PIA speeds up Roosevelt Hotel's auction process in US

PIA speeds up Roosevelt Hotel's auction process in US


PIA speeds up Roosevelt Hotel’s auction process in US

ISLAMABAD (Dunya News) - The interim federal government is putting the process of selling the Roosevelt Hotel in the United States on a fast track.

To facilitate the auction of the hotel, the government has invited proposals for the appointment of a financial advisor.

Interested firms are required to submit their applications for financial advisors by October 9, along with a fee of $1000.

Technical documents for submitting the applications can be accessed on the Privatization Commission's website.

Also read: PIA not being sold, says Saad Rafique

It is to be recalled that an agreement has been signed between Pakistan International Airlines (PIA) and the management of New York City Health and Hospitals Corporation to lease out the Pakistan-owned Roosevelt Hotel in the US state.

The hotel will be operated by the New York City local corporation for three years and will house migrants.

A settlement agreement has also been reached with the employees’ union of Roosevelt Hotel.

Following the deal, the hotel was reopened.

The Pakistan Stock Exchange sought a response from the PIA administration regarding the Roosevelt Hotel.

The Economic Coordination Committee (ECC) of the PDM Cabinet approved the recommendations of the Ministry of Aviation to form a committee to negotiate with the New York City government and Roosevelt Hotel Union for the re-opening of the hotel.

The Ministry of Aviation had submitted a summary with the recommendation to open the hotel having 1,025 rooms for migrants' purposes at $200 per room per day.