Sheraton Group pledges US $ 300 m for hotel in Galle Face

One of the biggest hotels chains in the world, the Sheraton Group has pledged to invest in Sri Lanka, bringing ultimate value to the country as a destination.

The USA based hotel chain will invest US$ 300 million for a mixed development project including a hotel in Colombo.

On a proposal made by the Economic Development Ministry, the Cabinet has decided to provide a five-acre block in the former Army headquarters land in Galle Face on a 99 year lease for US $ 73.5 million as indicated by the Chief Government Valuer for this project.

Sheraton boasts of a portfolio of more than 400 hotels in 70 countries, including a stellar portfolio of more than 60 resorts in destinations worldwide including Argentina, Australia, Egypt, Israel, Italy, Mexico, Hawaii, California, Florida, Arizona, Tahiti and the Fiji Islands.

The government has embarked on a project to convert Colombo as middle income city in terms of the long term development framework of the government.

This includes providing housing for shanty dwellers presently living within the city, to ensure better, living conditions. A government official said that land value in Galle Face has increased tremendously.

"A perch of land in Galle Face area appreciated by almost Rs one million when ShangriLa came to Colombo.

"Thereafter when the Sheraton Group pledged to invest in Sri Lanka it once again increased by another million," he added. (HG)