'Govt considering joint venture for Roosevelt Hotel'

"This approach will help Pakistan benefit from the property without losing ownership," said Khawaja Asif.

ISLAMABAD:

Minister for Defence Khawaja Asif informed the National Assembly on Monday that the government is considering running the Roosevelt Hotel in New York through a joint venture to ensure long-term economic benefit.

Responding to a question during the Question Hour, the minister said that the Roosevelt Hotel is a prime property located in the heart of New York City. "It is a 19-storey building with access from two sides, and it holds a central and strategic location," he noted, adding that such a property is unmatched in the city.

He further stated that while selling the hotel might provide short-term financial relief or help in debt repayment, the government is aiming for a joint venture that would generate sustainable returns over time.

"This approach will help Pakistan benefit from the property without losing ownership," he said, reaffirming the government's resolve to make prudent decisions regarding national assets abroad.