Pakistan Hotels Developers Limited (PHDL) has announced that the physical possession of the Regent Plaza Hotel has been officially handed over to the SIUT Trust. The move is part of an agreement to ensure the Regent Plaza Hotel will be transferred to SIUT, solidifying a momentous milestone in the ongoing transaction between the two parties.
Regent Plaza Hotel to be Transferred to SIUT
In compliance with the Securities Act, 2015, and regulations of the Pakistan Stock Exchange, PHDL confirmed the successful completion of necessary approvals for the title transfer of the Regent Plaza to SIUT Trust. Initially established on November 15, 2023, the sale agreement saw a critical advancement with the execution of a third addendum on July 1, 2024. this addendum outlined that SIUT Trust has fulfilled 80% of the payment, in addition to the 10% down payment made at the agreement’s inception. The remaining 10% of the sale proceeds will be paid upon finalizing the title transfer, scheduled to be completed this month.
Final Operations and Future Prospects
Following the 90% payment, PHDL handed over physical possession of the Regent Plaza to SIUT Trust on July 1, 2024. Despite the transfer, SIUT Trust has permitted PHDL to continue its operations within the hotel premises until July 17, 2024, under a temporary license. After this period, all operations under PHDL’s management will cease. This transitional phase allows for a smooth handover, ensuring that all existing commitments and operations are concluded satisfactorily. The transfer marks a new chapter for the Regent Plaza Hotel under the stewardship of SIUT Trust, promising future developments aligned with the Trust’s vision and objectives.
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