Suchirindia and Starwood Invest in $25mn Airport Hotel in Katunayake, Sri Lanka

01st November 2010, www.island.lk

Suchirindia Lankan Hotels and Resorts (P) Limited and Starwood, a leading international hotel and leisure company, singed a letter of intent to establish a 200 keys airport hotel in the Katunayake Export Processing Zone.

Suchirindia is a diversified business group based in India with Infrastructure and hospitality development at its core.

Hospitality as a business venture to Suchirindia has profound significance as the company believes this is one line of business that integrates nature, creativity, art and architecture, statement said.

With two hotels under operation back in India, Suchirindia is poised to make a humble beginning in Sri Lanka with a 200 keys hotel at Bandaranaike International Airport in the Katunayake Export Processing Zone in a 3.5 acres land awarded by the Board of Investment of Sri Lanka.

Starwood is one of the leading hotel and leisure companies in the world with over 1000 hotels in nearly 100 countries and territories. The letter of intent was signed in the presence of the Indian High Commissioner in Colombo, Ashok K. Kantha yesterday.

Dr. Y. Kiran Kumar, Chairman of Suchirindia Group and Mathew Fry, Senior Vice President of Acquisitions and Development in Starwood Asia Pacific, exchanged the signed letters of intent and together they will bring the pacesetting innovation, lifestyle-focused design, signature services and strong traveler loyalty through this project. Mihindu Keerthiratne Associates would be the Hotel Architects.

The total investment amounts to US$ 25 million and statutory approvals are expected to be in place by the end of November 2010 together with financial closure, which is in the advanced stage of completion. Construction of the project is expected to start in December 2010 with a target to commence commercial operations by April 2013.