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.