Galadari Hotels Lanka PLC has entered into an agreement with multinational hospitality management company Radisson Hotels Asia Pacific Investments Pte. Ltd to manage Galadari Hotel Colombo, it was reported.
An Extraordinary General Meeting circular to the company’s shareholders said that under the agreement Galadari Hotel Colombo will be rebranded ‘Radisson Blu Hotel Galadari Colombo’.
“In this regard, the company has undertaken to renovate Galadari Hotel Colombo in preparation for the management and operation of the same by Radisson. Accordingly, the company has entered into a Hotel Development Services Agreement (HDSA) and a Hotel Management Agreement (HMA). The HMA provides for (both in form and content) a License Agreement and Management Consultancy Agreement, which may be entered into on a future date, at the option of the company and subject to satisfaction of identified conditions,” the circular said.
It added, “The HDSA and HMA were executed on May 1, 2023, and shall be effective as of May 1, 2023, upon the passing of a special resolution by the shareholders of the company.”
“… the company now wishes to disclose in terms of Section 8 of the Listing Rules of the Colombo Stock Exchange that it will be proceeding with the renovation of Galadari Hotel Colombo, the details of which are still being finalised,” the company said in a stock market filing.
Galadari Hotels is reportedly proceeding with the proposed refurbishment of the 450-room hotel after a four-year hiatus. (NewsWire)