WITHANAGE TRUST INVESTS $200M INTO PARK LANE
LONDON, April 13, 2023 /PRNewswire/ -- The Withanage family, who were investors in the BMB Group and Scepter Capital, have partnered with Colley Hospitality, led by industry veteran Bruce Colley, to launch a series of investment vehicles to develop luxury brands in the hospitality industry. The Withanage family has invested $200m as the management company commitment for Park Lane's first permanent capital vehicle.
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."
Mr Colley has an impressive track record for having invested and operated successfully in the hospitality industry for over 40 years. He has developed and managed over 100 hospitality venues ranging from luxury hotels and high end restaurants to fast food outlets. His family has also been one of the largest private owners of restaurants in the United States.
The Withanage family successfully developed the BMB Group and Scepter Partners. BMB is a financial services group focused on providing advisory and asset management services to Forbes 400 families. BMB businesses have managed over $12b in assets under management. The Scepter Investment Corporation is a direct investment syndicate for sovereign investors. Core members include prominent Commonwealth ruling families and sovereign investors.
Mr Rayo Withanage withdrew from Scepter Partners and the BMB Group in 2018 to become the CEO of Philantech, which is presently developing disruptive businesses in venture philanthropy and sustainable development. Mr Rahul Withanage remains the CEO at Scepter and Mr Rizmi Niyas runs BMB as its Executive Director.
The investment is significant for the family as it is the first in five years since the commencement of divorce proceedings between Mr Rayo Withanage and his wife. Withanage emerged from a contentious phase in his divorce proceedings with an amicable settlement with creditor Tyrus Capital Management, who have since become supportive of Mr Withanage. The family is now actively investing again.
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