Sri Lanka, Nov. 10 -- Galadari Hotels (Lanka) PLC is set to significantly boost its investment in refurbishing the landmark Galadari Hotel in Colombo, increasing the planned spend from US $ 33.5 million to US $ 48.5 million.
The additional US $ 15 million will be financed jointly by Mashreq Bank PSC of the United Arab Emirates and the company's parent Galadari Brothers Co. LLC, following a supplementary agreement with the Board of Investment (BOI) of Sri Lanka, signed on November 6, 2025.
The move comes after a prior agreement with the BOI in November 2023 and formal approval by the board on October 2, 2025. The expanded investment underlines the group's commitment to modernising the hotel's facilities and enhancing its competitive positi...