April 30, 2012 (LBO) – A 75 million US dollar transfer of state beachfront land to India’s ITC is to be wrapped up by May 10, setting the stage for a Sheraton branded hotel in Colombo, Treasury Secretary P B Jayasundera said. The land was earlier to be sold to China’s CATIC on a freehold basis but is now being leased to ITC.
Earlier reports said a 300 million dollar hotel would come up on the land.
In an adjacent land, Hong Kong’s Shangri La group is also building a large hotel.
Jayasundera said this year, several large hotels, a portion of a 480 million US dollar container terminal, industries in steel and port related industries will form the bulk of foreign invested projects in the island.