Aitken Spence is currently in negotiations with family-owned Spanish hotel chain, RIU Hotels and Resorts in connection with the construction of a new resort hotel in Ahungalla.
Sources close to the deal told Mirror Business that no concrete steps have been taken as negotiations are still in the preliminary stages.
Prior to the involvement of RIU, Aitken Spence had entered into a 50:50 joint venture with international luxury brand, Six Senses Resorts and Spas, for the development of a hotel on the same property.
The project was estimated at the time of its announcement in October 2010 to require an investment of approximately US $ 40 million, encompassing 10.5 acres of beach fronted land.
Aitken Spence already operates one property in the area, namely: Heritance Ahungalla.
The deal subsequently fell through following the sale of Six Senses to an American private equity firm, Pegasus Capital Advisors, in April 2012.
Founded in 1953 by the RIU family as a small holiday firm, the company is presently owned by the family’s third-generation and maintains over 100 hotels across 19 countries including: Spain, Portugal, Costa Rica, Mexico, the Bahamas, Turkey, Cape Verde, Germany, Jamaica, Morocco, Panama, Tunisia, the United States of America and Cuba.