Hong Kong based leisure chain Shangri La has concluded an outright purchase of a 10 acre plot in Colombo facing the Galle Face green owned by the Defence Ministry, for US$ 125 million, a top official said.
Sri Lanka Tourism Development Authority Chairman Dr. Nalaka Godahewa told The Island Financial Review that the outright purchase was concluded with an upfront payment of US$ 75 million with the balance US$ 50 million to be paid later.
Shangri La is expected to invest US$ 500 million in what would be the only seven star hotel in Sri Lanka.
The Island Financial Review yesterday (30) reported that the US$ 75 million inflow had appreciated the rupee.
source - www.island.lk
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