Pakistan Hotels Developers Limited (PHDL) has announced that its board of directors has nominated two executives to finalize the sale of the Regent Plaza Hotel to the Sindh Institute of Urology and Transplantation (SIUT) Trust. The nomination of Muzaffar Baweja, CEO of PHDL, and Zubair Baweja, Managing Director of PHDL, was authorized in a board meeting held on November 15, 2023.
The SIUT Trust had expressed interest in purchasing the four-star hotel in Karachi for Rs. 14.5 billion ($52 million) in October 2023. PHDL owns and operates the Regent Plaza Hotel and Convention Centre in Karachi, while SIUT is a leading healthcare institution in Pakistan.
