The Swat Serena Hotel has reportedly closed down after it refused to raise its annual lease, which was set at Rs700,000. This amount was considered to be much lower than the current market rates. Due to this disagreement, the hotel’s lease agreement was not renewed.
In response, the Khyber Pakhtunkhwa (KP) government has announced plans to re-advertise the lease for the property. The new lease will be offered through a competitive bidding process, allowing both national and international bidders to participate. This means that the KP government is seeking to find a new lessee who is willing to meet the current market price for the property.
This situation highlights the growing importance of adjusting lease agreements to match current economic conditions, particularly in the tourism and hospitality sector.
It’s important to note that this information is based on credible and verified news reports and is shared for informational purposes only.
