John Keells Hotels provides Rs.2.45bn corporate guarantee to People’s Bank

John Keells Hotels provided a corporate guarantee for Rs.2.45 billion to People’s Bank yesterday, in respect of a long-term loan facility obtained by its subsidiary, Ceylon Holiday Resorts Ltd, for redevelopment of Cinnamon Bentota Beach. 

“The said loan facility was obtained by Ceylon Holiday Resorts to partially finance the redevelopment cost of hotel Cinnamon Bentota Beach,” the company stated in stock filing yesterday. 
Cinnamon Bentota Beach, which was closed since mid-2017, is scheduled to reopen this December. 

Cinnamon Bentota Beach is currently being redeveloped and upgraded into a 159-room, five-star hotel, while integrating the designs inspired by world-renowned architect Geoffrey Bawa, from the four-star 133-room property.