Radisson transfers Sri Lanka’s Galadari management to Belgian affiliate
EconomyNext: Raddison Hotel Asia Pacific Investments has transferred its rights in Galadari Hotels to its affiliate, Radisson Hospitality Belgium BV, the Colombo city hotel said in a market filing.
Galadari Hotels entered into a Hotel Development Services Agreement and a Hotel Management Agreement with Raddison Hotel Asia Pacific Investments Pte Ltd in 2023.
“The Company wishes to inform that, Raddison Hotel Asia Pacific Investments Pte. Ltd has assigned its rights and obligations under the aforesaid agreements to its Affiliate, Radisson Hospitality Belgium BV, with effect from 01st January 2025.”
This assignment is on the terms and conditions of the agreements and does not have any change or impact on the obligations of the company under the agreements, Galadari said.
The Colombo city hotel has been undergoing renovations after obtaining a loan from Mashreq Bank PSC.
The 450+ room hotel overlooking Galle Face Green and the Indian Ocean will be managed by Radisson under the name “Radisson Blu Hotel Galadari Colombo” after the renovation is completed.
OSL take:
Sri Lanka’s expanding tourism industry continues to create attractive business/investment opportunities for foreign businesses/investors across the leisure and hospitality sectors. The transfer of hotel management rights relating to Galadari Hotels from Radisson Hotel Asia Pacific Investments to its affiliate, Radisson Hospitality Belgium BV, reflects the growing interest of international hospitality brands in the country’s tourism market. As tourist arrivals increase and demand for high-quality accommodation and travel experiences grows, opportunities are emerging in hotel development and management, luxury and boutique resorts, wellness tourism, eco-tourism, serviced apartments, and tourism-related infrastructure. Foreign businesses/investors can also explore business/investment opportunities in food and beverage services, destination management, hospitality technology, and recreational and entertainment ventures. Supported by Sri Lanka’s strategic location, diverse tourism offerings, and ongoing efforts to attract foreign direct investment, the leisure and hospitality sectors are well positioned for long-term growth, offering international businesses a compelling platform to expand their presence in the region.
| Article Code : | VBS/AT/20260610Z_2 |