Sheraton to get land in Sri Lanka to build hotel complex

2 December 2011: The Sri Lankan government has received the approval from its cabinet to lease prime land in the capital Colombo to the Sheraton Hotel group for a US$ 73.5 million (approx Rs 374.85 crore) to build a luxury hotel complex. The cabinet approved the proposal for the hotel complex forwarded by the Economic Development Minister Basil Rajapaksa. The government will provide the M/s ITC limited of India, Franchise of Sheraton Group of USA, a block of land in extent of five acre near Army headquarters in Colombo on a 99 year lease for a sum of US$ 73.5 million as indicated by the Chief Government Valuer. 

The Sheraton Group plans to invest US$ 300 million in the luxury hotel and mixed development project in Colombo. The government is planning to convert Colombo as a Middle Income City in terms of the long term development framework of the Government. The project plan includes housing for shanty dwellers presently living within the city to ensure better living conditions for the residents and provide them opportunities for urban employment and livelihood activities.

Source: Colombopage