Honk Kong based Shangri La Asia on Monday said its Colombo luxury hotel project will be completed by end 2014, later than the scheduled date in early that year due to complexity of the design.

Shangri La in January said the development in Colombo will be a multi-use complex with high-end retail facilities, deluxe apartments and a 500-room luxury hotel and expected to open in early 2014.Sri Lanka's tourism sector has already secured $1.2 billion investment including from Shangri La due to the post-war tourism boom in the Indian Ocean Island nation.It has also planned to develop a second property, a 300-room city resort on approximately 100 acres of land in Hambantota, on the southern coast of Sri Lanka, scheduled to open in 2013.The total investment for both projects has been estimated at $500 million.Madhu Rao, the executive director and chief financial officer of Shangri La Asia on Monday said the Colombo hotel project has not yet started and it will need three years to complete from the date of digging the ground.Rao said the company expects to start Hambantota project in August and complete its first phase by 2013.Sri Lanka's tourism sector has already secured $1.2 billion investment including from Shangri La due to the post-war tourism boom in the Indian Ocean Island nation.