Monday, 10 August 2020

Trump interested in buying PIA-owned Roosevelt Hotel

NEW YORK: The Standing Committee on Privatisation of National Assembly was informed that US President Donald Trump has showed interest in buying the Roosevelt Hotel in New York, which is owned by Pakistan International Airlines (PIA).

The PIA official said that the US president had expressed interest in the past and still wanted to purchase the iconic hotel, which suffered at loss of $1.5 million last year.

But, it is also a fact that the entity remained profitable for 99 years.

“The government has tried 10 times to sell the hotel.”

The privatization minister informed the media that the government was not going to sell the hotel instead a decision has been made to lease it out or work in a joint venture with the private sector.

Khawaja Asif said that the government should take parliament into confidence before privatization of the PIA hotel, adding that the PML-N was not against the privatization but the government should wait for a better time to sell it.

The PTI government had faced a stiff opposition after reports of its privatization emerged.

Following the opposition, the Cabinet Committee on Privatization (CCoP) on July 12 decided to not go for selling of Roosevelt Hotel.

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