Sri Lanka’s to get US$300mn Sheraton hotel

Dec 01, 2011 (LBO) - India's ITC Ltd, franchisee for US-based Sheraton leisure group will invest 300 million US dollars in Sri Lanka's on a beachfront in Sri Lanka's capital Colombo, minister Keheliya Rambukwelle said. But the firm has now been offered alternative land, reports said.

The mixed development project will be built on five acres of state land which will be given on a 99-year lease for 73.

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5 million US dollars in a deal approved by the cabinet of ministers he said.

Rambukwelle, cabinet spokesman said the deal valued a square perch in the Galle Face beachfront at around 8.0 million Sri Lanka rupees, slightly higher than adjacent land given to Hong Kong based Shangri-La group.

The land given to ITC was earlier earmarked for China's CATIC which was to be sold the land on a freehold basis.

A policy reversal not to sell state land on a free hold led CATIC to pullout from the project.