The government has selected Singapore-based Lazard Asia Limited and Sri Lanka’s MTI Consulting to advise on the sale of the government ownership in Hilton and Grand Hyatt Hotels.

The National Policies and Economic Affairs Ministry in a brief note said, “The Cabinet Appointed Consultant Procurement Committee has recommended Lazard Asia Limited of Singapore in association with MTI Consulting to be awarded the contract to act as an international transaction advisor for the sale of government ownership in Hilton and Grand Hyatt Hotels.” 

In April, the Public Enterprise Development Ministry shortlisted four companies to advise the government on the sale of hotel stakes out of the 15 companies that had bid to become advisors.

The four companies were Hotelivate Ltd, Jones Lang Lasalle Property Consultants (India) Ltd, KPMG and Lazard Asia Ltd. The advisors will be responsible for marketing the assets and identifying and shortlisting a list of suitable investors. The government is planning to sell 51 percent of Hotel Developers, the owning company of Hilton and 100 percent of Canwill Holdings, the owners of Grand Hyatt, through a competitive bidding process.

Hotel Developers is fully owned by the Treasury and Canwill Holdings is owned by the three State-owned entities— Sri Lanka Insurance, Litro Gas and Emloyees’ Provident Fund.