US banks show interest in acquiring PIA’s Roosevelt Hotel, Senate panel told
Privatisation Commission plans to take New York property to market by December, but joint venture structure and investor strategy remain undecided
US-based banks have expressed interest in acquiring the Roosevelt Hotel in New York, while the government plans to take the property to market by December 2026, Privatisation Secretary Usman Bajwa told the Senate Standing Committee on Privatisation on Tuesday.
Bajwa said the government wanted to generate competition among potential investors to secure the best possible price for the property.
However, key decisions have yet to be finalised, including the proposed structure of any joint venture and the categories of foreign investors the government intends to target.
The Roosevelt Hotel was not among the 11 properties transferred to the buyers of Pakistan International Airlines. The remaining properties, including the hotel, continue to be held through PIA Holding Company.
The Privatisation Commission said the strategic framework would need to be settled before the formal transaction process begins.
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