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Sri Lanka cable firm to build hotels

Jan 20, 2010 (LBO) - Sierra Cables, a listed power cable maker said it will build hotels in a joint venture with another group as strong tourist arrivals increased drew investment capital into the sector.
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Colombo is to see at least two 500 million dollar hotel and apartment development complexes on state land and existing leisure chains are also building new hotels in the coast.
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Sierra Cables said in a stock exchange filing it will put 250 million rupees into two hotel projects with Free Lanka Capital Holdings.

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In 2010 tourist arrivals were up 46 percent to 660,000 after a 30-year war ended in May 2009.

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