Pakistan decides against selling off PIA’s Roosevelt Hotel in New York

07:35 PM | 2 Jul, 2020
Pakistan decides against selling off PIA’s Roosevelt Hotel in New York
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ISLAMABAD – The Cabinet Committee on Privatization (CCoP) on Tuesday decided to not go for selling of Roosevelt Hotel owned by Pakistan International Airlines in New York, USA.

Adviser to the Prime Minister on Finance and Revenue chaired a meeting of the CCoP where it was decided that the hotel of the embattled national carrier will now be run through a joint venture with a third party.

The CCoP on the request of the Aviation Division has de-notified the Roosevelt Task Force formed earlier under the chairmanship of Minister for Privatization for framing Terms of Reference for leasing the Roosevelt’s site for setting up a joint venture project.

“CCoP also directed PC to hire a Financial Adviser to start the process for the transaction in the light of the report of Ms Deloitte from July 2019 which recommended “that the highest and best use of the Roosevelt Hotel Property is to redevelop the site into a mixed use (through Joint Venture) of primarily office tower over retail and condominium”. It was also directed that Ms Deloitte would update its study on the Hotel transaction in the next 4 weeks and the same shall be shared with the CCoP,” read official press release.