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(Karachi) The Cabinet Committee on Privatization (CCOP) has decided that the Pakistan International Airlines-owned Roosevelt Hotel in New York will not be privatised and would be run under a joint venture with the private sector.

The decision was taken by the cabinet committee during a meeting which was chaired by Adviser to Prime Minister on Finance Abdul Hafeez Shaikh.

Sell-off of Roosevelt Hotel: Aviation Division raises questions over role of PC, others

The committee also denotified the task force formed for the sale of the hotel. The committee also agreed to appoint a financial adviser to assist the government in this regard.

The committee recommended that the best use of Roosevelt Hotel Property in Manhattan is to redevelop the site into a mixed use, through joint venture. It was also directed that Ms Deloitte would update its study on the Hotel transaction in the next four weeks and the same shall be shared with the CCoP.

Earlier, opposition parties including the PPP and PML-N opposed government's move to privatize the hotel. Leaders from both parties criticised the Imran-led government over the matter.

The 19-storey Roosevelt Hotel was taken over by PIA Investment Limited on lease in 1979. Later, the national flag carrier bought the hotel for $36.5 million after contesting a lawsuit against the owner in 1999. Since 1997, Interstate Hotels and Resorts has been managing the affairs of the hotel.

Roosevelt Hotel has remained a focal matter during the tenure of previous governments over its proposed auction.