Talks with India’s ITC to build hotel - PB
Colombo (Srilankamirror) - Treasury chief Dr. P.B. Jayasundara says talks are underway with India's ITC Ltd to build a 450 million US dollar hotel in Colombo.
Reuters quoted Dr. Jayasundara as saying the franchise of Starwood Hotels and Resorts' Sheraton brand will be given land earlier part sold to China National Aero Technology Import and Export Corp. (CATIC).
"The land will cost $70 million and the CATIC land will be released.The total investment would be $450 million," he has said.
CATIC is reportedly looking for other land after the state decided not to sell property outright but give long-term lease.
CATIC had already made a part payment for the property.
