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Tourism Promotion Services Ltd (Pakistan)
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 25676
Company nameTourism Promotion Services Ltd (Pakistan)
Country
Pakistan
Sector1City and Business Hotel
Environmental categoryB
Department
StatusActive
Date SPI disclosedFebruary 21, 2007
Projected board dateMarch 23, 2007
Previous EventsInvested: May 21, 2007
Signed: March 30, 2007
Approved: March 28, 2007
View Environmental & Social Review Summary (ESRS), click here
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  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
Tourism Promotion Services (Pakistan) Limited (TPSP) or the company is a subsidiary of The Aga Khan Fund for Economic Development (AKFED). TPSP owns and operates a network of six hotels throughout Pakistan under the “Serena” brand name. With a cost of $75 million, TPSP is developing:

- a 213-room hotel building as an extension to the existing Islamabad Serena Hotel; and
- an office building of approximately 215,000 square feet of rentable space.

Islamabad Serena Hotel is considered the best in the city due to its superior quality, service standards and location. The project will address rising undersupply of hotel accommodation and office space driven largely by the increase in corporate and economic activity in the country.

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