Sri Lanka’s Galadari Hotels to obtain USD20mn loan for renovation

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ECONOMYNEXT – Galadari Hotels (Lanka) Plc said it plans to obtain a loan of approximately USD 20 million from Mashreq Bank PSC UAE, subject to regulatory approvals.

The loan includes the principal facility of AED 73,400,000 and a green loan tranche up to AED 14,680,000, “to be utilized for the purpose of renovating Galadari Hotel situated at No. 64, Lotus Road, Colombo 01.”

Shareholders of the company approved the resolution to obtain the loan at the Extraordinary General Meeting (EGM) held on 18th April 2024, the company said in a stock exchange filing.

The city hotel announced in February that it will enter into agreements with Mashreq Bank PSC and the hotel’s holding company to finance refurbishment.

“The Company intends to enter into a series of Agreements with Mashreq Bank PSC, United Arab Emirates and the holding Company; Galadari Brothers Co. LLC, to finance the proposed refurbishment of the Hotel,” the hotel said.
Shares of Galadari Hotels (Lanka) Plc were trading flat at 17.50 on Friday.

Many of Sri Lanka’s hotels are due for a facelift to accommodate rising visitor numbers. (Colombo/Apr19/2024)

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[[{“value”:” ECONOMYNEXT – Galadari Hotels (Lanka) Plc said it plans to obtain a loan of approximately USD 20 million from Mashreq Bank PSC UAE, subject…

[[{“value”:” ECONOMYNEXT – Galadari Hotels (Lanka) Plc said it plans to obtain a loan of approximately USD 20 million from Mashreq Bank PSC UAE, subject…