India’s ITC starts building US$300mn hotel in Sri Lanka

COLOMBO Nov 19, 2014 (EconomyNext) – India’s ITC group started building a 300 million US dollar hotel and apartment complex which is slated to be the group’s biggest overseas venture and the largest ever in a hotel.

The hotel will have 350 rooms, 130 apartments, shopping areas.

The ‘ITC Colombo One’ styled property is positioned as a premium ‘luxury deluxe’ brand a step above its 5-start ‘Fortune’ brand, chairman Y C Deveshwar said.

The hotel is built on Colombo’s Galle Face beachfront on land leased from the state.

The project is designed so that it can be expanded to another 170 rooms and 100 apartments.

 

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