Tuesday Nov 11, 2025
Tuesday Nov 11, 2025
Tuesday, 11 November 2025 03:03 - - {{hitsCtrl.values.hits}}
Galadari Hotels (Lanka) PLC said it has entered into a supplementary agreement with the Board of Investment (BOI) of Sri Lanka to increase the value of its ongoing hotel refurbishment project in Colombo 1 from $ 33.5 million to $ 48.5 million.
The additional $ 15 million investment will be jointly financed by the United Arab Emirates–based Mashreq Bank PSC and the company’s holding firm, Galadari Brothers Co. LLC.
The new agreement was executed on 6 November following a board decision on 2 October.
The company first signed its refurbishment agreement with the BOI in November 2023, outlining a $ 33.5 million redevelopment of the flagship Galadari Hotel opposite Galle Face Green in Colombo.
The expanded investment is part of the group’s continued commitment to upgrading the property as part of Colombo’s evolving hospitality landscape.
