The interim federal government in the United States has expedited theprocess of selling the Roosevelt Hotel. To streamline the auction of thehotel, the government has called for proposals to appoint a financialadvisor. Interested firms must submit their applications for the role offinancial advisor by October 9, accompanied by a $1000 fee. The technicaldocuments necessary for submitting these applications can be accessed onthe Privatization Commission’s website.
It is important to note that an agreement was previously signed betweenPakistan International Airlines (PIA) and the management of New York CityHealth and Hospitals Corporation for the lease of the Pakistan-ownedRoosevelt Hotel in the state of New York.
Under this agreement, the hotel will be operated by the local corporationin New York City for a duration of three years and will serve as housingfor migrants. Additionally, a settlement agreement has been reached withthe employees’ union of the Roosevelt Hotel, resulting in the reopening ofthe hotel.
The Pakistan Stock Exchange has sought a response from the PIAadministration regarding the Roosevelt Hotel. Furthermore, the EconomicCoordination Committee (ECC) of the PDM Cabinet has given its approval tothe Ministry of Aviation’s recommendations to establish a committee taskedwith negotiating with the New York City government and the Roosevelt HotelUnion to facilitate the reopening of the hotel.
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The Ministry of Aviation has submitted a summary that recommends thereopening of the hotel, which boasts 1,025 rooms for migrants’accommodation at a rate of $200 per room per day.
This initiative holds significant implications for the future of theRoosevelt Hotel and its role in housing migrants, with the governmentactively working towards its reopening and efficient operation
