CLND to build 180-room hotel adjacent to Liberty Plaza

Colombo Land and Development Company PLC (CLND) which owns Liberty Plaza is to buy plot of land adjacent to the car park of the shopping mall for a sum of Rs.221 million, stock exchange filing said.

“The objective of this acquisition is to construct a 180-room city hotel which will cater to the fast growing demand of tourist accommodation in the city of Colombo,” the filing said. The proposed hotel project is expected to commence in the latter part of 2012 and be completed by 2014.

Urban Development Authority (UDA) which falls under the Ministry of Defence has 17.5 percent stake in the CLND, and it is believed high networth investor Dilith Jayaweera with UDA help has controlling power over CLND.

Dilith Jayaweera’s Kalpitiya Beach Resort PLC had 20 percent stake in CLND as at December 31, 2011.