Premier Pacific building converted to Sheraton Hotel

According to the Sunday Times on 13th May (http://www.sundaytimes.lk/120513/BusinessTimes/bt02.html), the partially built apartment complex in Colombo 3 which was to be known as 'Premier Pacific' has been bought by the Sheraton Hotel group and is in the process of converting it to a 360 roomed luxury hotel.

The Premier Pacific already had 12 floors of the 21 storied building completed before downturn and low interest halted the work in 2010, which began in 2004.

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)