Sri Lanka’s ‘Galadari’ Hotel to be refurbished

One of Sri Lanka’s leading and oldest hotels, Galadari Hotel, has announced a multi-million-dollar refurbishment project.

The move is aimed at meeting the growing demand in the country’s tourism sector.

In a market disclosure, the hotel revealed that it will invest US$48.5 million in the project.

The funds will be provided by Galadari Brothers Co. L.L.C., while US$15 million of the total amount will be financed by Mashreq Bank PSC of the United Arab Emirates.

Earlier, the hotel had informed the Board of Investment (BOI) — which offers tax incentives for foreign investments — that the hotel will be refurbishment with an investment of US$ 33.5 million.

However, last week, the hospitality firm announced the market about the latest lift in the investment for the project.

Located in Colombo, overlooking the Indian Ocean, Galadari Hotel is a five-star property that has been in operation since 1984, an holds a ‘top of the mind’ awareness among ‘travelers.’

The hotel is owned by the UAE-based conglomerate Galadari Brothers.