PHDL picks officials for hotel deal

KARACHI: Pakistan Hotels Developers Limited (PHDL), the owner of Regent Plaza hotel in Karachi, said on Thursday it had nominated two executives to finalise the sale of the property to Sindh Institute of Urology and Transplantation (SIUT) Trust, a leading healthcare institution.

In a notice to the Pakistan Stock Exchange (PSX), PHDL said its board of directors had authorised and nominated Muzaffar Baweja, CEO of the company, and Zubair Baweja, Managing Director of the company, to execute all necessary documents and sale agreements with SIUT Trust.

“This is for your information that the Board of Directors in their meeting dated November 15, 2023 (as empowered by the members in the EOGM held on November 13, 2023) authorized and nominated Muzaffar Baweja, CEO of the company and Zubair Baweja, Managing Director of the company to finalise and execute all necessary documents and sale agreements with M/S SIUT Trust, Karachi in respect of sale of hotel property.”

The development comes after SIUT Trust, last month, expressed its interest in purchasing Regent Plaza, a four-star hotel in Pakistan's financial hub.

SIUT Trust, which provides a range of services, including urology, nephrology, and transplant surgery, and has a strong focus on research and education, said it wanted to acquire the hotel property on an "as is where is" basis, without any lien or charge.

PHDL, which is engaged in the hotel business and operates hotels known as Regent Plaza Hotel and Convention Centre, Karachi, said it had received the offer letter from SIUT Trust on Oct. 10 and was considering it.