PHDL Transfers Physical Possession of Karachi’s Regent Plaza to SIUT Trust
Pakistan Hotels Developers Limited (PHDL) announced on Monday that it has handed over the Regent Plaza Hotel in Karachi to the SIUT Trust.
PHDL said in a notice to the Pakistan Stock Exchange that the transfer follows the sale agreement and necessary approvals. The transfer process will be completed this month.
According to the sale agreement signed on November 15, 2023, and its July 1, 2024 addendum, SIUT Trust paid 80% of the sale price on July 1, 2024, in addition to the 10% down payment made earlier. SIUT Trust will pay the remaining 10% once the title transfer is complete.
The property was transferred to SIUT Trust after receiving 90% of the sale amount on July 1, 2024. SIUT Trust has allowed PHDL to continue operating the hotel until July 17, 2024, under a license issued by SIUT Trust. After July 17, 2024, PHDL will cease all operations at the hotel.
