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The Privatisation Commission has finalized all arrangements to hold bidding
for the sale of Faletti's Hotel at PC Conference Room, Islamabad on May 29,
2004 (Saturday) at 1100 hrs. Dr. Abdul Hafeez Shaikh, Federal Minister for
Privatisation & Investment will chair the event while the authorized
representatives of those bidders who have deposited the earnest money will
participate in the bidding in the presence of the representatives of print and
electronic media.
The eligible bidders will submit their sealed bids during the first round.
After the opening of the bids the second round will commence for a competition
among the three highest offers. The seven prospective bidders deposited
Earnest Money of Rs.30 million each within the stipulated period with the
Privatisation Commission for becoming eligible to participate in the bidding
for the purchase of Faletti's Hotel, Lahore on 'as is where is' basis who are
interested in establishing/ maintaining it a quality hotel of international
repute within reasonable timeframe while ensuring that the new design of the
Hotel will be in harmony with the existing architecture and preservation of
its historic identity.
The parties who have deposited earnest money include A.A. Enterprises,
Karachi, 4 B Marketing, Elite Home Fashions, Hashwani Hotels Limited,
Islamabad, Pace Pakistan Limited, Lahore, Tourism Promotion Services
(Pakistan) Limited, Karachi and Unique Trading Company (Importers & Ship
Breakers), Karachi. PC had received 43 Expression of Interests from the
interested parties in response to the invitation to the investors for this
transaction.
This prime property has approximately total area of 68 kanals 11 marla 11 sq.
ft. It has 44 large residential rooms, banquet hall, restaurant and
facilities like tourist office, post office and travel and tour operating
agencies. Only those prospective bidders who submitted EOI were allowed to
visit the site.