Islamabad: According to a news published on 11-09-2023, the Privatization Committee has invited the appointed financial advisor to discuss the potential proposals for a mixed-use development project. This is a noteworthy step in the progress of leasing the Roosevelt Hotel in New York.

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As per the sources, the financial adviser is expected to discuss the government’s strategies for leasing the Roosevelt site for a multi-purpose project to the private sector. The official sources also divulged that the government is proceeding with its decision to lease the Roosevelt site for a joint venture project.

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As per the project details, the New York Hotel will become part of a 40-story multi-purpose complex, transforming into a global business hub. The Roosevelt Hotel is presently in the ownership of PIA Investments Limited (PIAIL). Pakistan Airlines is expected to generate USD 220 million in revenue by leasing the hotel to the New York (NY) government in three years.

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