Cabinet nod for Strategic Development Projects status for Damro’s $ 70 m city hotel

 The Cabinet of Ministers on its meeting on Monday has approved a $ 79.4 million hotel project by D.R. Home Appliances Ltd. to build a 652-room luxury city hotel in Colombo-3.

The firms is a subsidiary of the popular furniture brand, Damro, Piyesttra and D.R. Industries Ltd.

Approval of the Board of Investment (BOI) has been received to award relevant concessionaires to the proposed project under the Strategic Development Projects Act No. 14 of 2008 subsequent to identification as a strategic development project under that Act.

The resolution furnished by Prime Minister in his capacity as the Economic Policy and Planning Minister for inaugurating the precise process for considering the proposed project, as a strategic development project was granted approval by the Cabinet of Ministers on Monday.

The hotel project is developed under the Strategic Development Project Act, and was publish on the gazette notification under section 3 (2) of the Strategic Development Projects Act No. 14 of 2008 precisely indicating the clearances/reliefs to be awarded for strategic development projects.