MINOR International Announces Major Investment in Sri Lanka
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MINOR International Announces Major Investment in Sri Lanka
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Category: Asia Pacific - Sri Lanka - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-08-12
Minor International Plc (MINT) has secured a key investment in Sri Lanka, acquiring an 80.1% share in the Sri Lankan company Cyprea Lanka Pvt. Ltd. whose assets comprise the Kani Lanka Resort & Spa, Kalutara, and an adjacent plot of land primed for the development of the Anantara brand. The total acquisition and development investment is estimated at US$22 million.
MINT leads the way with key investments in Sri Lanka, with its first foray into the market in 2007 with a 19.9% acquisition of Serendib Hotels*. The significant new investment serves to build upon the company’s existing presence in Sri Lanka, with MINT’s interest in Cyprea further strengthened by the fact that its Sri Lankan business partner Serendib has acquired the remaining 19.9% share.
MINT will oversee the operation of the Kani Lanka Resort & Spa as part of the company’s ever increasing portfolio of global properties. In addition this venture creates an ideal opportunity to introduce an Anantara branded property to Sri Lanka by developing the adjacent prime beachfront location. Upholding Anantara’s brand pillars of luxurious five star journeys steeped in the history, culture and breathtaking natural surrounds of each property’s locale, guests of the future Anantara property are poised to benefit from the compelling destination attractions in the area.
Nestling the picturesque confluence of the majestic Kalu Ganga River and vast Indian Ocean along the south west coast of Sri Lanka, Kani Lanka Resort & Spa resides 76 kilometres and a 2 ½ hour drive from the International Airport, and10 minutes from the historical town of Kalutara. Noteworthy heritage sites nearby include the world's only hollow Buddhist shrine and an elegant plantation mansion, while an enviable shoreline position edging a palm fringed beach bestows a postcard perfect tropical scene. The resort itself, originally designed by a French architect, has been re-designed by renowned architect Geoffrey Bawa. Blending colonial charm and authentic Sri Lankan culture with state of the art comforts, 99 superior rooms and 6 suites boast spectacular ocean, river and garden views from private balconies or patios.
William E Heinecke, Chairman and CEO of Minor International commented, “We are delighted with this new acquisition on many levels. Firstly the investment enriches our foothold in Sri Lanka; a destination which we view as offering immense potential. Moreover the specific location of the pending Anantara property offers a perfect fit with the brand’s promise of immersing story collecting travellers in the world’s most enchanting settings through unique discovery experiences, underpinned by true connoisseurship and luxurious, heartfelt hospitality.
*Serendib Hotels which is part of Hemas Holdings PLC comprises of the Hotel Serendib Bentota, Club Hotel Dolphin, Waikkal and Sigiriya Hotel in Sri Lanka’s cultural triangle.
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