(UTV|BUZZ) – Some of the luxurious hotels and tourism-related assets are owned by State institutions such as the Treasury, Employees Provident Fund (EPF), Sri Lanka Insurance Corporation, Telecommunication Regulatory Commission (TRC), and Bank of Ceylon. Hotels such as Grand Hyatt, Grand Oriental and Hilton, and Lotus Tower Shopping Complex can be pointed out as examples.
It has been proposed by the government to create a Premium Real- Estate Portfolio by bringing such institutions under one unit and it is revealed that incorporation of such assets into one umbrella organization, there is potential to further expand these establishments in the future.
Since it is not advisable to use State income or Government borrowings to develop such property and assets, it will be easier to secure provisions through a high-asset institution like the proposed firm.
Accordingly, the Cabinet of Ministers approved the proposal presented by Prime Minister in his capacity as the minister of Finance, Economic and Policy Development to take necessary actions to bring Canvil Group (Grand Hyatt), Hotel Developers (Pvt) Ltd (Hilton), Grand Oriental Hotels under one institution owned by the Treasury, Bank of Ceylon and Sri Lanka Insurance Corporation, in order to expand these establishments and improve their potential.