The hotel will have 54 suites, 265 'King' rooms, 150 twin rooms, and 6 rooms for the disabled.
Levels 31-41 will have 90 residential suites for long stay guests also managed by Hyatt International.
Construction was started on July 19 with at a ceremony attended by economic development minister Basil Rajapaksa, urban development ministry secretary Gotabhaya Rajapaksa and secretary finance P B Jayasundera, the statement said.
Sri Lanka's economic development ministry said a vehicle called Sinolanka Hotels & Spa (Pvt) Ltd, where state-run Sri Lanka Insurance Corporation and unspecified private investors will have stakes, will complete the building.
The building was initiated by Sri Lanka's Ceylinco group which ran into difficulties from late 2008. The building was among several expropriated by the state through a controversial law last year.
The economic development ministry said Sri Lanka's Urban Development Authority has g