Sri Lanka’s Asia Capital and Belluna of Japan in US$54mn Colombo hotel

ECONOMYNEXT – Sri Lanka’s Asia Capital and Belluna Company Ltd of Japan has started building a $54 million four-star hotel in the capital Colombo.

The 300-room hotel on Colombo’s Marine Drive overlooks the Indian Ocean.

"Belluna Co.’s offshore expansion focuses strongly on emerging markets, and we are pleased to be a part of Sri Lanka’s development drive’’, said Managing Director of Belluna Co. Ltd Hiroshi Yasuno.

"Our partnership with Asia Capital PLC at present encompasses five different projects. With Sri Lanka’s tourism and real estate sectors growing exponentially, we foresee many more such high-value investments in the years ahead."

Group Chief Executive Officer Asia Capital Stefan Abeyesinhe said the hotel was located in close proximity to the city’s key shopping, restaurants and sightseeing areas.

"This project further cements the strong bond that our companies have in creating local and foreign joint venture projects in Sri Lanka," he said.

Asia Capital teamed up with Belluna to start construction of a 50-villa luxury resort in Galle in October 2016.

The ‘447 Luna Tower’, a 190-room apartment complex at Union Place in Colombo, and a mixed development project are being planned, the firm said.

In Maldives, Belluna Co, and Asia Capital have partnered with Marriot International Inc, to set up ‘The Westin Maldives Miriandhoo Resort, a 70-room property. (Colombo/April25/2017)






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