Indo-Lanka hotel venture in Colombo

Sri Lanka's Rank Holdings, a group which has interests in gaming, power and logistics, is planning to build a $200 million hotel and residential complex in Colombo with an Indian partner, an official told the South Asian News Agency.

Rank Holdings chief Ravi Wijeratne said a 5-star hotel and 171 apartments would be part of the mixed development.

The project would be sited on a 2.5 acre property at D R Wijewardene Mawatha in Colombo, leased from the state, he said.

Wijeratne said construction work is due to begin in November.

The area has been earmarked for leisure and entertainment development by the Urban Development Authority.