Lazard Asia, MTI Consulting to advise on Sri Lanka Hilton, Hyatt sales
Jul 10, 2018 14:05 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Singapore-based Lazard Asia Limited, and MTI Consulting, a Sri Lanka consultancy, has been selected to advise on the sale of Hilton Colombo and Grand Hyatt properties, the ministry of National Policies and Economic Affairs said.
The firm was chosen by a Cabinet Appointed Consultant Procurement Committee.
The advisors are now expected to market the properties among international investors and a shortlist will be prepared of interested parties.
A majority stake will then be sold to investors.
Colombo Hilton is an operating firm, which was recently refurbished, but has vacant buildable property. The proposed Grand Hyatt is partly built.
Hotel Developers, the owning company of Colombo Hilton which was partly owned by the state, was expropriated by Sri Lanka's last regime.
It is not clear whether the stock of expropriated shareholders will be restored. (Colombo/July10/2018)