Sri Lanka Shangri-La investment a message for investors: economic minister

Feb 25, 2012 (LBO) – Starting construction of a 550 million dollar hotel investment by Shangri-La, a Hong Kong based leisure group in Sri Lanka is a signal for other international investors, economic development minister Basil Rajapasksa said. “Not only are they managing the hotel, they are investing the total amount so it’s a very encouraging sign,” Rajapaksa told Friday after breaking ground on a 661 room hotel.

“It gives message to the world and investors to come to Sri Lanka.”

Shangri-La’s Colombo hotel is expected to be completed by 2015.

The hotel, which is being built on 10-acres of land on Colombo’s Galle Face beachfront bought from the state will cost 400 million US dollars Madhu Ramachandra Rao, executive director, Shangri-La Asia said.

The group is also building a second 315 room ‘city resort’ in Hambantota in the South of island which is estimated to cost 150 million dollars.

The Colombo hotel will have a sushi bar, steakhouse, seafood market, Indian, Islamic, Szechuan and Macanese restaurants, an Irish pub and a ‘sky lounge’ on the top floor.

It will have 4,780 square metres of meeting facilities (50,598 square feet), swimming pool and tennis courts.

Sri Lanka’s leisure sector has started t