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Caretaker Government Signs Agreement with US Consortium for Roosevelt Hotel Privatization

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The caretaker government has taken a significant step towards the privatization of the Roosevelt Hotel, a property owned by PIA Investment Limited, by signing an agreement with a US consortium led by Jones Lang LaSalle AmericasInc (JLL). This move comes as part of the broader privatization efforts to address the financial challenges faced by PIA. With the completion of transactions for other properties, such as the Services International Hotel in Lahore, only the Jinnah Convention Centre and Roosevelt Hotel remain on the list for privatization.

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Minister for Privatisation Fawad Hasan Fawad expressed confidence in the financial advisory consortium’s ability to identify suitable partners and maximize the value of the Roosevelt Hotel development for Pakistan. A detailed roadmap and milestones were agreed upon in a subsequent meeting, aiming to select potential joint venture partners for the project. The government envisions transforming the historic site in the heart of the financial capital into an iconic structure with modern development features.

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In parallel, plans to sell PIA are nearing finalization, with the caretaker administration having completed 98% of the process. The remaining steps involve presenting the plan, formulated by transaction adviser Ernst & Young, to the cabinet for approval. The proposal includes offering a 51% stake with full management control to buyers, with the airline’s debts separated into a separate entity. While details of the privatization process are yet to be confirmed, PIA has pledged full cooperation, recognizing the need for restructuring amid significant liabilities and accumulated losses.

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