Roosevelt Hotel no longer for sale

[T-Faz]

ISLAMABAD:

The government of Pakistan has decided not to sell the Roosevelt Hotel in New York, four years after placing it on the list of assets for privatisation, because of declining real estate prices.

Official documents pertaining to the de-listing of Roosevelt Hotel, which is owned by Pakistan International Airlines, were presented before the federal cabinet here on Monday. The cabinet, chaired by Prime Minister Yousuf Raza Gilani, approved the decision.

The documents, available with The Express Tribune, reveal that the government paid an American consultant Rs42.78 million ($500,000) to arrange a quick sale of the hotel. The cabinet was informed that the government of Pakistan would now put more money into the hotel for renovations.

According to the documents, the decision to de-list the hotel was taken by President Asif Zardari and Prime Minister Gilani after a recent briefing advising them that now was not a good time to sell because of the declining value of real estate in New York. The Privatisation Commission and the Cabinet Committee on Restructuring have also approved the decision.

The Roosevelt Hotel was put on the list of entities to be privatised on November 30, 2006, following which the Privatisation Commission hired an American consultant to arrange its sale. According to the commission, the hotel could not be sold because of a downturn in the global real estate market.

Roosevelt Hotel no longer for sale – The Express Tribune

 

[Hyde]

well the decision not to sell this hotel was taken last year

now what was the need of taking same decision again
on top of that, the entire hotel was renovated 2-3 years back so are they going to do it once again

Chalo khayr, hopefully they might be able to grab good money when thy sell in th future

 

[T-Faz]

well the decision not to sell this hotel was taken last year

now what was the need of taking same decision again
on top of that, the entire hotel was renovated 2-3 years back so are they going to do it once again

Chalo khayr, hopefully they might be able to grab good money when thy sell in th future

All this is for promotion and marketing.

Just get in the news and see the people roll in.

Free advertisement by creating such news.

 

[Hyde]

All this is for promotion and marketing.

Just get in the news and see the people roll in.

Free advertisement by creating such news.

oh yeah free advertisement for sure

not many peoples know about Roosevelt Hotel owned by PIA/Pakistan. So this way they would get to know more about this hotel. Free Advertisement, well said

 

[T-Faz]

oh yeah free advertisement for sure

not many peoples know about Roosevelt Hotel owned by PIA/Pakistan. So this way they would get to know more about this hotel. Free Advertisement, well said

Yeah, its for good PR.

Pakistan also owns a number of other properties, we should use them to promote a good image of ourselves.

Maybe even hold cultural shows in these places through the high commission.

It would be useful in the coming years to attract business and investment.

The possibillities are endless.

 

[nomi007]

GooD decision.....

 

[Indus Falcon]

ISLAMABAD:

The government of Pakistan has decided not to sell the Roosevelt Hotel in New York, four years after placing it on the list of assets for privatisation, because of declining real estate prices.

Official documents pertaining to the de-listing of Roosevelt Hotel, which is owned by Pakistan International Airlines, were presented before the federal cabinet here on Monday. The cabinet, chaired by Prime Minister Yousuf Raza Gilani, approved the decision.

The documents, available with The Express Tribune, reveal that the government paid an American consultant Rs42.78 million ($500,000) to arrange a quick sale of the hotel. The cabinet was informed that the government of Pakistan would now put more money into the hotel for renovations.

According to the documents, the decision to de-list the hotel was taken by President Asif Zardari and Prime Minister Gilani after a recent briefing advising them that now was not a good time to sell because of the declining value of real estate in New York. The Privatisation Commission and the Cabinet Committee on Restructuring have also approved the decision.

The Roosevelt Hotel was put on the list of entities to be privatised on November 30, 2006, following which the Privatisation Commission hired an American consultant to arrange its sale. According to the commission, the hotel could not be sold because of a downturn in the global real estate market.

Roosevelt Hotel no longer for sale – The Express Tribune

This is good news!! Had it been sold, the money who have been just wasted.

On a lighter note: Shoot!! I wanted to buy it! Now what do I do?