Sri Lanka flexible for investor to start Grand Hyatt operations – Minister

Sri Lanka is ready to be flexible on the construction cost of the Grand Hyatt building if an investor is ready to complete the building, start operations, and repay a $35 million loan, State Minister for Urban Development and Housing Arundhika Fernando said.

Hyatt building was constructed by then president Mahinda Rajapaksa government with $60 million public money funded by state owned Sri Lanka Insurance, Employees Provident Fund, and Litro Gas Lanka Ltd.

Later it also borrowed $35 million for the construction, Fernando said, amid the construction cost alone doubled in the face of sharp depreciation of the currency and the building with the government failing to find an investor to complete the 48-floor building and start business.

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