Galadari shareholders approve deal with Radisson Blu

Monday, 10 July 2023 00:24 - - {{hitsCtrl.values.hits}}

Shareholders of Galadari Hotels (Lanka) PLC last week approved the Company’s decision to pursue the deal to be managed by and renamed as Radisson Blu Hotel Galadari Colombo. The move presented as a Special Resolution was approved at an Extraordinary General Meeting.

The Agreements entered into by the Company with multinational hospitality company, Radisson Hotels Asia Pacific Investments Ltd (Radisson) was a major transaction.

The Agreements comprise a Hotel Development Services Agreement (HDSA) and the Hotel Management Agreement (HMA). The HMA also includes the form of a License Agreement and Management Consultancy Agreement that may be entered into at a future date at the option of the Company.

The Company will commence the renovation of Galadari Hotel Colombo which will be managed by Radisson under the name “Radisson Blu Hotel Galadari Colombo.”

The move was formally announced by Galadari Hotels in May this year followed by another disclosure in June.

The Daily FT in February 2020 exclusively reported about Galadari in talks with Radisson Blu to rebrand the Colombo hotel (https://www.ft.lk/Front-Page/Galadari-in-talks-with-Radisson-Blu-to-rebrand-Colombo-hotel/44-695470). In May the Daily FT also reported the impending upgrade (https://www.ft.lk/front-page/Galadari-Brothers-to-give-45-m-facelift-to-Colombo-hotel/44-748381).