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Sri Lanka entry by Singapore’s SilverNeedle hotels

Feb 19, 2012 (LBO) - Singapore-based SilverNeedle Hospitality said it is entering Sri Lanka with a 200 room hotel as part of a 100 million US dollar joint venture mixed development with the island's Abans group. Abans is a group with 250 million US dollar a year in revenues and says it is the largest consumer durables reteauler in Sri Lanka with 440 company owned stores.

The hotel will be built on land leased for 99 years from Sri Lanka Urban Development Authority.

The project involves a SilverNeedle's NEXT branded hotel targeting business travellers, a 4-story mall and a 30-storey condominium tower.

"South Asia is a strong priority market for SilverNeedle Hospitality and we look forward to entering the market with ABANS Group as a partner," managing director SilverNeedle Hospitality, Iqbal Jumabhoy said in a statement.

"This mixed use project plays to SilverNeedle Hospitality’s significant capabilities in the property development space."