ISLAMABAD: The Cabinet Committee on Privatisation is expected to deliberate on the privatisation of Pakistan International Airlines (PIA) owned Roosevelt Hotel based in New York, on Wednesday.
According to documents, the Adviser to the Prime Minister on Finance and Revenue Affairs Dr Abdul Hafeez Shaikh will chair the meeting of the cabinet committee during which the matter will be discussed.
Earlier, during last year, the cabinet committee had constituted a task force to finalise terms of reference for leasing out the Roosevelt Hotel.
The task force is expected to oversee the transaction to ensure effective and efficient implementation of the committee’s decision in compliance with provisions of the Privatisation Ordinance 2000.
Subsequently, in December 2019, the Privatisation Commission board approved terms of references, which were to be sent to the cabinet committee for final approval.
During March this year, the Aviation Minister Ghulam Sarwar Khan had informed the National Assembly Standing Committee on Privatisation that the government is planning to give out the Roosevelt Hotel on a long term lease.
A feasibility study conducted by Deloitte Transactions and Business Analytics in July 2019 had recommended that the “best use of Roosevelt Hotel property is to redevelop the site into a mixed use of primarily office tower over retail and condominium”.
The Privatisation Commission board had earlier approved the initiation of the process for appointment of financial advisers for leasing out the site of the hotel and for setting up of a joint venture project for prospective mixed-use development.
