The iconic Hotel Regent Plaza, situated on Shahrah-e-Faisal, has received an offer of Rs14.5 billion from the Sindh Institute of Urology and Transplantation (SIUT) Trust. The non-profit healthcare organization plans to convert the property owned by Pakistan Hotel Developers Limited (PHDL) into a tertiary-care general hospital, as confirmed by SIUT Trustee Syed Shabbar Zaidi.
Zaidi mentioned that the 47,000 square feet built structure could be transformed into a healthcare facility within a year. He emphasized the urgent need for another tertiary-care health facility in Karachi and highlighted the strategic location of the property near existing health facilities like NICVD, NICH, and JPMC.
While the deal is pending acceptance by PHDL, Zaidi expressed hope that it would be approved in the best interests of the people. He asserted that funds for the purchase would be raised through loans and public contributions.
In September, the SIUT Trust had informed the Pakistan Stock Exchange about its intention to conduct due diligence on the five-star hotel in Karachi, built on a plot measuring 13,200 square yards. PHDL also owns two pieces of land in Thatta.
Hotel Regent Plaza, with 400 rooms, reported a 20% occupancy rate for the fiscal year 2021-22, showing improvement from the previous year’s 9% due to the impact of COVID-19. In the first nine months of 2022-23, PHDL reported a net profit of Rs45.5 million, reflecting a 38.3% decrease from the previous year.
