Privatisation of Roosevelt Hotel, New York

Islamabad, July 31, 2020

The  Privatisation Commission(PC), Board was informed in the meeting held on 29th July regarding decision of the Federal Cabinet for initiation of hiring process of Financial Advisory Consortium(FAC) for Roosevelt Hotel New York, USA owned by PIA. In compliance with the Cabinet's decision dated 7th July, 2020, the Privatisation Commission is developing the Terms of Reference (ToRs) in consultation with the concerned entity i. e PIA and administrative Ministry (Aviation Division) for the Financial Advisor Consortium to advise the government to undertake the envisaged leasing of Roosevelt site for prospective mixed use development, through the best suited mode of Privatisation, as delineated in the Privatisation Commission Ordinance, 2000 and Rules /Regulations made thereunder.

According to the law/rules /regulations of PC as well as PPRA, the Privatisation Commission will hire the services of FA Consortium which will recommend the best suited Transaction Structure under the modes of Privatisation provided in the PC Ordinance /Rules and in consultation with relevant stakeholders. The proposed transaction structure will be presented before the PC Board and  Cabinet Committee on Privatization (CCoP) for recommendations and for approval/Ratification by the Federal Cabinet.

In accordance with the transaction structure approved by the Federal Cabinet, the Privatisation Commission will invite the Expression of Interest ( EOIs) from potential investors (national and international) which will be submitted to PC Board, CCoP and the Federal Cabinet for approval.