ISLAMABAD, April 4: A high-level meeting here on Friday decided to sell the PIA’s Roosevelt Hotel at New York during the third quarter of 2003.

The meeting, which was presided over by Prime Minister’s Adviser on Privatization and Investment Dr Hafeez Sheikh, reviewed the status and steps to be taken to finalize the sale of Roosevelt Hotel.

PIA Investment Limited (PIAIL), which is 50 per cent owned by PIA, established a Roosevelt Task Force along with its Saudi partner to implement the sale process of the hotel. The task force has already appointed an investment adviser following conclusion of a selection process.

A detailed divestment process has also been completed and the formal marketing initiative will begin within two weeks by issuance of the offering memorandum, says a statement issued after the meeting by the Privatization Commission.

Dr Hafeez appreciated the efforts of the Roosevelt Task Force in carrying out its responsibilities to the sale in a transparent and fair manner. However, he called for accelerating the process to ensure that PIA could derive early benefit from the sale.

He also directed that the process to finalize the option to purchase the air rights from American Finance Corporation should be begun without delay.