The decision to collaborate with the Pakistan International Airlines was taken on Tuesday at a board meeting with Avant Hotels (Pvt) Limited.
A statement from the board said that in the meeting, the directors of the company were updated and the Chairman of the board Zaka Ashraf, Chief Operating officer Subhan Ahmed and GM Estates PCB, Ghafoor Bhatti were appointed as directors.
The meeting was also attended by secretary defense, Lt General (retd) Asif Yasin Malik and MD PIA, Muhammad Junaid Younis.
The statement said that the board of the Avant (Pvt) Limited unanimously elected secretary defense Asif Yasin Malik as Chairman of the company while Akbar Ali was appointed as company secretary.
"Avant Hotels (was incorporated in 1980s by both PCB and PIAIL with the object to construct an international standard five star hotel adjacent to National Stadium Karachi," the statement said.
A PCB official said for different reasons the project was delayed.
"It was decided that the planning for the construction of the hotel should be started on urgent basis in order to start the construction," he said.
"The project, which remained dormant for years will result in establishing an international standard facility within the vicinity of National Stadium," the official said.
The PCB owns over 100 acres of land in Karachi on which the National stadium is built and vast land lies unused either adjacent or inside the stadium walls.