5 billion rupees. Ground breaking work on the 140-roomed Galle hotel is expected to start in next two months.
The group aims to have 410 rooms initially with investments of 4.5 billion rupees.
The first hotel is set to open for the 2013 tourism season.
The group is also looking at building three more hotels later on.
"We will eventually invest 100 million US dollars for all six hotels," said Stefan Furkhan, a director of Sino Lanka Hotels Holdings.
Furkhan said over 50 percent of the joint venture is held by Sri Lankan shareholders.
The other three hotels will be under different brands. Other brands of the Onyx group include Saffron, Amari, Shama
Shama is a serviced apartment brand in China. The 150-roomed OZO Colombo hotel is located on the corner of Clifford Road and Marine Drive, a road along the coast in the capital Colombo.
The 3.5 star hotel will not have spas or up-market restaurant, catering to a mid-market, adventurous type of traveller, and will under the OZO brand,