Aitken Spence said in 2010 that is was planning to build a 35 million US dollar resort and spa with beachfront villa on a 10.5 acre land in Ahungalle, where the group already has one hotel.
The firm said in a stock exchange filing Friday that it had decided to terminate the agreement and the move will not have any impact on its results.
Six Senses, Soneva and Evason were brands founded by entrepreneur Sonu Shivdasani.
In February 2011 reports said Six Senses had pulled out of plan to develop a hotel in an islet in Sri Lanka's north western coast and put on hold a project in Jordan.
In April 2012 Shivdasani sold Six Senses and Evason brands to a US based Pegasus Capital Advisors, a private equity firm.
Sri Lanka's tourist arrivals had been growing since the end of a 30 year war in 2009. After clocking up a million visitor in 2012, tourism authorities are targeting 1.2 million visitors for 2013.