Hong Kong-based Shangri La Asia will complete its Colombo, Sri Lanka, luxury hotel project by 2014.
The completion date was delayed because of the complexity of the design, according to the company.
On completion, the multi-use complex will include a 500-room luxury hotel, deluxe apartments and retail facilities.
The group also plans to develop a $130m resort in Hambantota, with 300 rooms and 50 villas, which is expected to open in 2013.
The total investment for both projects is estimated at $500m.
Shangri La Asia executive director and CEO Madhu Rao said the Colombo hotel project has not yet started and will need three years to complete.