ITC's luxury project in Colombo hit by headwinds as Sri Lanka economy sinks

Company says it remains focused on completing project in expeditious manner

ITC’s first foreign venture in the hotel space – a premium and luxury mixed-use development – has been “adversely impacted” by Sri Lanka’s economic crisis, the firm said.

The $300-million project under WelcomHotels Lanka (Private) Limited (WLPL), a wholly-owned subsidiary of ITC, comprises a luxury hotel and a super-premium residential apartment complex on 5.86 acres of prime sea-facing land in Colombo.

In its latest annual report for financial year 2021-22 (FY22), ITC mentioned that the project’s construction was running on schedule till the third quarter (Q3) of FY19, but was adversely impacted due to disruptions in the aftermath of the