Galadari announces transfer of Radisson Hotel agreements to Belgian affiliate

Galadari Hotels (Lanka) PLC yesterday disclosed to the Colombo Stock Exchange (CSE) that Radisson Hotel Asia Pacific Investments Pte. Ltd. has assigned its rights and obligations under two management-related agreements with the company to its affiliate, Radisson Hospitality Belgium BV, effective 1 January 2025.

Galadari said the assignment relates to the Hotel Development Services Agreement (HDSA) and the Hotel Management Agreement (HMA), which were originally entered into between the company and Radisson Hotel Asia Pacific Investments in 2023.

The company said the transfer was made in accordance with the terms and conditions of the existing agreements and would not alter its responsibilities under the contracts.

“Galadari further stated that “this assignment is on the terms and conditions of the Agreements and it does not have any change or impact on the obligations of the Company under the Agreements.”

The disclosure was made under Section 8 of the CSE Listing Rules and follows earlier announcements made by the company in June and July 2023 regarding the execution of the hotel development and management agreements with Radisson.