Analyst
Ali Arslan Malik
Ali.Arslan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Maintains Entity Ratings of Tourism Promotion Services (Pakistan) Limited
Rating Type | Entity | |
Current (10-Jan-25 ) |
Previous (12-Jan-24 ) |
|
Action | Maintain | Initial |
Long Term | AA | AA |
Short Term | A1 | A1 |
Outlook | Stable | Stable |
Rating Watch | - | - |
Tourism Promotion Services (Pakistan) Limited ("TPSP" or "the Company") manages and operates Serena Hotels across Pakistan, including the flagship Islamabad Serena Hotel. A prominent player in Pakistan's hospitality industry, the Company is recognized as a market leader, benefiting from consumer spending and urban development. The Serena brand is synonymous with quality, comfort, and exceptional service delivery, which has contributed to its strong market share in key segments such as Rooms, Food and Beverages, and Spa/Health Club services. TPSP is a Company with financially stable and moderately leveraged capital structure.
TPSP is actively expanding its hotel portfolio through new developments, renovations, and upgrades, all while upholding a strong commitment to environmental sustainability. Considering macroeconomic conditions and industry competition, the Company's ratings are reliant on its ability to sustain operational stability, optimize occupancy and profitability, and effectively manage financial risks. Furthermore, the Company’s ability to meet scheduled repayments remains essential to complement its ratings.
About
the Entity
Tourism Promotion Services (Pakistan) Limited, established on March 19, 1969, operates as an unlisted public company. The Company is governed by a seven-member Board of Directors, with Mr. Aziz Boolani serving as the Chief Executive Officer. With over 35 years of experience in the industry, Mr. Boolani brings momentous expertise to the role. TPSP is a key player in Pakistan's hospitality sector, managing nine Serena Hotels and Resorts across the country, as well as a Business Complex in Islamabad. During the year 2024, the Company commissioned Hunza Serena Hotel (82 rooms property) whereas Sost Serena Hotel (52 rooms property) is expected to be commissioned during the year 2025. The Company's registered office is located in Islamabad.