| Islamabad: The Privatisation Commission has taken a significant step toward the leasing of the Roosevelt Hotel in New York for a prospective mixed-use development project by inviting proposals for appointing a financial adviser, a news source reported on September 11.
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As per the details, the financial adviser will suggest how the government should lease the Roosevelt site for a mixed-use development to the private sector. The news underscores that the government’s decision to proceed with the leasing of the Roosevelt site is part of its plan to create a joint venture project that would transform the hotel into a 40-story multi-purpose complex, positioning it as a prominent business hub.
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It’s worth noting that the Roosevelt Hotel is currently owned by PIA Investments Ltd (PIAIL). PIAIL now anticipates generating USD 220 million in revenue by leasing out the hotel to the New York (NY) government for a period of three years. |
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