Financial Times

Ceylinco-Hyatt partnership in $50 mln hotel
In a bid to attract high end travellers, the Board of Investment last week approved the 46-storied condominium cum hotel project of Ceylinco Leisure Properties (CLP) to be erected at the former Cornell's supermarket land and managed by the Hyatt International hotel chain.

Construction will start in June this year, while the completed hotel, named as the Hyatt Regency Colombo, will be open during the winter of 2007.

This US$50 million project is the largest BOI investment in the hotel sector to date and aims to be the tallest building in the country. CLP Deputy Chairman Hiran de Silva said that based on the present selling price of Celestial Apartments (another Ceylinco investment), the Hyatt Regency Colombo can be valued at US$ 100 million after being built. "For a period of 20 years, Hyatt will manage the property," he said.

All restaurants and lobbies will be housed on the top floors, introducing the 'sky lobby' concept and the hotel will have the largest 'columnless' ballroom in Colombo. The 44,000 square metre hotel will provide 500 direct employment opportunities in the country. It will be designed by Design Consortium Ltd.

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