Sunday, 29 January 2012

India's ITC, franchisee for the US-based Sheraton leisure group pays 50% of the lease for luxury hotel

India's ITC Ltd, franchisee for the US-based Sheraton leisure group, has finalized its hotel land deal with the Sri Lankan government paying 50% or US$73.5 million for the 5-acre plot of land opposite Galle face Green in Colombo, Minister of Economic Development Basil Rajapaksa said.

International investors including-Shangri-La Group, CATIC (China), the Minor group (Thailand) and M-Far Hotels (Oman) and ITC (India) have committed substantial investments in Sri Lanka while Six Senses Hotels, Banyan Group, Accor Hotels, and Dusit (Thailand),) have either invested or are currently exploring opportunities to make investments, officials said.


(Source: Sunday Times)

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