ISLAMABAD (92 News) – The Cabinet Committee on Privatization has decided to give PIA’s precious asset Roosevelt Hotel located in Manhattan, New York to a private company through joint venture.
According to sources, the government has rejected the proposals to sell it or give it on the lease. The Cabinet Committee on Privatization has directed to appoint a financial adviser for the joint venture.
Moreover, the committee has also decided to de-notify the taskforce established for the privatization of Roosevelt Hotel.
According to sources, a private company will be selected to run the hotel through joint venture. The company will have to present the business proposals.