Islamabad: The Capital Development Authority (CDA) is moving forward with plans to construct two new five-star hotels in Sector F-5 of Islamabad. This decision follows a meeting chaired by Prime Minister Shehbaz Sharif, where the CDA submitted a summary seeking approval from the federal cabinet, a news source reported on April 25.
The CDA has prepared three frameworks for consideration, including options for freehold rights, public-private partnerships, and leasehold rights. The federal cabinet will review these options to select the most suitable model.
The urgent need for new luxury hotels in Islamabad has been highlighted, with the current supply of 4,000 rooms per night falling short of the demand for 8,000 rooms. The selected plots for the hotels, located near the Pakistan National Arts Council and the Marriott Hotel, have a combined value of Rs. 20 billion.
These plots’ proximity to the Diplomatic Enclave makes them ideal for luxury hotel development, catering to the needs of diplomats and esteemed visitors. Despite previous unsuccessful attempts to auction the plots, both the CDA and the federal government are now in agreement, paving the way for potential foreign investment.
Insider sources suggest that Saudi Arabia may be a potential investor, with plans to inject up to $5 billion into the national economy. This project signifies a significant step towards enhancing Islamabad’s hospitality infrastructure and attracting more visitors to the federal capital.
