TLTP
\nISLAMABAD
\nMinister for Privatisation Muhammad Mian Soomro has said that the government is not selling Roosevelt Hotel in New York, which is owned by Pakistan International Airlines (PIA).
\nHe further said that the government is planning to lease out the hotel or work in a joint venture with the private sector. He was chairing a meeting the National Assembly\u2019s Standing Committee on Privatisation here on Wednesday.
\nA senior official of Pakistan International Airlines (PIA) informed the committee that US President Donald Trump is interested in buying Roosevelt Hotel in New York. The managing director PIA (investments) informed the lawmakers that Trump had expressed interest in acquiring the iconic hotel in the past and is still keen to purchase it.
\nSenior PML-N leader and former federal minister Khawaja Asif said that the parliament should be taken into confidence over the privatisation matter. \u201cWe are not against privatisation but we must wait for a better time to get a good price. The whole US market is of the view that when the work can be done from home then what\u2019s the need to have an office,\u201d Asif added.
\n\u201cDon\u2019t make a decision now and wait. Right now neither PIA would be sold out nor the hotel,\u201d he further said.
\nThe opposition parties slammed the ruling party when it was reported in the media earlier this month that the government is considering to sell the Roosevelt Hotel. However, the plan was shelved due to stiff opposition and the coronavirus pandemic.
\nIn a meeting on July 2, the Cabinet Committee on Privatisation (CCoP) decided that the Roosevelt Hotel would be run under a joint venture with a third party.
\nThe CCoP agreed to hire a financial adviser to start the process for the transaction in the light of the report of M\/s Deloitte (an auditing firm) from July 2019 which recommended: \u201cthat 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\u201d.
\nThe statement added that it was also directed that Deloitte would update its study on the hotel transaction in the next four weeks and the findings shall be shared with the CCoP. <\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP ISLAMABAD Minister for Privatisation Muhammad Mian Soomro has said that the government is not selling Roosevelt Hotel in New York, which is owned by Pakistan International Airlines (PIA). He further said that the government is planning to lease out the hotel or work in a joint venture with the private sector. He was chairing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-132686","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n