Galadari announces $ 20 m funding source for refurbishment

Galadari Hotels (Lanka) PLC shareholders have approved the obtaining of a $ 20 million loan for the refurbishment of the 196-room facility in Colombo.

The loan includes the principal facilut of AED 73.4 million a Green Loan tranche of up to AED 14.68 million from Mashreq Bank PSC UAE.

Galadari said approval by shareholders at an EGM held on 18 April was subject to obtaining necessary regulatory approvals.

In May last year, Galadari Hotels Lanka PLC entered into a Hotel Development Services Agreement (HDSA) and a Hotel Management Agreement (HMA) with Radisson Hotels Asia Pacific Investments Ltd. with a view to engage with multinational hotelier, Radisson Hotels.

The hotel in February said a world-renowned architectural company based in Hong Kong will overlook the overall designing process of the property. The first phase, which includes a project cost estimated at $ 33.5 million will include 196 rooms, restaurant outlets, guest lobby and common areas and a completely revamped hotel facade.