Government clarifies misleading reports on Hilton hotel divestiture

30 August 2024 05:20 pm Views - {{hitsCtrl.values.hits}} 6 Bookmark

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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

Comments - 6

Mega Deals MUST Be Debated In Parliament Friday, 30 August 2024 06:01 PM

Current regime guys are asking for it! The average person is not aware of this proposed mega deal. Similarly with the VFS Visa deal, claims cabinet approved it. These kinds of mega deals should be debated in parliament with the opposition and media involved. By being open about it and giving reasons for this move will definitely limit the speculations. Hopefully the next government will be open on any major deals which is costly and will be in Private sector hands for a long period. Also, hopefully they will debate it too in parliament.

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Nihal Amsarasekera Friday, 30 August 2024 06:18 PM

We can believe them NO BTW where will they all be come 2111

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saman Friday, 30 August 2024 07:10 PM

Very good, wait until the presidential election is held on 21/09. If not the investor will loose his investment.

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Ranga Saturday, 31 August 2024 03:57 AM

Government is correct however you need to stop JVP unions leaking information Anyhow that property no way worth $100 million

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Ram P Saturday, 31 August 2024 04:25 AM

Government must provide the valuations of Hilton and the appurtenant land for the past 10 years before any negotiations to sell. Whether the lease hold will be cancelled and land transferred outright. Ranil, be open and transparent in these matters. Not only Hilton but openness apply to Telecom, Waters Edge and other assets ear marked for sale

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FredSnR Saturday, 31 August 2024 05:15 AM

Recall reading that the govt has passed a law prohibiting money printing something which even US has not done .If that is the case is this the way they hope to bridge future deficits by selling off assets at fire sale prices. And where land is involved you can be sure the Indians are not far away, former Oberoi, Taj, good examples

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