The Roosevelt Hotel, a historic property in New York City owned by PIA Investment Limited, will be developed by a US consortium in a joint venture with Pakistan.
The agreement was signed on Friday at the Privatisation Commission (PC) as part of the privatisation program of the loss-making Pakistan International Airlines (PIA).
Dawn reported that the financial advisory services agreement was signed with the consortium led by Jones Lang LaSalle Americas Inc (JLL), a global real estate services firm. The consortium will help the PC find the best possible partners and maximise the value of the Roosevelt Hotel, which is located in the heart of Manhattan.
Minister for Privatisation Fawad Hasan Fawad said that the government aims to transform the landmark site into an iconic structure with modern development features and standards. He said that the PC board had approved the appointment of the financial adviser in December and that a negotiating committee had finalised the agreement with the top-ranked bidder.
The Roosevelt Hotel is one of the two remaining real estate transactions in the privatisation programme of the government. The other is the Jinnah Convention Centre in Islamabad. The PC has already completed the transactions for Services International Hotel in Lahore and the sale of properties owned or controlled by the federal government.
