Eight international and local parties express interest in Canwill Holdings divestiture

​The Ministry of Finance, Planning and Economic Development has received eight expressions of interest for the proposed divestiture of Canwill Holdings (Pvt) Ltd, marking a critical step in the state’s restructuring efforts.

Notably, this is currently the only divestment that the new government is moving ahead with, while the divestment of other non-strategic state-owned enterprises has been placed on hold.

Canwill Holdings is the parent company of Sinolanka Hotels & Spa (Pvt) Ltd and Helanco Hotels & Spa (Pvt) Ltd. The responses were submitted prior to the deadline on Monday, March 16, 2026, following the initial request for expression of interest issued on December 24, 2025. These submissions will now undergo evaluation to pre-qualify the interested parties for the subsequent Request for Proposal stage of the divestiture process.

​The core asset driving this investor interest is a major landmark hospitality property located in the Central Business District of Colombo, owned by Sinolanka. Designed to international five-star standards, the property sits on 2.32 acres of prime ocean-front land and boasts a 47-story structure comprising 458 hotel rooms and 100 serviced apartments. 

The property offers panoramic views of the Indian Ocean, the Port of Colombo, Galle Face Green, and the Lotus Tower. The government aims to divest its entire hundred percent shareholding in Canwill Holdings, with the understanding that the successful investor will be responsible for completing the balance of the construction work on the existing superstructure. Deloitte Touche Tohmatsu India LLP is acting as the transaction advisor for this two-stage divestiture process.

​An analysis of the submitted bids reveals a strong preference for collaborative investment models, with five of the eight responses structured as consortiums. These consortiums highlight significant cross-border partnerships seeking to pool resources and expertise. 

For instance, a highly diverse consortium involves Logan Hospitality Group from Australia and India, Sri Lanka’s L&M Venture Partners, India’s XLNC Landmark, Nyasa Investments from Cambodia and Thailand, and Concordia Private Limited from China and the Philippines. 

Other joint bids include a partnership between Sri Lanka’s EML Consultants PLC and Italy’s Kimetal S.r.L, an alliance between Adam City Trading and Oman’s MEPPCO Group, and a US-India-Sri Lanka collaboration involving Mr. Achut Ram Thuluri and Fracspace entities. A localized consortium was also formed by Sri Lankan firms Phoenix Ventures Private Limited and Bluestone Capital Private Limited.

​In addition to the collaborative bids, three entities opted to submit expressions of interest independently. The Indian hospitality sector showed direct interest through individual submissions from Chalet Hotels Limited and Juniper Hotels Limited. Meanwhile, Ceylon Steel Corporation Limited stepped forward as the sole independent Sri Lankan bidder seeking to acquire the hospitality asset. 

This diverse mix of single-entity and multinational consortium bids underscores a broad spectrum of regional and global investor confidence in finalizing Colombo’s prominent unfinished hospitality project, even as broader privatization efforts remain paused. (NF)