LAHORE: A project, initiated 33 years ago, of constructing a five-star hotel at a plot adjacent to the National Stadium in Karachi received a new push when a meeting of the Pakistan Cricket Board (PCB) and the Pakistan International Airlines Investment Limited (PIAIL) took place at the National Cricket Academy (NCA) here on Tuesday.
“We both have settled all our issues. This project will start soon. It will provide accommodation to foreign teams near the stadium,” PCB chairman Zaka Ashraf told Dawn.
The project was first proposed during the tenure of Air Marshal Nur Khan, when he was heading both PCB and PIA.
According to the initial plan, the PIAIL had the share of 65 per cent while the PCB had 35 per cent share.
The PIAIL had also given a loan of US$ 1 million to the PCB, which was not paid due to the mark-up of around 30 to 35 million US dollars.
“The PCB has cleared the loan by giving the piece of land to the PIAIL and now in the construction, the PCB will also bear 35 per cent cost,” Zaka said.
Nur Khan, however, could not start the project despite being the head of both institutions.
The project was re-surfaced during the tenure of Shaharyar Khan but the issues could not be settled as the PCB was not ready to pay the interest amount on the loan.
The matter remained confined to just discussions during Nasim Ashraf and Ijaz Butt’s tenures. Dawn learnt that Ijaz Butt was more interested in dictating the terms to the PIAIL rather than accepting their demands.
Meanwhile, the PCB also issued a press release which states, “Today (Tuesday) a board meeting of Avant Hotels (Pvt) Ltd, a joint venture company of the PCB and the Pakistan International Airlines Investments Limited (PIAIL), was held at the NCA Lahore.
“From the PCB, chairman Zaka Ashraf, chief operating officer Subhan Ahmad, director general Javed Miandad, director international cricket Intikhab Alam, director domestic cricket Zakir Khan, director coordination Brig (retd) Sajid Hameed, legal adviser Tafazzul Rizvi, chief financial officer Badar M. Khan and GM Estates Abdul Ghafoor Bhatti attended the meeting.
“While PIAIL was represented by defence secretary and PIAIL chairman Lt Gen (retd) Asif Yasin Malik, PIA managing director captain Mohammad Junaid Younas, PIAIL managing director Dr Najeeb Sami and PIAIL GM Finance Akbar Ali.
“In the board meeting today, directors were updated and Zaka Ashraf, Subhan Ahmed and Abdul Ghafoor Bhatti were appointed as directors.
“The board unanimously elected Asif Yasin Malik as chairman of the company while Akbar Ali was appointed as company secretary.
“It was decided that the planning for construction of the hotel should be started immediately.
“The project, which remained dormant for years, has been revived with the efforts of PCB chairman and defence secretary and will result in establishing a facility of international standards within the vicinity of the National Stadium,” the press release concludes.