SilverNeedle Hospitality and ABANS Group to jointly develop a mixed-use lifestyle center in Colombo's CBD
SilverNeedle Hospitality's flagship brand NEXT Hotels™ to enter the Sri Lankan market
BANGKOK, THAILAND - SilverNeedle Hospitality, the leading provider of professional and leisure accommodation solutions for the business traveller has partnered with the ABANS Group to enter into a 99-year land lease with the Urban Development Authority (UDA) for a land parcel adjacent to Beira Lake in the CBD. The joint venture between SilverNeedle Hospitality and the ABANS Group, a respected family controlled Sri Lankan conglomorate, will develop a mixed-use lifestyle centre. The development is inclusive of a 200-room NEXT Hotel™, a 4-storey lifestyle mall and a 30-storey condominium tower. The total investment in the project is in excess of USD100 million. SilverNeedle Hospitality's development arm, SilverNeedle Hospitality Property, has been appointed development manager of the project.
Iqbal Jumabhoy, MD and Group CEO, SilverNeedle Hospitality. For high res image please click here.
This marks SilverNeedle Hospitality's flagship brand - NEXT Hotels™ entry into the South Asian market. The world's first NEXT Hotel™ is under development in Brisbane and is scheduled to be fully open in 2014. The NEXT brand has been developed with the needs of the business traveller in mind. It will embrace contemporary design with a focus on efficiency from point of booking through to final departure. Inspired by the modern business traveller, NEXT Hotels™ has been created to deliver a unique, holistic and memorable hospitality experience that is designed to make your time count. The design approach taken is to enhance the traditional hotel offerings to provide greater value in areas that matter most to our guests and our owners.
"Our proven capabilities in the Asia Pacific region ensures we are well equipped to meet the demand for accommodation solutions from the growing influx of business travellers into Colombo. Through NEXT Hotels™ we are delivering a product designed for the business traveller by the business traveller," said Iqbal Jumabhoy, MD and Group CEO of SilverNeedle Hospitality.
"We will continue to increase our current portfolio in the Asia Pacific region by exploring and converting opportunities that fit our sustainable business model and growth strategy," he added.
Mrs. Aban Pestonjee, Chairperson of ABANS Group adds, "We are pleased to partner with SilverNeedle Hospitality in this real estate venture as both being family controlled companies, share the same values and aspirations for this landmark development."
We will continue to increase our current portfolio in the Asia Pacific region by exploring and converting opportunities that fit our sustainable business model and growth strategy."
Mrs. Aban Pestonjee, Chairperson of ABANS Group adds, "We are pleased to partner with Silver Needle Hospitality in this real estate venture as both being family controlled companies, share the same values and aspirations for this landmark development."
At present, SilverNeedle Hospitality operates 67 properties in the Asia Pacific region under the Chifley, Australis, Country Comfort, and Sundowner brands along with a growing portfolio of independent boutique hotels under the 'SilverNeedle Collection' brand.
About SilverNeedle Hospitality:
SilverNeedle Hospitality is an innovative and integrated hospitality investment, development and management company, with a focus on mid to upscale hotels and resorts that are intelligently designed and operated for the professional and leisure needs of the business traveller. SilverNeedle Hospitality currently operates over 4000 keys in the Asia-Pacific region. Headquartered in Singapore, SilverNeedle Hospitality has regional offices in Bangkok, Sydney and Bangalore.
The Nadathur Group, an investment firm owned by Nadathur S. Raghavan co-founder of NASDAQ-listed Infosys Technologies, founded SilverNeedle Hospitality.
For more information, please visit: www.snhgroup.com
About ABANS Group:
Abans, a privately held and diversified conglomerate with revenues of over US$ 250 million, rated "A" - by Fitch Ratings, having 6000 employees, is the largest retailer of consumer durables, electronics and lifestyle products in Sri Lanka with a network of over 440 company owned stores. Abans represents internationally recognized brand names and understands the needs of the Sri Lankan consumer well.