The Finance, Planning and Economic Development Ministry this week named India’s Chalet Hotels Ltd., and Juniper Hotels Ltd., among the five pre-qualified bidders.
The other shortlisted parties are a consortium comprising Phoenix Ventures Ltd., and Bluestone Capital Ltd., Ceylon Steel Corporation Ltd., and a consortium comprising EML Consultants PLC and Italy’s Kimetal S.r.L.
Canwill Holdings is the parent company of Sinolanka Hotels and Spa Ltd., and Helanco Hotels and Spa Ltd.
The Government, through the Finance Ministry, issued the Request for Expression of Interest (REOI) on 24 December 2025 for the proposed divestiture of its stake in Canwill.
Eight interested parties submitted responses by the 16 March deadline. Following the evaluation conducted under the REOI, five were designated as pre-qualified bidders and cleared to participate in the second-stage RFP process.
Canwill Holdings was incorporated in December 2011 as a fully State-owned enterprise (SOE) to invest in the hospitality and tourism sector, operating as a holding company for Sinolanka Hotels and Spa and Helanco Hotels and Spa.
Sinolanka was developing a 47-storey hotel and serviced apartment project in Colombo 3, comprising 458 hotel rooms and 100 serviced apartments built to Grand Hyatt specifications. The structure and façade were largely complete, with substantial capital expenditure incurred and most approvals in place. The project had been designated a Strategic Development Project, making it eligible for tax concessions during both construction and operations.
A 9.42-acre leasehold beachfront land in Hambantota held by Helanco Hotels and Spa has expired due to non-initiation of construction and the Government had said it does not commit to extending the lease.