PIA enters joint venture for Roosevelt Hotel with JLL-led consortium

February 03, 2024 (MLN): A Financial Advisory Services Agreement (FASA) was signed on Friday with a consortium led by Jones Lang La Salle Americas Inc (JLL) for joint venture development of Roosevelt Hotel, New York, USA, a property owned by Pakistan International Airlines Corp (PSX: PIAA).

According to a press release issued on the said day, the Caretaker Federal Minister for Privatization and IPC, 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.

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

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