SilverNeedle, ABANS enters 99 year lease with UDA

SilverNeedle Hospitality, the leading provider of professional and leisure accommodation solutions for the business traveller 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 conglomerate, will develop a mixed-use lifestyle centre. The development is inclusive of a 200 room NEXT Hotel TM, a 4 storey lifestyle mall and a 30 storey condominium tower. The total investment in the project is in excess of USD 100 million. SilverNeedle Hospitality’s development arm - SilverNeedle Hospitality Property, has been appointed development manager of the project.

This marks SilverNeedle Hospitality’s flagship brand- NEXT Hotels TM entry into the South Asian market. The world’s first NEXT Hotel TM 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 traveler, NEXT Hotels TM 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.

Iqbal Jumabhoy, Managing Director and Group CEO, SilverNeedle Hospitality says, “We are delighted to be launching our flagship NEXT Hotels TM brand in Sri Lanka. South Asia is a strong priority market for SilverNeedle Hospitality and we look forward to entering the market with ABANS Group as a partner.

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

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 TM we are delivering a product designed for the business traveller by the business traveller.

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.”

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.

More details could be obtained from www.snhgroup.com