ITC has signed an agreement to obtain land to set up a luxury hotel in Colombo.
The prime land vacated by the Army headquarters in Sri Lanka has been handed over to Shangri-La, while the remaining has been given to the ITC. The project will feature a high-end mall, apartments, and 650 rooms. The investment for the project is pegged at $300 million (approx Rs 1,470 crore).
Meanwhile, Shangri-La has already commenced construction of its two luxury hotels.