John Keells Hotels PLC has given a corporate guarantee for Rs.2,450,000,000 to People’s Bank, in respect of a long-term loan facility obtained by Ceylon Holiday Resorts Ltd, a subsidiary company.

In a stock exchange filling yesterday (09) the company said that the loan facility was obtained by Ceylon Holiday Resorts to partially finance the redevelopment cost of hotel Cinnamon Bentota Beach.

The company further said that the corporate guarantee was given on the 09 October 2019.

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.