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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hyatt Regency comes up on expropriated land

Hyatt Regency comes up on expropriated land

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Construction work on the five-star luxury Hyatt Regency Colombo commenced earlier this week on land expropriated by the government last year.

"This land was originally leased to the previous developer in 2003 for scheduled completion of the project in 2008. However, the project has remained abandoned over the past 3 years. In November 2011, this underutilized asset was acquired by the Government under the Revival of Underperforming Enterprises & Underutilized Assets Act, No.43 of 2011 with an intention to expeditiously revive the project without further dilapidation," the Economic Development Ministry said.

"In March 2012, the Cabinet of Ministers approved a proposal to re-develop the property as a fully fledged multi faceted hotel complex to support the Government initiative in tourism infrastructure development and to meet the demand from the growing tourists to the country. The Cabinet approval required private and state entities including Sri Lanka Insurance Corporation Limited to form a company, inter alia to ensure the revival of this property.

"The Cabinet also approved the vesting of the property with the Urban Development Authority which was the original owner of the property and for the UDA to grant a 99 year fresh lease to the new developer," it said.

The venture is a BOI project, granting the new developer, approval and concessions under the Strategic development Projects Act No.14 of 2008.

"Based on this Cabinet approval, the new developer, Sinolanka Hotels & Spa (Pvt) Ltd has initiated the revival of this project and a consortium of investors consisting private and state entities including the Sri Lanka Insurance Corporation Ltd is expected to provide the required capital," the ministry said.

"The project will be developed as a 5 Star luxury hotel complex consisting of approximately 565 keys with around 94,000 sqm in built-up area and 43 storeys in height. The hotel complex is expected to be managed by Hyatt International under the Hyatt Regency brand and the terms of engagement are being currently concluded."

"The entire hotel guest room inventory consists of 475 keys including 54 suites, 265 King rooms, 150 Twin rooms and 6 rooms for the disabled. Of this, 180 keys would be housed on Levels 6-10 consisting 9 suites, 122 King rooms, 47 Twin rooms and 2 rooms for the disabled.

"The balance 295 keys consisting of 45 suites, 143 King rooms, 103 Twin rooms and 4 rooms for the disabled will be housed on Levels 15-29. The rooms are modern & well laid with sizes varying for King & Twin Rooms 38-60 sqm, Junior Suites 70-78 sqm, Executive Suites 120-135 sqm and Presidential Suite 200 sqm. Hyatt Regency Colombo will have the highest ratio suites/total inventory at 11% compared with the other existing Five Star properties in Colombo at 7%. The Regency Club Lounge for executive floor guests is housed on 29th floor.

"Levels 31-41 will contain approximately 90 residential suites for long stay guests designed to meet international features and standards.

"These residential suites will also be managed by Hyatt International and consist of 36 1BR studio suites of approximately 750sqft each, 32 TwoBR suites of approximately 1,100 sqft each, 16 ThreeBR suites of

approximately 1,600 sqft each, 4 FourBR suites of approximately 2,750 sqft each and 2 penthouses. Level 42 will consist of a pool, clubhouse & terrace garden.

"Negotiations with Hyatt International to manage & operate the proposed hotel have been concluded. Contracts are currently being reviewed and expected to be concluded within a short period of time.

"Hyatt International is one of the foremost global hotel chains. This global hospitality company has been in existence for over 50 years and currently operates 488 hotels across 45 countries under 7 premier

lodging brands including premium brands such as "Park Hyatt", "Grand Hyatt" & "Hyatt Regency". Hyatt International is renowned for its operating expertise & chain marketing boasting of more than 90,000 associates & management personnel.

"The new developer has engaged some of the well-known industry professionals to design & build the complex including the award winning interior designer, Bilkey Llinas Designs of Hong Kong, restaurant designer, Super Potato from Japan, design architect, Design Consortium Ltd and MAGA Engineering (Pvt) Ltd as the main contractor," the ministry said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=57278

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