ProPropertyNewsGovt Decides to Hire Firm for Leasing Out Roosevelt Hotel New York

Govt Decides to Hire Firm for Leasing Out Roosevelt Hotel New York

ISLAMABAD: To make the most out of the idle asset situated in one of the most valuable locations, the government agreed on Monday to employ a firm to lease the Roosevelt Hotel in New York.

According to the finance ministry, the Cabinet Committee on Privatization (CCOP) reiterated its prior judgment on the Roosevelt Hotel.

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The sources stated that typically, hiring a financial advisor takes 4 months or more. After that, it takes a long time for them to create a roadmap.

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Furthermore, the New York government has been contacted by the Pakistani Foreign Office to urge them not to designate the building as a historic site.

Besides, throughout the hotel’s closure, Pakistan has spent more than $150 million to cover a variety of expenses.

The CCOP, which was chaired by the former finance minister Asad Umar, resolved in October 2018 to consider whether high-rise hotels might be built on the site of the Roosevelt Hotel using a public-private partnership (PPP).

After receiving complaints that an asset had been sold for less, the government established a subcommittee, which after careful consideration determined that the prior assessment was fair at the time the item was auctioned.

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The CCOP received the report of the subcommittee and instructed the commission to resubmit the summary after consulting the Law and Justice Division.

However, the Ministry of Law recommended that the Federal Investigation Agency (FIA) be asked to look into the problem of a new valuation and determine what might be built there.

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