Government of Pakistan has decided not to privatize the PIA owned Roosevelt Hotel in New York city. The decision was make in Cabinet Committee on Privatization meeting. This famous Hotel is owned by Pakistan International Airlines.
The high level committee meeting was chaired by Prime Minister’s Finance Adviser Dr. Abdul Hafeez Sheikh to review and analysis the current situation on sole outline of the privatization of Roosevelt Hotel located at the most expensive place in Manhattan, New York City, owned by Pakistan International Airlines (PIA).
It was decided that a third party company would update its study on the Roosevelt hotel business and its transaction in a few weeks and the study details and information will be shared with Cabinet Committed of Pakistan for further analysis.
Furthermore, Cabinet Committee directed the Privatization Commission of Pakistan to employ the services of a financial consultant to start the procedure for the transaction and deals in basis of the report and light of a report and recommendations to get the best use of the property by redeveloping the plaza through joint venture for mix use.
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