Galadari Hotels Lanka signs BOI deal for refurbishment worth $ 33.5 million
Daily FT: Galadari Hotels Lanka PLC has said it has successfully signed an agreement with the Board of Investment (BOI) of Sri Lanka as the first step towards the property’s refurbishment process.
Galadari Colombo has over the years built up an enviable reputation in the hospitality industry and proudly boasts of over 39 years of exceptional service.
The company has entered into two agreements which include the Hotel Development Services Agreement (HDSA) which will later be followed by a Hotel Management Agreement (HMA) with Radisson Hotels Asia Pacific Investments Ltd.
The property will go through a total transformation which will enable the hotel to set new standards solidifying its high competitiveness in the industry. 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 200 rooms, restaurant outlets, guest lobby and common areas and a completely revamped hotel facade. The second phase will commence one year after the completion of phase 1.
After completion the hotel will see an elevated star class status.
Galadari said the BOI signoff is the first of a series of events that will be taking place as the hotel starts its new journey, which will ultimately lead to an engagement with Radisson Hotels Asia Pacific Investments Ltd. to manage Galadari Hotel Colombo under a new brand name.
OSL take:
The programmers undertaken by leisure and hospitality businesses in Sri Lanka is further indicative of the steady growth of the country’s tourism industry. The increase in the number of tourists arriving in the country has opened up a host of new business/investment opportunities in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors. There are also opportunities in the development of supplementary infrastructure facilities required by the tourism industry to meet the growing demand. The growth and business potential in Sri Lanka’s tourism industry has not been lost on foreign businesses/investors with many international leisure and hospitality brands expressing interest in exploring opportunities in the industry. Foreign businesses, especially those in the leisure and hospitality sectors, could look at forming partnerships or joint ventures with local businesses engaged in these sectors with the aim of further expansion.
| Article Code : | VBS/AT/20231114/Z_8 |