Selendiva calls for registration of investment brokers to develop hospitality assets

Selendiva Investments Ltd. has called for investment brokers to facilitate investors for the development of heritage properties and hospitality assets.

Stockbroking firms, investment consultants, investment banks and brokers are invited collectively for the registration of investment brokers, to refurbish and restore selected assets in the hospitality sector, which include the Grand Oriental Hotel (GOH), the York Building, Hilton Colombo and Hilton Sports Centre. 

As per Finance Ministry sources, Selendiva aims to commence the restructuring process for heritage properties and assets in the hospitality industry under a Special Purpose Vehicle (SPV) – Selendiva Leisure Investments – by attracting investors and operational experts.

The prospective investment brokers should have a detailed profile of investment broker (corporate profile or detailed CV) and any notable transactions executed. The brokers will be paid professional fees on a tiered basis, based on successful introduction of viable investors. For investment up to Rs. 100 million a professional fee of 0.64%, and for investments above Rs. 100 million a fee of 0.20%. Interested investment brokers should submit their information on or before 14 February 2022.

The development of the over 150-year-old colonial heritage properties – GOH and York Building are part of the integral development in the proposed ‘Heritage Square’ in Colombo. This refurbishment project is expected to have 110 luxury rooms, five conference rooms and five food-and-beverage (F&B) outlets. The building will also have 26 high-street retail outlets and 30 branded residents/suites.

“The key objective of the initiative to refurbish and restore York Building which houses the famed and historically renowned GOH, and to pay tribute to its former glory,” sources said.

Selendiva Investments Ltd. is a State-owned Enterprise (SOE) and has the Treasury Secretary of the Finance Ministry as the sole shareholder. It was formed in March 2020, following approval of the Cabinet of Ministers.