News & market updates

Colombo Stock Exchange closed lower as the ASPI fell 0.22% (47.91 pts) to 22,208.58 with turnover Rs1.195bn. Galadari Hotels (GHLL) revised its Galadari Hotel Colombo refurbishment reopening to early Q4 2026; its shares were down 1.84% at Rs16.00.

Galadari Hotels (Lanka) PLC expects to reopen its Colombo city hotel in 2Q 2026 after closure for refurbishment, which was funded by a 73.4 million Dirham (US$20m) loan from parent Galadari Brothers and Mashreq Bank.

Galadari Hotels (Lanka) PLC said the Galadari Hotel will reopen in Q2 2026 after a comprehensive refurbishment, and the BOI-supplement raised the redevelopment investment to US$48.5m from US$33.5m with the additional US$15m financed by Mashreq Bank PSC (UAE) and Galadari Brothers Co. LLC. The refurbishment aims to upgrade the five-star property's standards and offerings.

Galadari Hotels (Lanka) PLC has increased its Colombo hotel refurbishment budget from $33.5m to $48.5m under a supplementary BOI agreement, with the additional $15m to be jointly financed by Mashreq Bank PSC and Galadari Brothers Co. LLC.

Galadari Hotels (Lanka) PLC signed a Restaurant Management Agreement with Dubai-based Soho Hospitality to develop and operate the 'Above Eleven' restaurant at the Galadari Hotel, Colombo; the board approved it on 11 Nov and the agreement was formalized on 18 Nov 2024.

Galadari Hotels (GHLL) has signed a Restaurant Management Agreement with Dubai's Soho Hospitality to develop and operate 'Above Eleven' at the Galadari Hotel, Colombo, with the restaurant expected to open in late 2025. The hotel is undergoing rebranding and refurbishment and received a Rs. 505.8m term loan from Mashreq Bank for the renovation.