ISLAMABAD: The Privatisation Commission has started work to appoint a financial adviser to undertake the process for leasing of Roosevelt Hotel in New York for setting up a joint venture project for prospective mixed-use development.

Following a decision taken by the Cabinet Committee on Privatisation last month, the commission has invited proposals for appointing the financial adviser.

The financial adviser will advise the government to undertake the envisaged leasing of the Roosevelt site for prospective mixed-use development through the best-suited mode of privatisation.

The government has asked the commission to undertake the leasing of Roosevelt site for setting up a joint venture project for prospective mixed-use development.

The Roosevelt Hotel is planned to be converted into a 40-storey multi-purpose complex serving as a business hub.

The hotel is owned by PIA Investments Ltd (PIAIL). It was closed in 2020 due to financial losses.

The hotel was reopened as a temporary migrant housing amid a sharp increase in the number of asylum seekers travelling to New York City this year under an agreement signed with the New York City government.

So far 900 rooms have been rented out while the remaining rooms will be rented out after completion of the renovation work.

The PIAIL expects to earn $220 million by leasing out the hotel to the city government for three years.

Published in Dawn, September 11th, 2023