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Roosevelt Hotel is owned by PIA through subs. named PIAL, which shows almost breakeven position for YE 2019, whereas PIA group suffered loss of Rs. 54 million (see attached)
In 2016, valuation was performed by 3rd party who proposed to build mix of class A offices & retail point on hotel land which can be potentially sold for $637 million (Rs.106 billion) and if sold in current condition as hotel then Market value will be $ 320 million (51 billion)
Hotel is in compliance with Bank loans, CARE act will support the hotel and 2019 revenue from USA operations was $19 million (2018:$16 million) & audited FS 2019 show no indication of closure of hotel and chairman claims that hotel is a profitable asset.
Then Y GOVT is in rush?
Then Y GOVT is in rush?
If GOVT is transparent & competent then deal of Rs.106 billion can be achieved by construction of new building & then selling it, and if sold in current old condition then around 50% lesser amount of Rs. 50 billion will be obtained, peanuts!
Now q is govt will sell the same??
Now q is govt will sell the same??
Given Zulfi bukhari shenanigans on the matter few months back and rough history for disposing national assets, this could be political motivated deal pushed by London based real state MAFIA which will raise eyebrows on the subject and future deal of this golden sparrow.
PML N @SKhaqanAbbasi should have close eye on this matter and do ensure the transparency in parliament or otherwise engage courts to properly question/stopping the deal.
@HummaSaif kindly do check this angle too for Roosevelt hotel.
