Hyatt Regency expected to take Faletti’s place
By Mohammed Rizwan
LAHORE: Hyatt Regency is a strong candidate for franchising the hotel that will be constructed at the site of Faletti’s Hotel, said Javed Qureshi, the CEO of 4B Marketing, the company which bought Faletti’s for Rs 1.21 billion from the Privatisation Commission (PC) in May 2004.
“Franchising the new hotel and shopping complex will take some time. Sheraton and Le Meridien have also shown interest in franchising it,” said Qureshi. “We have ample time to select the franchise.”
The five-star hotel complex project is rumoured to be worth Rs 10 billion. 4B Marketing has been given three years by the PC to construct the hotel.
Qureshi said that 4B Marketing wanted to build a hotel that would capture both the traditional architecture of old Lahore and its modern landscape, since “the site is the meeting point of the old and new city”.
Faletti’s Hotel is situated at a prime location opposite the five-star hotel, Holiday Inn. It covers an area of 68 kanals and 11 marlas and has 44 rooms, a banquet hall, a restaurant, a post office. It also houses travel and tour agencies.
4B Marketing won the bid while competing against Elite Home Fashions Pvt Limited (Rs 0.86 billion, Tourism Promotion Services Pakistan Limited (Rs 0.6 billion), Hashwani Hotels Limited (Rs 0.5 billion), Unique Trading Company (Rs 0.5 million), AA Enterprises (0.4 billion) and Pace Pakistan Limited (Rs 0.4 billion).