Privatization Commission Signs Agreement for Development of Roosevelt Hotel

The Privatization Commission (PC) has signed a Financial Advisory Services Agreement (FASA) with Jones Lang LaSalle Americas Inc (JLL) for development of the Roosevelt Hotel.

According to PC, a financial Advisory Services Agreement (FASA) was signed on Friday in the office of Privatization Commission with a consortium led by JLL for joint venture development of Roosevelt Hotel, New York, US, a property owned by PIAIL.

The Caretaker Federal Minister for Privatization 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 the financial capital of the world as an iconic structure with the most modern development features and standards.

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

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

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