A meeting of the Cabinet Committee on Privatization (CCoP) has decided that the Roosevelt Hotel will not be privatized and would be run under a joint venture with the private sector.
According to the details, CCoP meeting chaired by Finance Advisor Hafeez Sheikh, has decided not to sell the Pakistan International Airlines (PIA)-owned Roosevelt Hotel in New York. However, the hotel will be merged with a private party through a joint venture.
According to press statement, 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.
Cabinet committee meeting on privatization of Roosevelt Hotel
CCoP has directed to appoint a financial advisor for the best use of the Roosevelt Hotel New York owned by PIA-Investment Limited to start the process for the transaction in light of the report of Ms Deloitte from July last year.
On Wednesday it was reported the CCOP was taking up the privatisation of Roosevelt Hotel, located at a pricey location in Manhattan.
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