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Cabinet committee decides against privatising Roosevelt Hotel

Cabinet committee decides against privatising Roosevelt Hotel

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue chaired the meeting of the Cabinet Committee on Privatization.

CCoP reviewed one point agenda on the Privatization of Roosevelt Hotel (Manhattan , New York) asset owned by PIA-Investment Limited. As requested by the Aviation Division, CCoP decided to de-notify 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.