Colombo’s Grand Hyatt Revival Faces Questions and High Stakes
- CNL Reporter
- October 20, 2025
- News
- Grand Hyatt
- 0 Comments
The Government has revived the long-stalled Grand Hyatt Colombo project, reappointing Deloitte as transaction adviser to oversee its divestiture and potential completion. The 47-storey luxury hotel and serviced apartment complex—first launched in 2006 under the Ceylinco Group and later taken over by Canwill Holdings (Pvt) Ltd—remains unfinished despite over Rs. 18–21 billion in public investment. The Finance Ministry said Deloitte will prepare an Information Memorandum covering Canwill’s assets, liabilities, and pending claims, paving the way for Expressions of Interest from new investors. Apartment buyers who paid deposits years ago face continued uncertainty, as no verified records confirm unit sales or collected funds. The project, estimated to require an additional US$120 million, has also drawn scrutiny over accounting discrepancies identified by the Auditor General. Economists see the divestiture as a pragmatic move, but warn it must ensure accountability and fairness for all affected stakeholders.
