The Withanage family has set aside $200 mln (€181 mln) for investments to develop luxury brands in London’s hospitality industry.
New Zealand financier Rayo Withanage has partnered with Colley Hospitality, helmed by industry veteran Bruce Colley, to launch a number of investment vehicles, the first of which will be Park Lane.
According to media reports, two locations in London have reportedly already been chosen for development.
Over the following two years, the two partners intend to raise additional funds to support their investments in London and other places across the globe.
Bruce Colley, co-chairman of Park Lane, commented: ‘We are excited to develop our business together with the Withanage family. Park Lane is launching a series of ultra-luxury platforms in the hospitality industry. The goal is to capitalise on development and consolidation opportunities in the luxury sector.’
The Withanage family set up financial services group BMB, which currently manages over $12 bn (€11 bn) as well as Scepter Investment Corporation, a direct investment syndicate for sovereign investors.
Rayo Withanage withdrew from Scepter Partners and the BMB Group in 2018 to become the CEO of Philantech, which is now developing disruptive businesses in venture philanthropy and sustainable development.
Bruce Colley has developed and managed over 100 hospitality venues ranging from luxury hotels and high end restaurants to fast food outlets, while his family is one of the largest private owners of restaurants in the United States.
