BY IRANGIKA Range

Hyatt International, one of the world's leading hotel chains yesterday joined Ceylinco Leisure Properties Ltd (CLP) to commence the largest BoI investment project in the country's hotel sector.

The two companies yesterday signed a BoI agreement for setting up of the Hyatt Regency, Colombo with an initial investment of US$ 50 million.

The Hyatt Regency hotel complex, expected to be completed by 2007, will be the tallest building in Sri Lanka.

BoI Chairman Saliya Wickramasuriya said the Hyatt Regency Colombo will be the largest hotel investment coming under the BoI.

Chairman of Ceylinco Consolidated, Deshamanya Dr. Lalith Kotelawela said Hyatt International is recognised for its astute asset management and profitability and distinguishes itself in today's competitive marketplace with a hotel brand that delivers experiences that match lifestyles, values and attitudes.

"The Hyatt Regency, Colombo will be one of the best hotels in the region with the introduction of its signature products including state-of-the-art technology, meeting and fitness facilities, innovative restaurants and bars and efficient service," he said.

"This property value will go up to US$100 million," said CLP Deputy Chairman Hiran de Silva.

The construction of the 49-floor building will commence in the first week of May. The hotel project is expected to generate 500 direct employment opportunities and several indirect jobs.

Wickramasuriya and Deshamanya Dr. Kotelawela signed the agreement yesterday.

A delegation from Hyatt Hotels and Resorts led by Managing Director Hyatt International Asia-Pacific Ltd Larry T Chou visited Sri Lanka to sign the agreement for Hyatt Regency Colombo in early January.