Grand Hyatt for sale

Grand Hyatt for sale

Written by Staff Writer

29 Jan, 2019 | 8:50 pm

Colombo (News1st): Reports have surfaced that the Grand Hyatt in Colombo is being listed as an investment opportunity.

According to a teaser document reportedly sent to reputed investment bankers across the world, the envisaged transaction is a 100% acquisition of Sino Lanka Hotels and Spa (Pvt) Limited which holds 100% ownership of the Grand Hyatt in Colombo.

Accordingly, the selling shareholders are Sri Lanka Insurance Corporation, Litro Gas Lanka limited and the EPF all which are state-owned entities of Sri Lanka. The teaser report by MTI Consulting is inviting interested parties to Submit an expression of interest.

Earlier, the Consulting Company had published a newspaper article for investments in the Hyatt, but it was highlighted that within a short-period a scam could take place. The teaser report sent across the world to selected individuals notes the total project cost is 297 million USD.

The Grand Hyatt Hotel Project in Colombo has been marred by a series of financial frauds amounting to billions of taxpayers’ money during the previous regime.

Legal Action is being instituted against a number of people including Former President’s Chief of Staff Gamini Senaraht at the Permanent High Court Trial at Bar for alleged financial fraud regarding the hotel project.

Is this a plan implemented to sell the Grand Hyatt Hotel which will benefit a selected group of people?

It is public funds that have been invested in such a project and the people have a right to know what happens to their money.

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