Sheraton to build hotel in Sri Lanka's capital Colombo

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)

Revised Galle Face deal offered to Chinese firm

Outright purchase changed to 99-year lease, but questions over CATIC’s acceptance

The Cabinet has now given approval for a 99-year lease of seven acres of prime land near Galle Face Green to China National Aero Technology and Export Corporation (CATIC). This is after reversing an earlier decision for the outright sale of the land for around US dollars 125 million (or about Rs 13.7 billion). It is not immediately clear whether CATIC — China’s aircraft manufacturing and marketing firm — would accept the offer or demand that its money be refunded. CATIC is learnt to have already remitted to the Treasury the amount involved. More>> (Source: Sunday Times)