International hotel brand Sheraton is coming to Sri Lanka with a $80 million investment through a new Sri Lanka partner, contrary to earlier reports that India-based ITC Ltd was bringing the brand here.
ITC Ltd is a franchisee for the US-based Sheraton leisure group and it was earlier announced that this entity was bringing the Sheraton brand in a $75 million investment.
However on Friday, Lanka Hotels & Residencies Pvt Ltd and its promoters, Greenwater Resorts Pvt Ltd India and Eurocon Building Industries FZC of the UAE signed an agreement in Colombo with US-based Starwood Hotels & Resorts Worldwide Inc, owners of the Sheraton brand to operate and manage the ‘Sheraton Colombo’ hotel.
The agreement was signed by Lanka Hotels Chairman K.D. Gamini Gunaratne, Nandkishor Chaturvedi and Ravindra Lad (Lanka Hotels’ directors) and Nikhil Manchharam, Starwood Group Vice President in the presence of Treasury Secretary Dr. P.B. Jayasundera.
Lanka Hotels said in a statement that the 306-room hotel adjoining the upcoming Shangri-La hotel will have a presidential suite and other themed luxury suites. It will be ready for occupation in October 2013.
The architect of the project is W.S. Atkins, designers and engineers of Dubai’s landmark Burj Al Arab hotel and the Olympic Games in London. “Lanka Hotels and the Starwood Group are looking forward to other development opportunities in Sri Lanka,” the statement said. |
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