
A government official announced to Reuters that land previously reserved to a Chinese firm was now being offered to Starwood for the creation of a hotel in Sri Lanka's capital city, Colombo.
The land was originally meant to go to the China National Aero Technology Import and Export Corporation (CATIC), but will instead go to Starwood under a 99-year lease, according to Reuters.Reuters reports that, " Last month, Sri Lanka annulled a $500 million investment deal with CATIC after it refused to sell the beach front land outright to the state-run Chinese conglomerate as agreed earlier."Reuters reports that, " Last month, Sri Lanka annulled a $500 million investment deal with CATIC after it refused to sell the beach front land outright to the state-run Chinese conglomerate as agreed earlier."