ISLAMABAD, Aug 19: The bidding schedule for the disposal of assets of Karachi Hotel Project formerly allotted to Hyatt Regency Hotel Project on ‘as is where is‘ basis is formally announced by the Custodian.

A pre-bid meeting to be participated by the parties that have submitted expressions of interest will be informed about the base price on September 3.

The last date for submission of application form, power of attorney, earnest money and sealed bids is fixed as September 10. The bidding will take place as per details given in the bid documents.

While facilitating the interested parties who have not expressed their interest earlier have been asked to submit their EoIs by August 30, however, the parties who have already submitted the EoIs in response to previous invitations in 2001 and 2003 need not apply afresh.

The project is available on a 99-year lease from the date of signing a restricted commercial use lease-hold agreement between the successful buyer and Pakistan Railways at a lease-rent of Rs556,745 per annum for the first 10 years.

The project is constructed on land measuring over 10,000 square yards. It is located at the intersection of Maulvi Tamizuddin Khan Road and Dr Ziauddin Ahmed Road. It is a prime business location of Karachi and directly faces Sheraton Hotel, Pearl Continental Hotel and the PIDC House.