Two new five-star hotels are on the horizon for the federal capital, as the Capital Development Authority (CDA) has submitted a summary seeking the federal cabinet’s approval for their construction in Sector F-5.
According to sources within the Interior Ministry, the summary was drafted by the CDA following a decision made during a meeting chaired by Prime Minister Shehbaz Sharif on Tuesday.
They further stated that the civic agency would prepare three frameworks for consideration, which would be presented to the cabinet for selection.
The summary was forwarded through the Interior Ministry for further submission to the federal cabinet. Furthermore, the CDA was instructed to provide a comprehensive analysis of the advantages and drawbacks of each framework, enabling the executive to select the most suitable model.
Sources added that three options would be presented to the federal cabinet: freehold rights, public-private partnership mode, and leasehold rights.
They also highlighted the urgent requirement for new luxury hotels in Islamabad, as only 4,000 rooms per night are available in the federal capital, while the demand exceeds 8,000 rooms.
Sources revealed that Plot No. 6, located near the Pakistan National Arts Council (PNCA) and measuring 4.51 acres, along with Plot No. 8 measuring 3.73 acres (situated at the backside of the Marriot Hotel), have a combined value of Rs. 20 billion.
The proximity of both plots to the Diplomatic Enclave enhances their suitability for luxury hotel development, perfectly meeting the requirements of diplomats and esteemed visitors.
It is pertinent to mention that the CDA made several attempts to auction the mentioned plots without success, as the approval of the cabinet was required to proceed with the auction. Last year, one of the plots was included in the auction list, but it had to be withdrawn at the last minute due to the lack of consultation with the cabinet.
This time, both the CDA and the federal government are in agreement regarding these plots. Insider sources suggest that there is a possibility of foreign investment in this project, with Saudi Arabia being a potential investor. The Saudi government reportedly plans to inject up to $5 billion into the national economy.
