ISLAMABAD – The federal cabinet has approved commercial use of the PIA-owned Roosevelt Hotel in New York.
Reports said the building of hotel would be converted into apartments and offices for rental and other purposes. The restructuring of the building would be made through a joint venture.
The cabinet has also approved to start the process of appointing a financial adviser. The leasing process for the Roosevelt Hotel was put on hold in 2021 due to Reko Diq case.
The federal cabinet has also asked the Privatization Commission to submit an implementation report within three months.
In Dec 2022, Aviation Minister Khawaja Saad Rafique categorically rejected the rumors about the sale of the Roosevelt Hotel in New York.
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