The agreement, signed on Tuesday, marks the transfer of the title and control of the Regent Plaza Hotel and Convention Centre to SIUT, which plans to convert the property into a hospital.

Lawyers and accountants from both sides, including SIUT’s founder and Director Professor Adib Rizvi and Trustee Shabbar Zaidi attended the ceremony.

The Regent Plaza Hotel, located on the prominent Sharea Faisal in Karachi, covers an area of 13,200 square yards, with a total covered area of 47,034 square yards across multiple floors.

Last year, PHDL, the previous owner of the Regent Plaza, informed investors that SIUT had offered to acquire the property for a sum of Rs14.5 billion. The purchase was finalised by SIUT in July, paving the way for the official handover of the hotel to the medical institute.

This acquisition by SIUT is a significant move, as the institute plans to transform the former hotel into a new hospital facility, further expanding its healthcare services and capabilities in Sindh.