Main Photo: The city of Islamabad
Date: January 2019
Location: Close to the airport, Islamabad, Pakistan
Name: Mövenpick Hotel & Residences Capital Smart City, Islamabad – opening 2023
No. of Keys: 250 plus 150 serviced apartments.
Seller: Islamabad Capital Smart City is a mixed-used mega development featuring residential, retail, commercial, entertainment and hospitality components that’s just five minutes by car from Islamabad’s new international airport and located on the main road connecting Pakistan’s capital with its second most populous city, Lahore, home to almost 12 million people.
Buyer: Moevenpick Hotels & Resorts has signed an agreement with Smart Properties, an affiliate of one of Pakistan’s leading real estate developers, Future Development Holdings (FDH), to manager the new hotel.
“With this new dynamic development set to become the hub for modern commercial activities and major local and international organisations, our newly-signed upscale property will be well positioned to cater to their needs, from short- to long-term accommodation options, complemented by attractive business and leisure facilities,” explained Andrew Langdon, Global Chief Development Officer, Mövenpick Hotels & Resorts.
“Signing this management agreement is a strategic move that strengthens our cluster development strategy in Pakistan, a country where we have one property in operation and now three more hotels in the pipeline as we look to leverage the strong growth potential of this relatively untapped market. It also sets Mövenpick on track to become the largest international hotel operator in Pakistan.”
Mövenpick Hotel & Residences Capital Smart City, Islamabad, the hotel group’s second property planned for the city, will feature hotel rooms and serviced apartments, four dining venues, meeting facilities, a fitness centre and two swimming pools.
“A landmark development such as Islamabad Capital Smart City, which will become a new economic powerhouse for Pakistan, calls for high-quality accommodation and hospitality offerings, which is why we have partnered with Mövenpick Hotels & Resorts – a hotel group with strong market knowledge and a proven track record operating upscale properties across the region,” said Luis Fernandez-Reyes, Chief Development Officer, Smart Properties.
Mövenpick currently operates Mövenpick Hotel Karachi and has two more hotels in active development in Pakistan. They include Mövenpick Hotel Centaurus Islamabad, set to open in 2019, and Mövenpick Hotel & Apartments Lahore, mooted for completion in 2021.
THPT Comment: Interesting that Moevenpick has taken the lead position in Pakistan as the global hotel group with these five hotels.
First Seen: Hotel News Resource
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