The Privatisation Commission of Pakistan has initiated the process of appointing a financial advisor to recommend the government in the leasing of the Roosevelt Hotel in New York, US, as reported by Dawn.

According to a June Dawn report, the state-run Pakistan International Airlines (PIA) Investment Limited (PIAIL) has given a lease of the building to the New York City government for a period of three years.

After a decision by the Cabinet Committee on Privatisation in August, the commission invited proposals for a financial advisor.

The financial advisor will recommend that the government undertake the leasing of the Roosevelt site for prospective mixed-use development via the privatisation mode.

According to the government, the commission will oversee the leasing of the site with the aim of establishing a joint venture project for the potential mixed-use development.

The hotel is planned to undergo conversion into a 40-storey multi-purpose complex that will function as a business hub.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In 2000, the PIA and Prince Faisal bin Khalid bin Abdulaziz Al Saud, the former deputy governor of Asir Province of Saudi Arabia, purchased the hotel for $36.5m, reported TheNews.

It was shut down in 2020 because of losses.

Under an agreement with New York City, the hotel was reopened to provide temporary housing for migrants due to a significant rise in the number of asylum seekers.

Currently, 900 rooms have been leased and the remaining rooms will be made available for rent once the renovation work is finished.

PIAIL anticipates generating $220m in revenue from the hotel’s three-year lease agreement with the New York City government.