Government clarifies misleading reports on Hilton hotel divestiture

30 August 2024 05:20 pm Views - 3312

Colombo, August 30 (Daily Mirror) -  The Ministry of Finance, Economic Stabilization and National Policies has issued a statement clarifying recent misleading media reports about the divestiture of Hotel Developers (Lanka) Ltd, which owns the Colombo Hilton.

According to a statement, the divestiture process, led by the SOE Restructuring Unit under the Ministry of Finance, is being conducted transparently and according to guidelines approved by the Cabinet of Ministers.

Contrary to some reports, the transaction involves 4.61 acres of land leased to the hotel until 2111, with an additional 1.875 acres available upon Cabinet approval. The Colombo Hilton remains a 5-star hotel, not 7-star as falsely claimed.

The statement also clarified that valuations and financial offers are still under negotiation, with no political interference affecting the process.

The government emphasized that the divestiture will not be finalized until after the Presidential election.

 

The press release