Pakistan Hotels Developers Limited has announced that the transfer of the Regent Plaza Hotel to the Sindh Institute of Urology and Transplantation (SIUT) Trust will be executed this month, according to a report by The News. The announcement was made in a notice to the Pakistan Stock Exchange (PSX) on Monday, providing detailed information on the process and timelines involved.
Sale Agreement and Payments
The original sale agreement between Pakistan Hotels Developers Limited and SIUT Trust was made on November 15, 2023. This agreement has been amended multiple times, with the latest amendment, the third addendum, being dated July 1, 2024.
According to the notice, SIUT Trust has already paid 80% of the sale proceeds to Pakistan Hotels Developers Limited on July 1, 2024. This significant payment underscores the commitment of both parties to the completion of the transaction. The remaining 10% of the sale proceeds will be paid upon the completion of the title transfer to SIUT Trust.
Transfer of Possession
The notice further elaborates that physical possession of the Regent Plaza Hotel has already been handed over to SIUT Trust. This transfer of possession took place following the payment of 90% of the sale value on July 1, 2024. This milestone marks a crucial step in the completion of the sale and transfer process.
Continuation of Operations
Despite the transfer of possession, SIUT Trust has agreed to allow Pakistan Hotels Developers Limited to continue its operations at the Regent Plaza Hotel until July 17, 2024. This arrangement is to fulfill existing commitments that the company has. Under a license issued by SIUT Trust, Pakistan Hotels Developers Limited will continue its operations until the end of the day on July 17, 2024. After this date, all operations by Pakistan Hotels Developers Limited at the Regent Plaza Hotel will conclude.
This transfer marks a significant development in the hotel and healthcare sectors, highlighting the collaborative efforts between a commercial entity and a healthcare trust to repurpose valuable property for social and medical benefits.
