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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Hilton Hotel secretly sold under cover of darkness yesterday night to a Casino King

Hilton Hotel secretly sold under cover of darkness yesterday night to a Casino King

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MoneyMaker


Senior Equity Analytic
Senior Equity Analytic
@mono wrote:
@MoneyMaker wrote:
Mono,

Your doubt would be a fact soon. The government needs to know that when there is too much government intervention in the private sector it works negatively towards foreign investment. My point is that these transactions need to be more transparent rather than it being a surprise.

how on earth does this negatively effect foreign investment?

I don't have time to explain to you the macro of this negativity. But let me just briefly explain to you the micro of it. If you were a foreign investor looking to invest in Sri Lanka's tourism boom and found that an Internationally renowned Hotel chain's presence in Sri Lanka was taken over by the government, wouldn't that make you lift an eyebrow Shocked . What I am finding difficult to absorb or digest is that why would Hilton let this happen? That information we will probably find out shortly or never.

TRANSPARENCY, TRANSPARENCY. TRANSPARENCY.

mono


Vice President - Equity Analytics
Vice President - Equity Analytics
@MoneyMaker wrote:
@mono wrote:
@MoneyMaker wrote:
Mono,

Your doubt would be a fact soon. The government needs to know that when there is too much government intervention in the private sector it works negatively towards foreign investment. My point is that these transactions need to be more transparent rather than it being a surprise.

how on earth does this negatively effect foreign investment?

I don't have time to explain to you the macro of this negativity. But let me just briefly explain to you the micro of it. If you were a foreign investor looking to invest in Sri Lanka's tourism boom and found that an Internationally renowned Hotel chain's presence in Sri Lanka was taken over by the government, wouldn't that make you lift an eyebrow Shocked . What I am finding difficult to absorb or digest is that why would Hilton let this happen? That information we will probably find out shortly or never.

TRANSPARENCY, TRANSPARENCY. TRANSPARENCY.

Do you even know what happened?

And transperency is just a catch phrase of the NGO crowd. In international business transparency never a premium. examples of this are galore

NW


Equity Analytic
Equity Analytic
Look guys, if we want to classify Sri Lanka on economic terms, it is a low middle income country moving towards middle income status. I am not sure if you meant 'third world' to mean low income (per capita GDP less than 980 or so-- countries like Bangladesh, Cambodia, Malawi), but the term 'third world' is slang. I am not saying we have a perfect system in Sri Lanka, but this is not the forum discuss those issues. Let's keep the discussion to economic and stock market issues. Time to move on........

Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@mono wrote:
@MoneyMaker wrote:
@mono wrote:
@MoneyMaker wrote:
Mono,

Your doubt would be a fact soon. The government needs to know that when there is too much government intervention in the private sector it works negatively towards foreign investment. My point is that these transactions need to be more transparent rather than it being a surprise.

how on earth does this negatively effect foreign investment?

I don't have time to explain to you the macro of this negativity. But let me just briefly explain to you the micro of it. If you were a foreign investor looking to invest in Sri Lanka's tourism boom and found that an Internationally renowned Hotel chain's presence in Sri Lanka was taken over by the government, wouldn't that make you lift an eyebrow Shocked . What I am finding difficult to absorb or digest is that why would Hilton let this happen? That information we will probably find out shortly or never.

TRANSPARENCY, TRANSPARENCY. TRANSPARENCY.

Do you even know what happened?

And transperency is just a catch phrase of the NGO crowd. In international business transparency never a premium. examples of this are galore

"Internationally renowned Hotel chain's presence in Sri Lanka was taken over by the government" ???
This is an incorrect interpretation.
Hilton hotel in Sri lanka was a racket from the beginning. I think you know they paid the contractor for building over 525 rooms but few years later someone reviled the hotel has only 482 rooms. ( an entire floor is missing I think)

Now the Company owes more than 11 billion to the Govt. and it is a good news that the Govt found someone to buy this building for this much of amount.

mono


Vice President - Equity Analytics
Vice President - Equity Analytics
exactly chinwi. 11 billion isn't something that can be repaid in a matter of years or even decades. This way the government at the very least covers their losses.

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
Tourist arrivals to this part of the world will be increased, there are problems in other parts of the world. Sri Lanka is becoming a peaceful and safe place to invest, lot of people focus attention on us now. Good time ahead for our economy and tourist industry. There are investors prepared to enter here. Good for the CSE as well.

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
Firstly we should be mindful of the link or source , which we are trying to get information .Some websites are design only disgrace/put the nation/country trouble and create pesimistic ideas about our nation not only here in our mother land but also in other countries .If you have a look with a balanced mind you will realize.

Some of our people have attitud problems .I will tell Example

Removing street venders form Pettah payments.What did our politicians (Some) say ?
They said that innocent street venders are chased away by the government ? Some media coverage (Electronic and some printed media ) gave inflated publicity abt greveinces of venders.
But if these people who talked about street venders were asked to donate for the wellfare of these street venders .How may will contribute ?
They talk about Street venders if they can get political advantege only .I think you all remember the printed and electronic media and bancrept politicos who fell crocodile tears about them.
Now every one who walks in the payment know the dirrerence.

Likewise there are many more.
Before pointing fingers at others we should be the example.

Sri Lanka will need a attitude change to improve.

