| Islamabad: The Federal Cabinet has approved the plan to use Roosevelt Hotel in New York for commercial use, a news source reported on February 9.
Read: Privatization commission finalises TORs for Roosevelt Hotel
As per the details, the Roosevelt Hotel’s building will be transformed into apartments, offices, etc, which will be rented out. The news mentioned that the redevelopment plan of the Roosevelt Hotel will be carried out through a joint venture following a lease system.
Read: Govt mulls reopening Roosevelt Hotel in New York
Moreover, the cabinet also allowed the relevant authorities to start the procedure for hiring a financial adviser in order to complete the process for commercial use of the hotel. Previously, the leasing process of the Roosevelt Hotel was halted in 2021 due to the Reko Diq case. It was mentioned that the Cabinet has also asked the Privatisation Commission to submit an implementation report within three months. |
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