GALADARI HOTEL INCURRED MASSIVE FINANCIAL LOSS

Will ‘Galadari’ hotel be sold or closed?

Galadari hotel which has been among the best five star hotels in Sri Lanka has faced massive financial losses over the last few months and the fact whether Galadari will be closed or sold is doubted.
During the last quarter, Galadari Hotels (Lanka) PLC which is based on Dubai Management set up have faced a loss of 200 million rupees. At the same time, the devaluation of the rupee which has affected all the hotels on foreign currency has also affected Galadari. That loss is counted to be as 191 million rupees.
It is reported that the capital of the first quarter had been diminished and the share holders are worried and concerned about it. 
Rumours are being spread in the business world as to whether Galadari will be sold as an alternate solution to this problem.