Sheraton Exits Karachi As U.S. Hotel Chain Worries About Safety
Excerpt from Tribune Pakistan
The exit of Sheraton Hotel (Karachi) from Pakistan’s hospitality industry, primarily due to the city’s poor security situation, has raised an obvious question: is Karachi still an attractive market for international luxury hotel chains?
The deteriorating law and order situation in Karachi, the country’s financial hub and the largest contributor to the national economy, has hurt the hotel business that saw the number of international guests – an important revenue source for luxury hotels – decline significantly over the past five years or so.
The News reported that ASE has entered into a deal with Mövenpick Hotels and Resorts, an international hotel chain based in Switzerland. The property will be renamed as Mövenpick Hotel Karachi.