ISE-REIT to launch 'Hospitality REIT' in capital

Aftab Ahmed Ch director ISE-Real Estate Investment Trust (REIT) said Thursday that ISE-REIT is planning to launch a new project of 'Hospitality REIT' in federal capital.
In order to have industry assessment for launching a hospitality REIT, the management of ISE Towers REIT Management Company Limited (ISE REIT) held a meeting with Aziz Boolani, Regional Chief Executive Officer, Serena Hotels for Pakistan and Central Asia here on Thursday.
Aftab Ahmed Ch Director ISE-REIT, briefed to Aziz Boolani that ISE-REIT had been working earlier as a stock exchange from 1992 to 2015. However, its status was converted into Non-banking Finance Company (NBFC) in January 2016 upon merger of three stock exchanges of the country into Pakistan Stock Exchange. ISE REIT has the license to operate as Developmental Real Estate Investment Trust and is now planning to launch Hospitality REIT in Islamabad.
Aftab Ahmed Ch said that input from the industry experts will help ISE REIT to launch its project efficiently and effectively in the best interest of all stakeholders.
Aziz Boolani shared his experience of the industry with the ISE-REIT management. He apprised that Serena Hotels has established itself as one of the world's leading hospitality brands offering quality accommodation, unique holiday and conference solutions, cultural heritage and adventure tourism. Its collection of 35 unique hotels, resorts, safari lodges and camps, palaces and forts located in East Africa (Kenya, Tanzania, Zanzibar, Rwanda and Uganda), Mozambique and South Asia (Pakistan, Afghanistan and Tajikistan) are in some of the world's most interesting, enchanting, historic and exotic settings. Mr. Boolani expected that hospitality REIT of ISE REIT will be very beneficial for hotel industry and other stakeholders.
Zahid Latif Khan, Chairman, ISE REIT said that ISE REIT is blessed with ISE Towers which is a hub of financial activities in the Capital.
The Chairman was of the view that there was dire need of further hotels in the Capital to cater the needs of the government and the corporate sector. He was confident that the hospitality REIT will be beneficial for the industry investors in general and industry in particular.
He thanked the guest for sharing his invaluable information and experience with ISE REIT to augment its plan of launching hospitality REIT.