The provincial government has reportedly given permission for the construction of a new five-star hotel in the city.
According to official sources, a large tract of prime land located on Shahrah-e-Quaid-e-Azam has been bought by the Aga Khan Foundation for the construction of Serena Hotel for an undisclosed amount.
The Foundation has recently made a successful bid to purchase Habib Bank at a cost of Rs 22 billion.
The Serena chain of hotels already exist in Quetta, Faisalabad, Gilgit and Islamabad.
It's a good step of the Punjab government, which will help boost tourism industry in the province and also create a healthy competition among the hotel industry and generate jobs," sources said.