Undertaken on a proposal made during the previous regime, the hotel complex is partly built, and a further Rs. 20 billion is needed for its completion.
The previous estimated cost of Rs. 28 billion has now gone up to Rs. 43 billion.
Several senior ministers have noted the state could not channel any more funding for the project.
Accordingly, a private investor is to be chosen with approval by the government economic council.
Initial investors for the 580-room hotel have been Sri Lanka Insurance Corporation, Litro Gas and the EPF.