ISLAMABAD: The Privatisation Commission Board (PCB) on Friday appointed a financial adviser to undertake the leasing process of the Roosevelt Hotel in New York for setting up a joint venture project for prospective mixed-use development.

The Privatisation Commission had invited technical and financial proposals for the appointment of a financial adviser and the last date for the submission of proposals was Nov 8.

Four parties had submitted their proposals. The consortium led by Jones Lang LaSalle Americas Inc (JLL) has been declared the top bidder based on the criterion laid down.

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The PCB has formed a negotiating committee and is tasked with concluding the financial services agreement with the top-ranked bidder.

The Roosevelt Hotel is owned by PIA Investments Ltd, a wholly owned subsidiary of Pakistan International Airlines Corporation Ltd, registered in the British Virgin Islands.

Spreading over 600,000 square feet on Madison Avenue, the Roosevelt Hotel is amongst the elite hotels in Manhattan comprising 19 storeys and 1,025 rooms.

Chairing the PCB Board meeting, Caretaker Minister for Privatisation Fawad Hasan Fawad also recommended to seek the delisting of 425MW Nandipur Power Plant and 747MW Guddu Power Plant from the privatisation programme by the Cabinet Committee on Privatisation.

The board approved the appointment of a transaction committee to oversee the implementation of the financial services agreement for the PIACL transaction.

Published in Dawn, December 2nd, 2023