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ISLAMABAD: A Financial Advisory Services Agreement (FASA) was signed, Friday, in the office of the Privatisation Commission with a consortium led by Jones Lang La Salle Americas Inc (JLL) for joint venture development of Roosevelt Hotel, New York, USA, a property owned by PIAIL.

Caretaker Federal Minister for Privatisation and IPC, Fawad Hasan Fawad, witnessed the ceremony.

Speaking on the occasion, the minister expressed the commitment of the Government of Pakistan to develop the historic and landmark site in the heart of financial capital of the world as an iconic structure with the most modern development features and standards.

PIA, Roosevelt Hotel, FWBL, and HBFC: Leading investors group briefed about sell-off agenda

The minister also expressed his complete confidence in the ability and expertise of the Financial Advisory Consortium to find the best possible partners and realise the maximum potential value from its development for the Government of Pakistan.

In a subsequent meeting, a detailed roadmap and time bound milestones were also agreed leading to identification and selection of potential joint venture partners for project.

Copyright Business Recorder, 2024

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