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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Shangri-La increases investment to US$ 450 m

Shangri-La increases investment to US$ 450 m

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Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The Shangri-La hotel chain, which will be initiating Sri Lanka’s first seven star hotel, has revised its plan of construction and has decided to increase their investment to US $450 million, excluding the cost of the land and along with an increase of rooms from the initial 500 to 625. The hotel is to be built on 10 acres of land overlooking the Galle Face Green.

The land was initially bought in 2010 with a price tag of US $ 125 million and the approval for the construction was received in the same year. With the increase of rooms and a newer plan already paving the way for the new building, the deadline has also gone up, with hopes for the project to see completion in 2017, though the preliminary plan was to finish the project in 2015.

The proposal for the new project has already been approved and the tax concessions will remain the same. With the project seeing fruition, the Electricity Board (CEB) will also have to shift one of their high-tension cables which is getting in the way of the construction and therefore, there are discussions underway between the relevant authorities with regard to this.

- See more at: http://dailynews.lk/?q=business/shangri-la-increases-investment-us-450-m#sthash.zbXhbFZQ.dpuf

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
any casino............???????????

kingbun


Stock Trader
For sure they will have a casino.......

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