SHERATON Group of USA to invest in a luxury hotel project in Colombo
December 1, 2011 at 11:50 am · Close Watch · XFinancial
The ITC limited of India, a franchise of renowned SHERATON Group of USA is to invest $300 million in a luxury hotel and mixed development project in Colombo, Cabinet Spokesman Minister Keheliya Rambukwella disclosed.
Accordingly, as per the proposal made by Minister of Economic Development Basil Rajapakse, the cabinet has decided to provide a block of land in extent of five acre near the Army headquarters in Colombo on a 99 year lease, he added. It will be given for a sum of US $ 73.5 million as indicated by the Chief Government Valuer of the project.
(JNW)