The Privatisation Commission refuted reports circulating in sections of the media claiming that a base price of $100 million has been fixed for the sale of the Roosevelt Hotel in New York, terming the news “misleading and speculative”.
In a statement issued on Saturday, the commission clarified that no base price has been determined so far for the iconic hotel, which is owned by the Pakistan International Airlines Investment Limited (PIAIL).
“The Privatisation Commission has taken serious notice of the news item published in a section of media on June 27, suggesting that a $100 million base price has been set for the Roosevelt Hotel,” read the statement.
It further explained that under the standard privatisation process, the base or reserve price for an asset is only finalised at the time of bidding, based on a comprehensive valuation exercise.
“No such price has been approved or even proposed as of now,” the commission added.
