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New Sri Lanka hotels to cost 10 pct more - Shangri-La Asia

Feb 24, 2012 9:49:55 AM - srilankamirror.com

(Srilankamirror) - Honk Kong-based Shangri-La Asia said today (Feb. 24) the cost of building two new luxury hotels in Sri Lanka has risen 10 percent to $550 million.

"The cost has slightly gone up. Between the two projects it's about $550 million," Chief Financial Officer Madhu Rao has told Reuters after the groundbreaking ceremony for the start of work on its planned 661-room hotel in Colombo.

He said the higher cost was because of last-minute design changes.

"It will take about three years to finish," he said, adding that the Colombo development will include shop units, apartments and conference facilities. That puts completion in 2015, instead of the originally planned 2014.