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Print Print 2023-12-02

Roosevelt Hotel sell-off: PC Board approves appointment of FA

ISLAMABAD: The Privatisation Commission Board in a meeting chaired by the Federal Minister for...
Published December 2, 2023

ISLAMABAD: The Privatisation Commission Board in a meeting chaired by the Federal Minister for Privatisation/Chairman of the Board, Fawad Hasan Fawad granted approval to the appointment of the Financial Advisor (FA) for privatisation/joint venture development of Roosevelt Hotel, New York, USA.

Among other decisions, the board also recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatisation programme by the Cabinet Committee on Privatisation besides approving a transaction committee for overseeing implementation of financial services agreement (FASA) for divestment of the PIACL. The board also discussed the post privatisation issues of Pak-China Fertilisers Limited.

The advertisement for inviting technical and financial proposals for the Roosevelt Hotel transaction was published on September 08, 2023. Four interested parties submitted their proposals. The consortium led by Jones Lang La Saalle Americas Inc (JLL) was declared as the “Top-ranked Interested Party” based on the evaluation as per laid down criteria. The board formed a negotiating committee and tasked it to conclude the financial services agreement with the top-ranked bidder.

Roosevelt Hotel given to NYC govt for 3 years: govt

The board was also briefed about the financial services agreement concluded recently with Ernest & Young LLC, Dubai-led consortium for divestment of PIACL. The board gave approval to a transaction committee headed by secretary Privatisation Commission for overseeing implementation of the FASA for the PIACL divestment.

The board while observing the longstanding issues pending for over five years, related to the 425 MW Nandipur Power Plant and the 747 MW Guddu Power Plant, recommended to seek the delisting of the power plants from privatisation programme by the Cabinet Committee on Privatisation (CCoP).

The board after considering the issues and litigation in the case of Pak-China Fertilizers Limited directed the Privatisation Commission to vigorously pursue speedy disposal of the cases in various courts to recover its outstanding dues and to hire the services of an expert lawyer for the purpose.

Copyright Business Recorder, 2023

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Rebirth Dec 02, 2023 07:55am
The BVI courts would’ve sold PIA’s assets, which included this hotel but they stopped thanks to an out-of-court renegotiated deal with Barrick Gold. It was then decided that since the property is a fixed asset that can earn us revenue, it won’t be sold. Instead of being used as a hotel, it was leased to NYC to house migrants. The deal brought a lot of media attention. There were protests against the migrants while the Democrat Party politicians briefed the media. All the while the Roosevelt Hotel logo on the entrance could be seen in the backdrop. Once the migrants leave, we can use the brand awareness this political controversy has created to turn it into a successful hotel. The Chinese had to become a world power to own Astoria Waldorf in midtown Manhattan, while Pakistan owned Roosevelt in the ‘60s thanks to SEATO and CENTO. Prior to PIAC’s complete privatization, the hotel’s ownership must be transferred to another entity, possibly an SPV owned by a state-owned bank or corporation.
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