Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Five-star hotel complex under Hyatt Regency to come up in Sri Lanka capital
Thu, Dec 6, 2012, 09:52 pm SL Time, ColomboPage News Desk, Sri Lanka.

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.



ColomboPage - Recent 10 Stories
Sri Lankan Prime Minister to hold bilateral discussions with Indian Premier today
-- [6 hours ago]
Salawa explosion victims to take legal action to obtain compensation
-- [6 hours ago]
First Sri Lanka session on WTO Trade Facilitation Agreement opens today
-- [7 hours ago]
Sri Lanka Telecom hosts management committee meeting of two submarine cable maintenance consortiums
-- [8 hours ago]
Parliament to convene an emergency session on April 28 regarding waste disposal
-- [8 hours ago]
Pugoda Magistrate Court transfers case against former minister Basil Rajapaksa to Gampaha High Court
Sri Lankan Government has taken measures to strengthen parliament - PM
Sri Lanka Speaker calls on young lawmakers to act as role models for youth
Houses for 68 more families affected by Meethotamulla disaster
Central Province Minister resigns from post to protest father's removal from SLFP organizer post

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.