Minister of Public Enterprise Development Kabir Hashim, will appoint a Procurement Committee and a Technical Evaluation Committee for selection of private investors for this purpose soon.
Grand Hyatt Colombo was a project undertaken by Canwill Holdings Ltd. and it was owned by Sri Lanka Insurance Corporation (SLIC), Employee Provident Fund (EPF) and Litro Gas Lanka (which is also a subsidiary of SLIC) previously.
Grand Hyatt Colombo was taken over by the then authorities in 2011 under its Revival of Underperforming Enterprises and Underutilized Assets Act No 43 of 2011, which was introduced by the previous government where many investors were harassed.
Celestial Residencies now Grand Hyatt Colombo, one of the premier iconic properties of the collapsed Ceylinco group acquired by the government under expropriation laws, had been revived under the directions of Competent Authority Attorney-at-Law Kalinga Indratissa, a 5-member Ministerial Sub Committee and a 6-member Officials' Committee.
A consortium led by the Sri Lanka Insurance Corporation (SLIC) has taken over the partially-completed Celestial Residencies, opposite the Cinnamon Grand hotel, with an initial investment of Rs. 6.8 billion and it has resumed construction work on what is said to be Sri Lanka's tallest building with 45 floors.