US$ 200 million hotel in Colombo with Indian partnership

Aug 27, Colombo: A Sri Lankan company is partnering with an Indian company to build a US$ 200 million hotel complex in the heart of the Sri Lankan capital city Colombo, South Asian News Agency (SANA) reported.

Sri Lanka’s Rank Holdings, a consortium of companies with diversified business interests in hospitality entertainment industry, has reportedly partnered with an Indian investor to build an integrated hotel and entertainment complex at D.R. Wijewardene Mawatha.

Rank Holdings Chairman Ravi Wijeratne has told SANA that a 5-star hotel and 171 apartments would be part of the mixed development and the construction is expected to begin in November this year.

According to Wijeratne, the company has leased a 2.5 acre property on D R Wijewardene Mawatha from Sri Lanka’s Urban Development Authority.

The Urban Development Agency of Sri Lanka has earmarked the area for leisure and entertainment development.

Debt financing would come from foreign banks and Rank Holdings and the Indian partner would put in equity, Wijeratne has said.

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