The Board of Investment of Sri Lanka signed an agreement with Sanken Construction (Pvt) Ltd to construct and operate a 112 room hotel with an investment value of US$ 9.28 million, which will create 60 new employment opportunities. The agreement was signed by Mangala Yapa, Chairman of the Board of Investment of Sri Lanka and Rohana Wannigama, Executive Director of Sanken Construction (Pvt) Ltd., Rohana Wannigama stated with reference to his project “We will be building a 112 room business hotel in the one star category but which will be of a much higher standard.  This will be a 10 storey building and we are seeking an international hotel operator to work with on this project.” Wannigama added “The hotel which we are building is aimed at the business traveller and will be functional, providing the guest with a confortable and decent hotel room.  A another important consideration is the convenience of the location as our hotel will be at Union Place, which is becoming a busy and happening street of Colombo, possibly in the future like  Orchard Street in Singapore.” Wannigama also said that the rationale behind building a hotel of that class was that most business guests spend their time attending to meetings and other activities and only return at night.  Therefore they tend to look at convenience and advantageous pricing when opting for hotel accommodation when travelling overseas.