26 August 2011
Sri Lanka’s Rank Holdings, a group which has interests in gaming, power and logistics, is planning a $200 million hotel and residential complex in Colombo with an Indian partner.
See SANA’s report here.
A 5-star hotel and 171 apartments would be part of the mixed development on a 2.5 acre property leased from the state.
The area has been earmarked for leisure and entertainment development by Sri Lanka’s urban development authority (UDA), part of the Ministry of Defence.
Construction is expected to begin in November. Funding would be borrowed from foreign banks and put in by Rank Holdings and its Indian partner.
We need your support
Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.
Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view
We need your support in keeping our journalism going. Support our work today.