The Ceylinco Group will tap US financial markets for 70 percent of its proposed US$ 50 mn initial investment to build the 250 room Hyatt Regency Colombo.
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The Ceylinco Group will tap US financial markets for 70 percent of its proposed US$ 50 mn initial investment to build the 250 room Hyatt Regency Colombo. The Sri Lankan conglomerate will put in US$ 8 mn of the balance US$ 15 million, with Middle Eastern and US equity investors vouching for the rest.
On Thursday, the Board of Investment (BOI) signed an agreement with the Ceylinco Leisure Properties Limited, giving it a ten year tax holiday and other concessions for its investment in the hotel project.
Deputy Chairman of Ceylinco Leisure Properties Hiran de Silva said “we will be in the US Tuesday to finalise some of the investments.”
De Silva said the conglomerate had already searched the market for debt and equity investors, with commitments secure for the full quantum of the investment. Additional fund requirements could also come as debt.
Hyatt’s US roots and its part in the Colombo hotel project have helped secure funding from US and Middle East investors, de Silva said.