The Sheraton Karachi in Pakistan is due to be rebranded and opened as a Movenpick hotel from January 1 2014, Pakistani daily, The News reported.
Arabian Sea Enterprises Ltd, which owns the Sheraton Karachi will not be renewing its contract with Starwood Hotels & Resorts when it ends in December this year.
Instead, Kuwait the Kuwait Investment Authority, which owns Arabian Sea Enterprises, will enter into a 15-year contract with Movenpick Hotels & Resorts to manage the property.
Speaking to The News, Arabian Sea Enterprises chief executive officer Sikander Mahmood said: “We are in the process of transition, and we would like to welcome the incoming operator Movenpick and wish the best to Starwood, who have served this hotel and the city for 30 years.”
“The move will help protect the interests of the more than 600 employees of the hotel,” he added.
The 407-key hotel – the largest hotel property in Pakistan – will be called the Movenpick Hotel Karachi. Key areas of the hotel will also be refurbished next year, once Movenpick takes over the property.
Movenpick Hotels & Resorts vice president sales and marketing – Middle East and South Asia said: “As a Swiss company with a strong expansion strategy across Asia we consider Pakistan to be an important market for our brand development.”
The property has been operated as a Sheraton hotel since 1982.