Galadari Hotels has entered into an agreement with the Board of Investment of Sri Lanka (BOI) to extend the project implementation period of its ongoing hotel refurbishment by a further 12 months, with the revised completion deadline set for November 9, 2026.
Under a previous Supplementary Agreement with the BOI, the company increased the total refurbishment investment to USD 48.5 million, up from USD 33.5 million.
Despite the extended timeline, Galadari Hotels said last month that it expects to reopen its Colombo city hotel in the second quarter of 2026. The property has been undergoing refurbishment since February 2024.
To support the upgrade, Galadari Hotels last year entered into financing agreements with its parent company, Dubai-based Galadari Brothers LLC, and Mashreq Bank PSC, securing a AED 73.4 million loan (approximately USD 20 million) to fund the refurbishment.
Expo Commodities and STAY Naturals honoured at Presidential Export Awards 2024/25
Sri Lanka Apparel Exports Dip 1.9% in November 2025 Despite Gains in US and EU Markets
Sri Lanka’s apparel exports fell 1.9% year-on-year to USD 367.60 million in November 2025, the Joint Apparel Association Forum (JAAF) reported, even as shipments to the United States and European Union recorded growth.
“Particularly encouraging is our 13.07% growth in the European Union market, which demonstrates the success of our strategic focus on strengthening relationships with EU buyers and meeting their increasingly stringent sustainability and compliance requirements,” JAAF said.
During the first eleven months of 2025, cumulative apparel exports reached USD 4,571.99 million, marking a 5.42% increase over the same period in 2024.
November 2024 exports had stood at USD 374.94 million. Breaking down November 2025 figures by key markets:
United States: USD 152.32 million (up 5.79% from USD 143.98 million)
European Union (excluding UK): USD 119.61 million (up 3.35% from USD 115.73 million)
United Kingdom: USD 43.63 million (down 13.83% from USD 50.63 million)
Sri Lanka’s Galadari Hotel Refurbishment to Continue Until November 2026
