Govt decides to sell PIA's Roosevelt Hotel in US

Islamabad: The caretaker federal government is putting the process of selling the Roosevelt Hotel in the United States on a fast track.

The government has requested proposals for the employment of a financial advisor in order to expedite the hotel's auction.

Applications for financial advisers must be submitted by October 9 along with a fee of $1000 by interested firms.

Additionally, on the Privatization Commission website, you can get the technical papers for submitting the applications.

Furthermore, It should be recalled that Pakistan International Airlines (PIA) and the administration of New York City Health and Hospitals Corporation struck a contract to lease the Pakistan-owned Roosevelt Hotel in the US state.

The hotel will accommodate migrants and be run for three years by a local corporation in New York City.

In addition, a settlement agreement was made with the Roosevelt Hotel employees' union.

The hotel was reopened after the agreement.

The PIA administration was contacted by the Pakistan Stock Exchange for information regarding the Roosevelt Hotel.

The Ministry of Aviation's recommendations to establish a committee to negotiate the reopening of the hotel with the New York City administration and the Roosevelt Hotel Union were agreed by the Economic Coordination Committee (ECC) of the PDM Cabinet.

In a summary with a recommendation to open a hotel with 1,025 rooms for the needs of migrants, the Ministry of Aviation suggested charging $200 per room per day.