Dec 06, Colombo: A five-star multi faceted hotel complex managed under the global hospitality company Hyatt Regency will come up in the heart of Sri Lanka's capital city Colombo.
The project, to be implemented by Sino Lanka Hotels & Spa (Pvt.) Ltd with a US$ 159 million investment, will construct a 30-floor hotel complex consisting of 475 rooms and 90 service apartments in a state-owned prime land in Colombo.
The Sri Lankan cabinet Wednesday approved a proposal made by the Minister of Economic Development Basil Rajapaksa to treat the land mark project as a Strategic Development Project which will receive a series of concessions for a specific period and a corporate tax holiday.
The hotel complex will be built on an Urban Development Authority (UDA) owned land at Galle Road in Colombo. The property, which had a partially built structure with 17 floors, had been abandoned by its developer Ceylinco Leisure Properties Ltd. for few years and the government took over the property last year under the Revival of Underperforming Enterprises and Underutilized Assets Act.
The cabinet in March gave approval to expedite the development of the property as a fully-fledged multi-faceted hotel complex in time to accommodate the visitors to the Commonwealth Heads of State Meeting in Colombo next year and to lease the property to a newly formed company on a 99-year lease basis of a nominal rent.
Once completed, the proposed hotel, Hyatt Regency Colombo will have modern facilities with large banqueting and meeting spaces, food and beverage outlets, fitness center, entertainment and adequate parking for the visitors.