CCoP nods Financial Adviser appointment for Roosevelt Hotel transaction

CCoP nods Financial Adviser appointment for Roosevelt Hotel transaction in New York.

The Cabinet Committee on Privatization (CCoP) Thursday directed for appointing Financial Adviser (FA) to start the process for the transaction of Roosevelt Hotel New York.

CCoP nods Financial Adviser appointment

Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh chaired the CCoP meeting.

It reviewed one point agenda on the Privatization of Roosevelt Hotel (Manhattan, New York) asset which PIA-Investment Limited owned.

According to Finance Ministry press statement, on request of the Aviation Division, CCoP decided to de-notify the Roosevelt Task Force.

The task force formed earlier under the chairmanship of Minister for Privatization for framing Terms of Reference for leasing the Roosevelt’s site for setting up a joint venture project.

CCoP also directed PC to hire a financial adviser to start the process for the transaction in the light of the report of Ms Deloitte from July 2019. That also recommended “that the highest and best use of the Roosevelt Hotel Property is to redevelop the site into a mixed use (through Joint Venture) of primarily office tower over retail and condominium”.

The statement added that it was also directed that Ms Deloitte would update its study on the hotel transaction in the next 4 weeks and the same shall be shared with the CCoP.

GTV