90 billion rupees in a joint venture with Sanken Lanka.
JKH aims to have up to 1,000 business hotel rooms to cater to growing numbers of business travellers, deputy chaiman Ajit Gunewardene said.
"Based on our long term strategy, we believe that Colombo requires an efficient and modern business hotel offering ultra-comfort with efficient services at a competitive price for the business traveler," he said.
"This project would be just the start in taking our strategy forward while adding to and complementing our brand portfolio.
Our goal in the medium term would be to develop a capacity of around 1,000 rooms in this segment.
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Sanken Lanka will be the major shareholder in the project on Green Path in Colombo while John Keells Holdings will take a minority stake, the statement said.
Sanken Lanka will be the main contractor for the project which will be on a design and build basis with Design Team 3 of Singapore being the project architects.
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The hotel will have restaurant capable of seating 160 people on the 24th floor with a roof top s