Sheraton Hotels and Resorts, the largest Starwood Hotels and Resorts Worldwide brand, will build a hotel in the Sri Lankan capital on land originally offered to a Chinese firm, a government official said on Sunday.
The island nation's junior economic minister said the government has completed negotiations with Sheraton to allocate the land, earlier offered to China National Aero Technology Import and Export Corporation (CATIC).
Last month, Sri Lanka annulled a $500 million investment deal with CATIC after it refused to sell the beach front land outright to the state-run Chinese conglomerate as agreed earlier.
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(Source: Daily Mirror)
The island nation's junior economic minister said the government has completed negotiations with Sheraton to allocate the land, earlier offered to China National Aero Technology Import and Export Corporation (CATIC).
Last month, Sri Lanka annulled a $500 million investment deal with CATIC after it refused to sell the beach front land outright to the state-run Chinese conglomerate as agreed earlier.
More>>
(Source: Daily Mirror)
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