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Home » Islamabad

Adviser: (CCOP directs to appoint FA for Roosevelt Hotel New York)

July 2, 2020

ISLAMABAD:Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting of the Cabinet Committee on Privatization (CCOP) here at the Cabinet Division on Thursday.

According to a press release, The 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.

The CCOP also directed Privatization Commission to hire a Financial Adviser (FA) 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 four weeks and the same shall be shared with the CCOP.

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