The Ministry of Mass Media has received a proposal to sell the land and building where the “Lake House” is located to an investor for a hotel complex.
This proposal was presented by President Ranil Wickremesinghe. This action is being planned to address the issues of salary payment and debt that Lake House has incurred.
It has also been proposed either to start the Lakehouse in another location in Colombo with the money obtained, or to liquidate completely.
According to the Ministry of Mass Media, the goal is to construct a hotel complex here because the historic structures help promote tourism.
The land on which the Lake House is located is subject to a ninety-year lease, which is set to expire next year. Mr. D. R. Wijayawardena, the grandfather of current President Ranil Wickremesinghe, founded Lake House newspapers.