Grand Hyatt Colombo sale: Govt. sets pre-EOI meeting for Jan. 21

​By Nishel Fernando 

The Government of Sri Lanka has called for a virtual meeting with prospective investors looking to acquire the unfinished Grand Hyatt Colombo, a project that has absorbed over Rs. 20 billion in state investment but remains incomplete. 

The Pre-Expression of Interest (Pre-EOI) meeting is scheduled for January 21, 2026, as authorities move to divest 100 percent of Canwill Holdings (Pvt) Ltd, the state-owned parent company of the hotel.

​The divestiture, managed by the Ministry of Finance, Planning and Economic Development with Deloitte Touche Tohmatsu India LLP acting as the transaction advisor, includes two key subsidiaries: Sinolanka Hotels & Spa (Pvt) Ltd and Helanco Hotels & Spa (Pvt) Ltd. While Sinolanka holds the prime asset - the Grand Hyatt Colombo - Helanco was originally incorporated to develop a Hyatt Regency in Hambantota. Although the Hambantota project was discontinued in 2015, the entity still retains lease rights to approximately 9.42 acres of beachfront land in the area.

​The focal point of the sale is the Grand Hyatt Colombo, located on a 2.32-acre plot in the capital’s Central Business District. The 47-storey tower features 458 hotel rooms and 100 serviced apartments. Although the building’s superstructure is complete, substantial work remains to be done, including internal finishes, mechanical, electrical, and plumbing (MEP) works. Recent estimates suggest that approximately US$ 120 million (approx. Rs. 36 billion) is required to bring the property to completion.

​Historically, the project has been a heavy burden on state coffers. Canwill Holdings was established with an equity infusion of Rs. 18.5 billion from the Sri Lanka Insurance Corporation (SLIC), Litro Gas, and the Employees’ Provident Fund (EPF). By 2019, reports indicated that total expenditure on the project had exceeded Rs. 21 billion, yet the hotel has missed multiple opening deadlines over the last decade. The government has stated it will endeavor to settle the company’s past liabilities on a “best-effort basis” before the transaction is closed.

​Investors interested in the sale have been asked to register for the virtual meeting by emailing the State-Owned Enterprise Restructuring Unit. The deadline for submitting Expressions of Interest is February 16, 2026. The Finance Ministry has clarified that attendance at the pre-EOI meeting is not mandatory for submitting a bid.