| India's ITC now finalises deal, Sheraton moves to Kollupitiya
The Board of Investment (BOI) signed an agreement with Kolkata-based ITC for a mixed development project opposite the Galle Face Green, while contrary to reports of the five star Sheraton hotel being established at this site, its building is now seen rising in the heart of Kollupitiya -- through a different party. ITC has not indicated its total investment as it is believed the project cost is expected to vary depending on their surveys, relating to demand and room capacity required, that is expected to take at least six months to undertake. In fact, Lanka Hotels and Residencies (LHR) Chairman Gamini Gunaratne speaking with the Business Times called this a "mistake" noting that he too was aware of these statements made in the press. Premier Pacific that made plans initially to establish to a luxury apartment had found a dearth in demand and in this respect went in for a joint venture with an Indian partner to establish a mixed project of luxury apartments and office space. Jayasundera with its location set right next to the "Carnival" ice cream parlour at Kollupitiya and opposite the popular Indo-Ceylon Cafted work. Interestingly, however, some months back the government repeatedly made public announcements of plans that ITC would be bringing in the Sheraton brand to Sri Lanka, which is now not the case. ITC is the Indian Tobacco Company with diversified interests ranging from Cigarettes, Hotels, Paperboards and Specialty Papers, Packaging, Agri-Business, Packaged Foods and Confectionery, Information Technology, Branded Apparel, Personal Care, Stationery, Safety Matches and other FMCG products. The confusion has caused much misinformation but it was not possible to ascertain how this situation arose especially since Lanka Hotels and Residencies have been in talks with the Starwood Group on bringing down the Sheraton brand to Colombo since one-and-a-half years back. Architectural Consultants of the project are Lakviru Designs that have been working on this webpage since 2004; structural work was by Dayananda Associates and foreign consultants W. Ironically, the BOI venture with ITC was also signed on the same day - May 4 - when the Indian company representatives dedicated to make payment of US$73. This sum of money was then transferred to the Treasury, an official said. Atkins that co-ordinates with the Sheraton management for the concept design of the project. Main contractors that have been working on this site since 2004 continue to be Tudawe Brothers. LHR has bought property located next to the Carnival that was under construction since 2004. However, it was pointed out that the ITC was yet to decide on the five star hotel that'd be located on site as part of its mixed development project opposite the Galle Face Green. India's ITC now finalises deal, Sheraton moves to Kollupitiya |
Sunday 13 May 2012
India's ITC now finalises deal, Sheraton moves to Kollupitiya
