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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rs 20 b Hyatt Regency construction begins

Rs 20 b Hyatt Regency construction begins

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Indunil HEWAGE

Another flagship tourism infrastructure development project, Hyatt Regency Colombo Hotel, ceremonially kicked off yesterday in the presence of ministers and dignitary guests.

The Rs 20 billion hotel project with 475 guest rooms, 90 residential suits is developed by Sinolanka Hotels and Spa (Pvt) Ltd and major share of the required capital for the project will come from Sri Lanka Insurance Corporation. According to a senior official from Sinolanka Hotels and Spa (Pvt) Ltd, rest of the capital is expected to be obtained from international development agencies and the relevant authorities would start negotiations with these institutions pertaining to the capital requirement of the project.

The hotel complex is scheduled to be opened by the end of October, 2013 and residential suits will be operational by August, 2014.

The project will be developed as a five star hotel complex with modern amenities and facilities and will comprise 43 storeys . Once it is completed, Hyatt Regency Colombo will be the tallest hotel complex in Sri Lanka.

The management of the proposed hotel complex will come under the well known global hospitality company, “ Hyatt Regency Group” for 20 years. Negotiations with Hyatt International to manage and operate the hotel complex has already been concluded and contracts were currently been reviewed and expected to be concluded within a short period of time.

Work on the hotel complex commenced yesterday under the government programme to revive the iconic ‘Hyatt Regency Hotel.’ The land was originally leased to the previous developer by the Urban Development Authority on a 99 year lease in 2003 for scheduled completion in 2008. However, the project has remained abandoned over the past three years. In November 2011, this property was taken over by the government under the “Revival of Under-performing Enterprises and Underutilized Assets Act No 43 of 2011” to expeditiously revive the project without any dilapidation. In March 2012, the Cabinet approved a proposal to re-develop the property and Cabinet approval required private and state entities including Sri Lanka Insurance Cooperation Limited to form a company, inter alias to ensure the revival of this property.

Based on the Cabinet approval, the property has been leased on a 99 year lease to the new developer, Sinolanka Hotels and Spa (Pvt) Ltd.
http://www.dailynews.lk/2012/07/20/bus01.asp

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