close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

Pakistan

Web Desk
July 15, 2020

Donald Trump interested in buying PIA-owned Roosevelt Hotel in New York: official

Pakistan

Web Desk
Wed, Jul 15, 2020
Meeting also agrees that hotel would be started from scratch with a private entity. Photo: File

US President Donald Trump is interested in buying the Roosevelt Hotel in New York, which is owned by Pakistan International Airlines (PIA), it emerged on Wednesday during a meeting of National Assembly's Standing Committee on Privatisation.

MD PIA Investments informed the lawmakers that Trump had expressed interest in acquiring the iconic hotel in the past and was still keen on purchasing it.

“The government has tried 10 times to sell the hotel.”

Briefing the members, Privatisation Minister Muhammad Mian Soomro said that the government is not selling the property instead we are planning to lease it out or work in a joint venture with the private sector.

Senior PML-N leader and former federal minister Khawaja Asif said that the parliament should be taken into confidence over the privatisation matter.

“We are not against privatisation but we must wait for a better time to get a good price. The whole US market is of the view that when the work can be done from home then what’s the need to have an office,” Asif added.

“Don’t make a decision now and wait. Right now neither PIA would be sold out nor the hotel.”

The opposition parties slammed the ruling party when it was reported in the media earlier this month that the government is considering to sell the Roosevelt Hotel.

However, the plan was shelved due to stiff opposition and the coronavirus pandemic.

In a meeting on July 2, the Cabinet Committee on Privatisation (CCoP) decided that the Roosevelt Hotel would be run under a joint venture with a third party.

The CCoP agreed to hire a financial adviser to start the process for the transaction in the light of the report of M/s Deloitte (an auditing firm) from July 2019 which 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 Deloitte would update its study on the hotel transaction in the next four weeks and the findings shall be shared with the CCoP.