Dec 28, 2010 (LBO) - Hong Kong-based leisure group Shangri-La has signed a deal to acquire land to build a seven-star hotel in the Sri Lankan capital Colombo, the chairman of the tourism authority Nalaka Godahewa said.
Shangri-La signed the agreement Tuesday to acquire 10 acres of government property near the Galle Face green promenade, Godahewa told Vimasuma.com, our sister news website.
The army headquarters which is now located on the land, considered prime commercial property, is to be moved to another location in a Colombo suburb.
Godahewa said Shangri-La will invest about 500 million US dollars in the hotel project which will have almost 500 rooms.
Sri Lanka is experiencing a tourism boom, with arrivals up sharply, after the end of the island's 30-year ethnic war in 2009.
source - www.lbo.lk
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