Roosevelt Hotel
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mohammad abdulaziz
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Roosevelt Hotel
There have been reports in the news about sale of Roosevelt Hotel that is owned by PIA. Anybody knows approximately by which date the sale of Reoosevelt Hotel will be concluded and what benefits it will bring to PIA's financial health.
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Abbas Ali
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Related news item:
PIAIL directed to pursue matters with Pricewaterhouse Coopers
ISLAMABAD (April 03 2006): PIA Investments Limited (PIAIL) has been directed to pursue options with Pricewaterhouse Coopers (PWC) for development of Roosevelt properties in New York.
According to sources, Secretary Defence and Chairman, PIAIL, Lieutenant General Tariq Waseem Ghazi, is keen that priority should be accorded to the issue and immediate steps should be taken for development of the prized Roosevelt properties.
Directives were actually given to Aslam R. Khan, Managing Director, PIAIL, but since he is proceeding on privileged leave from April 3 till the expiry of his service contract on June 8, he has requested Dr Najeeb Samie, who has been named his successor, to brief PWC on PIAIL's requirements.
Aslam took this initiative because he felt that the desired study by PWC would take at least 30 days and would require full involvement of PIAIL Managing Director to provide professional input and guidance to PWC for its preparation.
Needless to mention, during his long tenure of 14 years with the organisation, Aslam had not only ensured financial success but made numerous strides towards the success story of PIAIL.
Some of the landmarks include purchase of Roosevelt Hotel, New York, and Scribe Hotel, Paris (from being a leaseholder to freehold owner), without funding from Pakistan International Airlines Corporation (PIAC) and/or Government of Pakistan (GOP). Continuous profitable operations of the hotels and repayment of $121 million to PIAC, and most recently the successful acquisition of shares from Saudi partner.
When he took over the onerous responsibilities of the company as Managing Director, PIAIL was losing millions of dollars and had accumulated over $80 million losses. During his tenure, it was transformed into a financially sound and profitable company, without any financial support from PIAC/GOP.
With the acquisition of Saudi partner's share, PIAIL has the best opportunity to execute its exit strategy, and cash out on this long-term investment.
Source: Business Recorder
PIAIL directed to pursue matters with Pricewaterhouse Coopers
ISLAMABAD (April 03 2006): PIA Investments Limited (PIAIL) has been directed to pursue options with Pricewaterhouse Coopers (PWC) for development of Roosevelt properties in New York.
According to sources, Secretary Defence and Chairman, PIAIL, Lieutenant General Tariq Waseem Ghazi, is keen that priority should be accorded to the issue and immediate steps should be taken for development of the prized Roosevelt properties.
Directives were actually given to Aslam R. Khan, Managing Director, PIAIL, but since he is proceeding on privileged leave from April 3 till the expiry of his service contract on June 8, he has requested Dr Najeeb Samie, who has been named his successor, to brief PWC on PIAIL's requirements.
Aslam took this initiative because he felt that the desired study by PWC would take at least 30 days and would require full involvement of PIAIL Managing Director to provide professional input and guidance to PWC for its preparation.
Needless to mention, during his long tenure of 14 years with the organisation, Aslam had not only ensured financial success but made numerous strides towards the success story of PIAIL.
Some of the landmarks include purchase of Roosevelt Hotel, New York, and Scribe Hotel, Paris (from being a leaseholder to freehold owner), without funding from Pakistan International Airlines Corporation (PIAC) and/or Government of Pakistan (GOP). Continuous profitable operations of the hotels and repayment of $121 million to PIAC, and most recently the successful acquisition of shares from Saudi partner.
When he took over the onerous responsibilities of the company as Managing Director, PIAIL was losing millions of dollars and had accumulated over $80 million losses. During his tenure, it was transformed into a financially sound and profitable company, without any financial support from PIAC/GOP.
With the acquisition of Saudi partner's share, PIAIL has the best opportunity to execute its exit strategy, and cash out on this long-term investment.
Source: Business Recorder
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mohammad abdulaziz
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Abbas Ali
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Just a few weeks ago a news report appearing on APP website said that the government has instructed PIAIL not to sell Roosevelt Hotel. That news report is no longer available on APP website http://www.app.com.pk.
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Abbas Ali
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Complete News Report Here: PC Board directs for every effort to adhere to indicative time-line for PSOThursday, 22 March 2007 - ISLAMABAD
The Privatization Commission Board gave approval to the recommendations of the Transaction Committees for the appointment of Financial Advisor for the Global Depository Receipts (GDR) of United Bank Limited (UBL) and for the sale of PIA Investments Limited (PIA-IL) owned, Roosevelt Hotel, New York and allowed the Privatization Commission to complete the contractual requirements.
On the Net: Roosevelt Hotel - New York
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FMC
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