purpose of investing in real estate.

He said that while for the 2-acre plot a concept paper has been completed, they are planning a design for the 4-acre plot in Galle. He added that they are in discussion with Japanese and Singaporean investors to develop the properties. He said the company is interested in a 5-acre plot in Dickwella for a similar hotel. “We are also looking at a 10-acre property in Dambulla,” he added. Highlighting the tie-up, Mr. Abeyesinhe noted, “This is once again a very strategic tie-up for both the tourism industry of Sri Lanka as well as for our company and we are very pleased that Japan Capital has decided to join with us to develop this sector. This is a wonderful start to a very promising relationship which will continue to explore further opportunities.”

Osamu Miyoshi, CEO of Japan Capital said, “We are making a special effort to be a bridge of friendship between Sri Lanka and Japan. We have many advanced technologies which we hope to bring to Sri Lanka and market aggressively. Also we would like to offer Japanese companies information on Sri Lanka. We hope to learn a lot about Sri Lanka while doing business jointly with Asia Capital.”
Mr. Abeyesinhe added that Asia Leisure is just about to secure a 3-acre property in Trincomalee but will build it eventually. “The South coast is more attractive and easy to manage with the new highway,” he said, adding that at present it is a more lucrative location than Trincomalee.

The Wadduwa hotel will consist of 33 suites and will be built on a 460-perch beachfront land with all modern amenities. The hotel will also feature a large swimming pool overlooking the ocean, an authentic fine dining restaurant, an all day dining restaurant and a garden restaurant serving the best of gourmet specialties. A bar and an exclusive spa wing has also been planned.

Asia Leisure currently owns and operates River House, Kalpitiya, Tamarind Hill, Galle and the Park Street Hotel, Colombo. The property in Wadduwa will be the second beach property for the company after Taprobana Teoria in Kalpitiya. They are also planning a 46-room beach property in Galle.

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