Jul 08, 2017

Hyatt hotel to be sold! Featured

The government has received a proposal to suspend construction of the Hyatt hotel project in Colombo and sell it off to a private investor, reports say.

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.

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