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Old January 14th, 2011, 04:09 PM   #1
Shakeel
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CATIC Skyline

Sri Lanka to get US$500mn hotel from China aviation firm
Jan 14, 2010 (LBO) - A Chinese aviation firm will build a 500 million US dollar hotel and shopping complex in the main beachfront of Sri Lanka's capital Colombo, the government said.
China National Aero Technology Import and Export Corporation (CATIC) will buy land in Colombo's Galle Face area to build a five star hotel and shopping complex.

The proposal by economic development minister Basil Rajapaksa has been approved by the cabinet of minister, the government's information office said.

The project proposal will be on the same lines as an earlier deal with Hong Kong based Shangri-La leisure group to build a 500 million dollar hotel and shopping complex, the government said.

Shangri-La will get state land on which a military sports ground was located.

Source: LBO LK....http://www.lbo.lk/fullstory.php?nid=662000484
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Old January 14th, 2011, 08:28 PM   #2
tig
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China National Aero Technology building a Hotel ? Shouldn't they be building planes ? not Hotels, may be Hotels that flies ? I dont see the logic here
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Old January 14th, 2011, 08:34 PM   #3
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They have a separate company
http://www.catichotels.com/
http://www.catichotels.com/GBJCT/home.html

Last edited by sjinadasa; January 14th, 2011 at 08:44 PM.
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Old January 15th, 2011, 05:29 AM   #4
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Quote:
Originally Posted by tig View Post
China National Aero Technology building a Hotel ? Shouldn't they be building planes ? not Hotels, may be Hotels that flies ? I dont see the logic here
A lot of the large Chinese military suppliers and companies have diversified into fields unrelated to their original business.
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Old January 15th, 2011, 11:33 AM   #5
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$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!
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Old January 15th, 2011, 12:59 PM   #6
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Sounds fishy

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Originally Posted by phil.froelich View Post
$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!
I totally agree with his response. USD500 million is a lot of money to be invested within a short span in a country that hasn't seen at least a $50 million in a single project in tourism. The figures released varies according to private sector to that of public. There seems to be no ground reality and clear signs of which land being released. Hopefully not the greenery itself.
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Old January 15th, 2011, 03:40 PM   #7
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Quote:
Originally Posted by phil.froelich View Post
$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!
The much larger (24 acres) Havelock City project will cost $350 million. $500 million sounds like a exaggeration.
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Old January 15th, 2011, 04:14 PM   #8
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Quote:
Originally Posted by Shakeel View Post
I totally agree with his response. USD500 million is a lot of money to be invested within a short span in a country that hasn't seen at least a $50 million in a single project in tourism. The figures released varies according to private sector to that of public. There seems to be no ground reality and clear signs of which land being released. Hopefully not the greenery itself.
Do you know that each land plots worth $125 million being the best the location in the country
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Old January 16th, 2011, 04:34 PM   #9
Shakeel
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Location?

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Do you know that each land plots worth $125 million being the best the location in the country
Do u know where or which locations are these to be exact. The value of land can be more than USD125 million.
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Old June 13th, 2013, 04:12 PM   #10
Sohan G
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Passed the old CATIC site along Galle face today and saw a hoarding up announcing the ITC hotel coming up at the site. (no renders of the building on it though) The lines on the hoarding went something along 'trusted ITC hotel coming up' or something like that. Couldn't see any activity at the site (the tall boundary wall prevented a good looky loo though through the gate I could see the area was cleared up). On the other hand full scale activity seems to be going on in the adjacent Shangri-La site (still no above ground structure) The question is, is the board something that has been there for a while or are we getting a move on with ITC beginning construction?
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Old June 13th, 2013, 04:46 PM   #11
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Quote:
Originally Posted by Shakeel View Post
Do u know where or which locations are these to be exact. The value of land can be more than USD125 million.
Where military HQs are located. Those are supposed to move to Battaramulla. I have no clue about the land prices.
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Old July 9th, 2013, 04:18 PM   #12
Shakeel
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Moderator.This thread needs to be closed as well.
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