Hotels (Commonwealth Union) _ The ITC Hotel, located opposite Galle Face Green in Colombo, is anticipated to enhance the city’s skyline and bolster its attractiveness as a destination for both business and leisure travelers. This flagship project of the Board of Investment (BOI) has garnered attention from senior government officials, including Investment Ministry Secretary M.M. Nayeemudeen and BOI Chairman Dinesh Weerakkody, who recently conducted an inspection visit to the site.
Managed by ITC subsidiary WelcomHotels Lanka Ltd., the hotel project has received approval from the Indian government, signifying a significant step towards promoting Foreign Direct Investment (FDI) and tourism in Sri Lanka. The conglomerate, ITC Limited, plans to invest US$300 million in constructing an up-market luxury hotel under the renowned Sheraton brand name. This investment is expected to contribute to the economic development of the country and elevate Colombo’s status as a premier destination.
The ITC Colombo One Hotel and Residences, situated in the heart of Colombo, is poised to become a landmark in the city, attracting foreign visitors and enhancing the overall tourism landscape. The project encompasses luxury hotels, high-quality residences, and shopping malls, offering a multi-faceted mixed-use development that reflects ITC Limited’s commitment to excellence.
The investment project has received strategic development status from the Cabinet of Ministers, granting it various tax incentives and exemptions. These include a 10-year tax holiday, tax concessions for hotels, exemptions for expatriate staff from Pay As You Earn tax, and relief on various financial transactions such as interest on foreign loans and fees for consultants and management services.
ITC Limited, a Kolkata-based Indian conglomerate, is known for its diversified presence across sectors such as Fast Moving Consumer Goods (FMCG) and Hotels. With over 100 hotels, it stands as the second-largest hotel chain in India. The company’s foray into the Sri Lankan hospitality sector signifies its commitment to expanding its footprint and contributing to the growth and development of the region.
