n a new and still unexplained development, Sino Lanka Hotels & Spa Pvt Ltd has taken over the project and plan to install the Hyatt Regency hotel there, a company official at the site said. The Finance Ministry in its 2011 annual report said the partly constructed building was being transformed into multifaceted hotel complex, through a consortium of private and public entities, while compensation is paid to 3rd party stake holders. There was no hint of a transfer of ownership.
Construction work of the Celestial tower building which was halted in 2009 due to funding shortage has resumed, the company official said. He told the Business Times that Hyatt Regency Hotels Ltd will manage the 450-room super luxury hotel at Celestial tower after the completion of the building by contractors, Maga Engineering (Pvt) Ltd.
(Source: Sunday Times)
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