In a recent development, the Capital Development Authority (CDA) under the leadership of Prime Minister Shehbaz Sharif, is advancing plans for the construction of two prestigious 5-star hotels in Sector F-5 of Islamabad. This initiative, as reported on April 25, comes after the CDA presented a proposal to the federal cabinet seeking approval for the project.
The CDA has outlined three potential frameworks, including options for freehold rights, public-private partnerships, and leasehold rights, which will be reviewed by the federal cabinet to determine the most suitable approach.
The pressing need for additional luxury accommodations in Islamabad has been underscored, with the existing capacity of 4,000 rooms per night falling short of the demand for 8,000 rooms. The identified plots for the hotels, situated near the Pakistan National Arts Council and the Marriott Hotel, hold a combined value of Rs. 20 billion.
These strategic locations, adjacent to the Diplomatic Enclave, make them prime sites for the development of upscale hotels, catering to the requirements of diplomats and distinguished guests. Despite previous unsuccessful attempts to auction the plots, both the CDA and the federal government have now reached a consensus, creating opportunities for potential foreign investment.
According to insider reports, Saudi Arabia emerges as a potential investor, with plans to contribute up to $5 billion to the national economy. This venture marks a significant stride towards augmenting Islamabad’s hospitality infrastructure and fostering increased tourism in the federal capital.
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