Plans to build a Hyatt Regency in Colombo were resurrected yesterday with a new developer and a revitalizing investment of LKR20 billion (US$152 million). The 43-story hotel, which stalled in 2008, is expected to be completed by December 2013.
Ministers and developers celebrated the initiation of the project at a ceremony yesterday.
New developer Sinolanka Hotels and Spa Ltd. announced that a major share of the required capital for the project will come from Sri Lanka Insurance Corporation, the Daily News reported.
The land was originally leased to the previous developer in 2003, who abandoned the project in 2008, according to local media. The resulting, half-built building had been untouched for the last three years.
In March 2012, the Sri Lankan Cabinet of Ministers approved a proposal to redevelop the property as part of a government initiative to meet the demand of the nation's growing tourist industry.