Roosevelt Hotel transaction structure approved

In a key step forward in the government’s privatization agenda, the Cabinet Committee on Privatization (CCOP) on Tuesday approved the proposed transaction structure for the Roosevelt Hotel in New York, as recommended by the Privatization Commission Board.

After evaluating three options presented by the Financial Advisor — (i) outright sale, (ii) joint venture with multiple options, and (iii) long-term lease — the CCOP selected the joint venture model with multiple options.

This approach is designed to maximize long-term value for Pakistan, while offering greater flexibility, multiple exit strategies, and reduced fiscal risk in the future.

In a separate development earlier the same day, the Privatization Commission Board approved the prequalification of four interested parties for the proposed divestment of Pakistan International Airlines Corporation Limited (PIACL), marking another major milestone in the government’s efforts to reform and restructure state-owned enterprises.