HONG KONG – Hong Kong-based Shangri-La Asia Limited announced the purchase of six acres of government land facing the Galle Face green promenade, a prominent landmark in Colombo, Sri Lanka. The development will be a multi-use complex with high-end retail facilities, deluxe apartments and a 500-key luxury hotel to open in early 2014. The purchase marks the entry of the hotel group into Sri Lanka, often referred to as “The Pearl of the Indian Ocean.”
Shangri-La is also planning to develop a second property, a 300-key city resort on approximately 100 acres of land in Hambantota, on the southern coast of Sri Lanka, to open in 2013.
“Sri Lanka is a country of unsurpassed natural beauty, rich in cultural heritage, and above all it is well recognised for its warm and hospitable population. The local government is fully committed to rebuilding the economy following the end of three decades of conflict and we believe that Shangri-La will be able to assist in positioning the country as a prime global tourist destination. Both Shangri-La hotels strategically fit into the group’s ongoing expansion plans to link the Indian subcontinent and our South East Asia developments,” said Greg Dogan, president and chief executive officer of Shangri-La International Hotel Management Ltd.
“The entry of the Shangri-La global network is an endorsement of the economic prospects that Sri Lanka has gained since His Excellency the President, Mahinda Rajapaksa ending the long drawn conflict, and accelerating long term infrastructure development, through the creation of a stable economic environment while promoting a rural-centric development strategy. It also marks the beginning of a new journey of a high level of Foreign Direct Investment that Sri Lanka needs in order to accelerate an economic growth in excess of eight percent and position Sri Lanka as an emerging middle income country in Asia,” commented the Secretary to the Treasury. The Secretary also confirmed that several of the world’s leading investors have expressed interest to undertake a wide range of investment activities in 2011.
WHAT TO TAKE AWAY FROM THIS ARTICLE:
- It also marks the beginning of a new journey of a high level of Foreign Direct Investment that Sri Lanka needs in order to accelerate an economic growth in excess of eight percent and position Sri Lanka as an emerging middle income country in Asia,”.
- “The entry of the Shangri-La global network is an endorsement of the economic prospects that Sri Lanka has gained since His Excellency the President, Mahinda Rajapaksa ending the long drawn conflict, and accelerating long term infrastructure development, through the creation of a stable economic environment while promoting a rural-centric development strategy.
- The local government is fully committed to rebuilding the economy following the end of three decades of conflict and we believe that Shangri-La will be able to assist in positioning the country as a prime global tourist destination.
