Shangri-La Hotels in US$500 million hotel deal in Sri Lanka

The Sri Lankan government has received US$ 125 million (Rs.14 billion) for the land given to Shangri-La Hotels to build a hotel-apartment complex in the Galle Face area of the Colombo city.

Land and Land Development Minister Janaka Bandara Tennakoon has said that the Asia Pacific’s leading luxury hotel group, Hong Kong-based Shangri-La Hotels and Resorts, has been given 4.0496 hectares (10 acres) for the hotel project.

The company plans to invest US$ 500 million in the project to build a500-room hotel complex.

The Minister has made this statement to parliament in response to a question posed by United National Party (UNP) MP Dayasiri Jayasekera.

The Minister has said that 2.4361 hectares of land was sold for US$ 75 million and 1.6108 hectares under the second phase for US$ 50 million.

CHECK HERE FOR LOTS OF  ‘DISCOUNT HOTEL DEALS‘  IN SRI LANKA

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