CCOP recommends JV for Roosevelt Hotel Manhattan, New York

Aftab Ahmed

Islamabad: A cabinet committee on Privatization (CCoP) has recommended to redevelop the site into a mixed use (Joint Venture) of primary office tower over retail and condominium, said an official statement issued here on Thursday.

Adviser to the Prime Minister on Finance and Revenue chaired the meeting of the Cabinet Committee on Privatization here at the Cabinet Division. CCoP reviewed one-point agenda on the Privatization of Roosevelt Hotel (Manhattan, New York) asset owned by PIA-Investment Limited.

The CCoP also directed the Privatization Commission to hire a financial advisor to start the process for the transaction in the light of report of Ms Deloitte from July 2019 by recommending that the PC should also consider the highest and best of use of Roosevelt Hotel Property.

The committee also directed that Ms Deloitte would update its study on the Hotel transaction in the next 4 weeks and the same shall be shared with the CCoP

As requested by the Aviation Division, the CCoP also 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 statement concludes.