The project has the status of a ‘Strategic Development Project’, entitling it to various fiscal benefits in Sri Lanka.
ITC’s first foreign venture in the hotel space – a premium and luxury mixed-use development – has been “adversely impacted” by Sri Lanka’s economic crisis, the firm said.
The $300-million project under WelcomHotels Lanka (Private) Limited (WLPL), a wholly-owned subsidiary of ITC, comprises a luxury hotel and a super-premium residential apartment complex on 5.86 acres of prime sea-facing land in Colombo.
In its latest annual report for financial year 2021-22 (FY22), ITC mentioned that the project’s construction was running on schedule till the third quarter (Q3) of FY19, but was adversely impacted due to disruptions in the aftermath of the terror incidents in 2019 and thereafter by recurrent waves of the Covid-19 pandemic.
First Published: Jun 23 2022 | 06:15 AM IST