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Hilton Property Not For Sale

The Chairman of Hotel Developers (Lanka) PLC, the owning company of the Colombo Hilton Hotel, on Saturday dismissed media claims that the hotel was to be sold to an Indian casino mogul. Thirukumar Nadesan, said, that there was “absolutely no truth in the matter at all. This is nothing more than a cheap political canard. The President of Sri Lanka has categorically denied that the hotel is for sale. These stories are baseless, mischievous and vexatious in the extreme. There have been no negotiations at all concerning any sale.”

The controversial Hilton Hotel project, has been steeped in controversy since its inception in 1984 when Cornel Perera persuaded the then UNP government to lease him seven acres of prime land in the City of Colombo from the UDA for a sum of Rs. 136 million – which was revalued at Rs. 250 million to gain control of Hotel Developers PLC. The UDA were only ever paid a sum of Rs. 27.2 million despite offering unbelievably sympathetic settlement terms spread over 33 years at an annual payment of a mere Rs. 3 million.

The Treasury provided a sovereign guarantee to the Japanese contractors Mitsui, underwriting the cost of construction and over the years has forked out in excess of US$ 115 million – or Rs 12.7 billion.

The government after 27 years of slumber finally took over the seven acre plot, citing the unpaid dues to the UDA only in January this year. Hotel Developers PLC the owning company have for the past 21 years not supplied audited financial figures as required by law. Financial circles were agog that after this long lapse of time the Board of Hotel Developers PLC were finally preparing to release their accounts, which inside sources said would be done early next week.

The present Board of Directors at HDL headed by businessman Nadesan, have already trained their sights on what is now regarded as a huge anomaly: that Hilton International receives a management fee amounting to nearly 33% of Gross Operating Profit (GOP). In contrast Hilton International’s fee to the owners of the Hilton Residency / JAIC Hilton is more in tune with current market trends, amounting to 12% of GOP. Hoteliers in the know acknowledged that the fee was perhaps equitable in 1984 but in terms of increased competition and increased opportunity in Sri Lanka now, the 33% could not be sustained.
Nadesan was scathing in his condemnation of the huge fee Hilton was seeking to protect. He pointed out that with the Treasury being owed Rs. 12 billion and Gross Profits in the Rs. 655 million mark HDL were simply unable to service the Treasury debt – calling on the Treasury instead, to create a new entity and take control of a prized asset. Nadesan was of the opinion that it was imperative that a more equitable arrangement be reached with Hilton by consensus rather than antagonistic means.

http://www.thesundayleader.lk/2011/03/13/hilton-property-not-for-sale/
Courtesy- The Sunday Leader

MarketResearch

MarketResearch
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@moon wrote:http://www.lankaenews.com/English/news.php?id=10841

Lanka-e-News, 11,March 2011, 12.13PM) The Colombo Hilton Hotel that was acquired by the Govt. last week had been sold to Delta Corp. Co. owned by an international Casino King, Jayadev Mukunda Moody an Indian National yesterday night secretly and under cover of darkness for 121 million US Dollars, according to reports reaching Lanka-e-News

http://www.lankaenews.com/English/news.php?id=10841

This bankrupt Lankaenews.
Do not rely this "Pacha" website.
This man (the Editor-Sandaruwan Senadhera) One time supported Sarath Fonseka to become the president.(Day dreamer)
Then supported to bankrupt Jeppo.(JVP)
One time supported Ranil.Now Sajith.
This "Musala" sandaruwan Senadheera" like another Lasantha Wickramathunga.
This man always has criticized our Defence Sectrery Mr.Gotabaya Rajapaksha and the President.
This "Sandaruwan Gobbaya" is another UNP "Bankolth Man"
Can not see any positive thing done by the government.

Sanadaruwan Senadeera and Lanka E News get lost.


I am getting the entire responsibility for my above comment[u][i]

MarketResearch

MarketResearch
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Quibit wrote:Hey guys,

I would like you'll to be mindful of what you post in this forum. This forum topics hit all search engines within less than 24 hours and also articles are distributed via Twitter and facebook.

Please refrain from posting controversial articles from not so reputed websites. If you still think it is relevant to the forum, please ensure a valid link is shown within the content of the article so that reader can refer the source of the article instead of the member who post the said article or the forum he/she is a member.

Also please refrain from posting political and religion related articles, news and opinions in this froum. Moderators reserve the right to delete post without any notice.

Thanks for your help.
Quibi

Dear Quibi,

Agree with you.Do not allow to publish articles like lankaenews.Thi man is a Pissek.Sanadaruwan Senadheera -Editor of Lankaenews.He is "Kala Kanniyek"
This bankrupt Lankaenews.
Do not rely this "Pacha" website.
This man (the Editor-Sandaruwan Senadhera) One time supported Sarath Fonseka to become the president.(Day dreamer)
Then supported to bankrupt Jeppo.(JVP)
One time supported Ranil.Now Sajith.
This "Musala" sandaruwan Senadheera" like another Lasantha Wickramathunga.
This man always has criticized our Defence Sectrery Mr.Gotabaya Rajapaksha and the President.
This "Sandaruwan Gobbaya" is another UNP "Bankolth Man"
Can not see any positive thing done by the government.

Sanadaruwan Senadeera and Lanka E News get lost.

I am getting the entire responsibility for my above comment[u][i]

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