Islamabad: The Cabinet Committee on Privatisation (CCOP) is set to deliberate the privatisation of the Roosevelt Hotel in a meeting set to take place either today (Thursday), according to new sources. The Roosevelt Hotel is located in Manhattan, New York and is owned by Pakistan International Airlines (PIA).
The aviation division has already prepared the summary for the privatisation of the hotel. Adviser on Finance and Revenue Hafeez Shaikh will be heading this discussion, which is to be held in the Prime Minister (PM) Imran Khan’s office.
According to the source, Privatisation Ministry/Commission Secretary Rizwan Malik has said that the hotel is not being sold, instead the objective of privatisation is to involve investors to increase profit share for the PIA and improve the condition of the asset. He said that the said method will be based on the decision made by the CCOP, federal cabinet and the Privatisation Commission board.
Meanwhile, during the seventies –when PIA was enjoying a peak and profitable time – it purchased four hotels in Riyadh, Abu Dhabi, New York, and Paris. However, the hotels in Abu Dhabi and Riyadh were sold. The hotels in New York and Paris are still retained by the PIA.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
