“SIUT Trust” aims for $52M Regent Plaza, a 4-star hotel in Karachi.
The proprietor of the Regent Plaza Hotel, Pakistan Hotels Developers Limited (PHDL), disclosed the development in a notice to the Pakistan Stock Exchange (PSX).
“In regards to the acquisition of Hotel Property (Regent Plaza), the company has received an offer letter dated October 09, 2023, which it received by hand on October 10, 2023,” said the paperwork.
The Board of Directors of PHDL announced that they have scheduled an urgent board meeting for October 12.
The announcement in the letter from SIUT Trust that it has “decided to acquire the property of PHDL referred to as Regent Plaza Hotel at Shahrah-e-Faisal, Karachi” is what sparked the development.
“The SIUT Trust now makes an offer to buy the aforementioned property for Rs14.50 billion, “as is, where is,” free and clear of any lien or charge.
“We kindly request that you acknowledge and grant your written consent for the prompt execution of a formal Sales Contract,” the SIUT letter stated, urging the PHDL management to furnish the draft of the sales agreement to their legal counsel for review.
