Galadari Hotels (Lanka) PLC has announced that Radisson Hotel Asia Pacific Investments Pte. Ltd. has assigned its rights and obligations under two key management-related agreements to its affiliate company, Radisson Hospitality Belgium BV, effective 1 January 2025.

The agreements concerned are the Hotel Development Services Agreement (HDSA) and the Hotel Management Agreement (HMA), which were originally entered into between Galadari Hotels and Radisson Hotel Asia Pacific Investments Pte. Ltd. The company had previously informed shareholders of these agreements through announcements made on 13 June 2023 and 6 July 2023.

According to the latest disclosure, the assignment has been carried out in accordance with the existing terms and conditions of the agreements. Galadari Hotels emphasized that the transfer will not result in any changes to the company's obligations under either agreement and is not expected to have any impact on its operations or contractual commitments.

The announcement was made in compliance with Section 8 of the Colombo Stock Exchange Listing Rules and was issued by order of the Board of Directors of Galadari Hotels (Lanka) PLC.