Group plans to own over 100 luxury rooms in South, says Chairman
Sri Lanka’s diversified conglomerate, Asia Capital Plc (ACAP) has disclosed plans to list all of its three boutique hotel properties in the future although the group would retain the majority stakes in each of these firms. According to the Chairman/Managing Director of Asia Capital Group, H L L Manohan Nanayakkara the current plan is to list the first hotel company immediately after the end of the next financial year.
“We currently own and operate three Boutique properties in Colombo, Ahungalla and Galle. Each one of these hotels are destinations to be listed,” Nanayakkara told shareholders at the release of the group’s 2011/2012 Annual Report. He said that Asia Capital PLC will retain majority control over each of these companies and these will be agglomerated in a holding company which will also be listed and will form part of their core investments together with Asia Asset Finance PLC., and Asia Securities (Private) Limited. The three properties under the leisure arm of ACAP group, Asia Leisure Pvt Ltd are Park Street Hotel in Colombo, the Tamarind Hill Hotel, Galle and The River House in Balapitiya. These properties cater to a very high end of the market with super luxury facilities and services.
Meanwhile, revealing further plans in the leisure sector, ACAP Chairman said that by the end of the next financial year, Asia Leisure Group hopes to own and manage over a hundred luxury rooms concentrated in the South.
“We have decided that the new ventures in leisure will be a mixture of boutique and resorts. The properties we are currently building in Ahungalla and Wadduwa, we hope to open for business in the summer and winter of 2013 respectively. Both are 30 roomed beach front properties,” Nanayakkara said.He pointed out that that the prognosis for tourism in the South is very good due to the exceptional transportation facilities available consequent to the completion of the Southern Expressway.
“We are also looking at the potential of developing properties on the East Coast, but for the time being we have deferred this to concentrate on the Southern properties”, the Chairman added.Asia Securities has remained the ACAP’s core business focus for over twenty years but during the year under review the company made notable diversifications to other business areas.