Legal dispute over Sheraton Colombo property, premises By Sunimalee Dias View(s): View(s):The Sheraton Colombo hotel premises and its properties are to be sold by public auction following a default in making payments on loans obtained from two commercial banks. Lanka Hotels and Residencies Chairman Gamini Gunaratne speaking with the Sunday Times Business said that currently “we are negotiating with the banks”. He noted that the public announcement is part of the legal procedures that the banks have to adhere to. The management of the Sheraton Colombo is given under a contract to the global Sheraton Hotels franchise. The total due to the NDB as stated in the notification is the sum of Rs.2.2 billion and US$23 million.

Source: Sunday Times January 18, 2026 01:33 UTC