January 28, 2021
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    Govt. to invest balance money of Hyatt Regency in Grand Hyatt Colombo

    August 17, 2016

    Government has decided to invest the balance money allocated for the construction of a hotel in Hambantota named ‘Hyatt Regency’ under the Helanco Hotels and Spa (Pvt) Ltd in Grand Hyatt Colombo.

    The ‘Hyatt Regency’ project in Hambantota commenced parallel to the construction of the ‘Grand Hyatt Colombo’ hotel, which commenced in 2012. Out of this four billion rupees, Rs.315 million have already been spent by the then director board of the project for the constructions but, no physical construction is visible.

    Therefore, the proposal made by the Minister of Public Enterprise Development Kabir Hasheem to use this balance money for the ‘Grand Hyatt Colombo’ project has been approved by the Cabinet of Ministers.

    An amount of Rs.18.5 billion has been spent by Sri Lanka Insurance Corporation, Employees, Provident Fund, and Litro Gas Lanka Ltd in the equity of Canwill Holdings (Pvt.) Ltd for the ‘Grand Hyatt Colombo’ through its fully owned subsidiary Sinolanka Hotels and Spa Pvt. Ltd.

    Addressing the Cabinet Press briefing today at the Department of Government Information, the Co-Cabinet spokesman Minister Gayantha Karunathilake informed that it has also been decided to investigate the money invested by public enterprises in commercial ventures.

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