Galadari Hotels has reached an agreement with the Board of Investment (BOI) of Sri Lanka to extend the timeline for its ongoing refurbishment project by an additional 12 months, now set to conclude by November 9, 2026.
In a prior Supplementary Agreement with the BOI, the company increased its refurbishment budget from $33.5 million to $48.5 million. Last month, Galadari Hotels announced its intention to reopen its Colombo city hotel in the second quarter of 2026. The refurbishment process has been underway since February 2024.
In the previous year, Galadari Hotels secured financial support by entering into agreements with its parent company, the Dubai-based Galadari Brothers LLC, and Mashreq Bank PSC, obtaining a loan of 73.4 million Dirhams (approximately $20 million) to fund the refurbishment.
(Colombo/Dec29/2025)
