The government has today (28) granted approval to the world renowned Shangri-La group to set up a hotel in the country.
Treasury Secretary Dr. P.B. Jayasundera has told the media that the Board of Investment (BOI) has granted approval to Hong Kong based group Shangri-La today to build a 500 room hotel in Colombo.
Dr. Jayasundera has said that the hotel project would amount to an investment of US$ 500 million.
The Shangri-La group has already invested US$ 75 million to acquire land other necessary resources for the project.
According to Dr. Jayasundera, the integrated hotel is to be called Shangri-La Lanka Hotel limited.