Pakistan's Cabinet Committee on Privatisation (CCOP) has decided not to sell off the Roosevelt Hotel, which is owned by PIA - Pakistan International Airlines's PIA-Investment Limited, and will instead run it through a joint venture.
According to a Ministry of Finance statement, the CCOP based its decision on a July 2019 report carried out by Deloitte. In the report, the accounting firm found that the best use of the hotel, located in Manhattan, "is to redevelop the site into a mixed-use (through Joint Venture) of primarily office tower over retail and condominium".
Earlier plans had called for the hotel to be rented out to a third party via a longterm contract.
In 2007, PIA renovated the hotel to the tune of USD65 million with the intention of selling it off. However, its growing profitability at a time the state-owned airline was incurring major losses soon led the government to abandon the plan.
