Pakistan Hotel Development Limited (PHDL) signed a formal agreement on Tuesday with the Sindh Institute of Urology and Transplantation (SIUT) and transferred the title and possession of Karachi’s Regent Plaza Hotel to the provincial institute.

A press release issued by SIUT said that lawyers and accountants from the sides, including founder and SIUT Director Professor Adib Rizvi and SIUT’s Trustee Shabbar Zaidi, were present at the formal agreement signing ceremony.

Last year, PHDL — which owned Regent Plaza — told investors that SIUT had offered to buy its property for Rs14.5 billion. The purchase was finalised by SIUT to convert it into a hospital in July.

Regent Plaza Hotel and Convention Centre is located on the main Sharea Faisal in an area of 13,200 square yards. The total covered area of the multi-storey building is 47,034 square yards.

The 1500-bed SIUT is located in a congested part of the old city. Patients from all parts of the country come here for treatment due to its high quality of care, extensive range of services and unique model of free care at the point of contact.

The newly acquired property is strategically located in the city’s heart, near other major hospitals, and boasts excellent public transport access. Its proximity to the cantonment railway station will facilitate easier access for patients from other parts of the country, alleviating the need to navigate the congested area where SIUT’s flagship hospital currently operates, it added.