'''Pakistan Services Limited''', is a Pakistani hotel chain based in Islamabad. It owns properties in Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad and Malam Jabba, and under construction in Multan, Attabad Lake, Sukkur, and Mirpur. {{Infobox company | name = Pakistan Services Limited | logo = | caption = | image = PCKarachi.jpg | image_caption = Pearl-Continental Hotel in Karachi | former_names = InterContinental Hotels | type = Public | traded_as = {{karse|PSEL}} <br/> KSE 100 component | industry = Hospitality | genre = | foundation = | founder = Government of Pakistan | hq_location_city = Islamabad | location_country = Pakistan | locations = Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad, Malam Jabba, Skardu, Hunza and upcoming properties in Mirpur and Multan | area_served = Pakistan | key_people = {{plainlist| * Sadruddin Hashwani (Chairman) * Murtaza Hashwani (CEO) }} | products = | services = | revenue = {{Increase}} {{PKRConvert|13.26|b}}<ref name="AR2023">{{cite web|title=PSL Annual Report 2023|url=https://www.psl.com.pk/pdf/PSL%20AR%202023.pdf|website=psl.com.pk|access-date=30 November 2023}}</ref> | revenue_year = 2023 | operating_income = {{Decrease}} {{PKRConvert|67.77|m}}<ref name=AR2023/> | income_year = 2023 | net_income = {{Decrease}} {{PKRConvert|-218.27|m}}<ref name=AR2023/> | net_income_year = 2023 | assets = {{Decrease}} {{PKRConvert|64.74|b}}<ref name=AR2023/> | assets_year = 2023 | equity = {{Decrease}} {{PKRConvert|44.93|b}}<ref name=AR2023/> | equity_year = 2023 | num_employees = 1,660<ref name=AR2023/> | num_employees_year = 2023 | parent = Hashoo Group | divisions = | subsid = | website = {{URL|psl.com.pk}} <br/> {{URL|pchotels.com}} }}
== History == Pakistan Services Limited was originally founded as a state-owned company in 1958. Later, it came under the ownership of Haroon family.<ref>{{cite journal |last1=Levin |first1=Sergey |date=1974 |title=The Upper Bourgeoisie from the Muslim Commercial Community of Memons in Pakistan, 1947 to 1971 |url=https://www.jstor.org/stable/2643012 |journal=Asian Survey |volume=14 |issue=3 |pages=231–243 |doi=10.2307/2643012 |jstor=2643012 |url-access=subscription}}</ref>
The first Pearl-Continental Hotel (Intercontinental Hotel at the time - part of an international chain) in Karachi was inaugurated by President Muhammad Ayub Khan on 10 May 1964 and was the first five-star hotel in Pakistan. It was a member of the Leading Hotels of the World for over a decade.<ref>{{Cite web |title=Pearl Continental Hotel Karachi |url=http://www.pchotels.com/pckarachi |access-date=2016-06-18 |website=www.pchotels.com}}</ref><ref>{{Cite web |title=Luxury hotels plan expansion in Pakistan |url=http://www.thenews.com.pk/print/58969-luxury-hotels-plan-expansion-in-pakistan |access-date=2016-06-18 |website=www.thenews.com.pk}}</ref> A new hotel was built for Lahore and Rawalpindi in 1967<ref>[https://web.archive.org/web/20210304161333/https://www.travelweekly.com/Hotels/Lahore-Pakistan/Pearl-Continental-Hotel-Lahore-p8049471 Web Archive] taken from [https://www.travelweekly.com/Hotels/Lahore-Pakistan/Pearl-Continental-Hotel-Lahore-p8049471 original]</ref><ref>[https://www.travelweekly.com/Hotels/Islamabad-Rawalpindi-Pakistan/Pearl-Continental-Hotel-Rawalpindi-p51660803 Original] taken from [https://web.archive.org/web/20211202230144/https://www.travelweekly.com/Hotels/Islamabad-Rawalpindi-Pakistan/Pearl-Continental-Hotel-Rawalpindi-p51660803 Archive]</ref> with another branch opening in Peshawar in 1975.<ref>[https://web.archive.org/web/20210729225240/https://www.travelweekly.com/Hotels/Peshawar-Pakistan/Pearl-Continental-Hotel-Peshawar-p8049258 Archive] from [https://www.travelweekly.com/Hotels/Peshawar-Pakistan/Pearl-Continental-Hotel-Peshawar-p8049258 Original]</ref>
In 2021, Hashoo group also launched a chain of four-star hotels under the brand name PC Legacy.<ref>{{cite news |date=26 Feb 2021 |title=Hashoo Group To Launch PC LEGACY Hotel In Hunza |url=https://www.nation.com.pk/26-Feb-2021/hashoo-group-to-launch-pc-legacy-hotel-in-hunza |access-date=14 July 2022 |work=The Nation}}</ref> The PC Legacy Naran is functional and operating in Naran and another opened in Nasirabad, Hunza in 2023.<ref>{{cite news |date=31 May 2023 |title=CEO of Hashoo Group unveils PC Legacy Nasirabad Hunza |url=https://www.nation.com.pk/31-May-2023/ceo-of-hashoo-group-unveils-pc-legacy-nasirabad-hunza |access-date=29 March 2024 |work=The Nation}}</ref>{{Relevance inline|paragraph|date=March 2024|discuss=Lead section|reason=How is this paragraph relevant to the Pearl-Continental hotel brand and why is it mentioned in the Lead section?}}
== AKD-led consortium buys majority stake == Two firms, Dawood Jan Muhammad and AKD Holding, have collectively acquired approximately 56% of the shares in Pakistan Services Limited (PSL), the company that owns and manages the Pearl Continental Hotels chain.<ref name=":0">{{Cite web |title=Two firms acquire 56% stake in PC hotels chain |url=https://www.thenews.com.pk/print/1329803-takeover-looms-as-two-firms-acquire-56pc-stake-in-pc-hotels-chain |access-date=2025-07-23 |website=www.thenews.com.pk |language=en}}</ref><ref name=":1">{{Cite web |last=Report |first=Profit |date=2025-07-21 |title=AKD-led consortium buys majority stake in Pearl Continental Hotels |url=https://profit.pakistantoday.com.pk/2025/07/21/akd-led-consortium-buys-majority-stake-in-pearl-continental-hotels/ |access-date=2025-07-23 |website=Profit by Pakistan Today |language=en-US}}</ref>
This acquisition, which took place on July 14, 2025, involved both firms purchasing shares at Rs700 per share. Dawood Jan Muhammad acquired 28% (worth over Rs6.37 billion), and AKD Holding acquired 27.9% (worth over Rs6.3 billion), bringing the total combined value of these purchases to over Rs12 billion.<ref name=":0" /><ref name=":1" />
This significant 56% stake is considered sufficient to take over the management of PSL's board, leading to speculation about a potential change in control. The acquisition followed the postponement of a PSL board meeting on June 30, and the company's share price had seen a notable increase between July 11 and July 20.<ref name=":0" /><ref name=":1" />
==References== {{Reflist}}
{{coord missing|Pakistan}}
Category:Hotels in Pakistan Category:1958 establishments in Pakistan