KARACHI:
The future of PIA’s Roosevelt Hotel in the US remains uncertain as authorities continue to deliberate over various options regarding the fate of the historic property located in New York’s Manhattan.
According to sources, PIA is considering multiple proposals for the site. One option under review is to demolish the existing structure and construct a large commercial plaza in its place. Another proposal suggests retaining the hotel and operating it for commercial purposes through a joint venture to generate profit.
However, the government has yet to appoint a financial adviser for the project. Earlier, a US-based firm that had been engaged by the Privatisation Commission withdrew from providing advisory services for the Roosevelt Hotel’s future plan.
Last month, the government issued a new tender for hiring a financial adviser. Officials are also reportedly considering reviving or privatising the property through state-owned enterprises with significant financial investment.
