According to sources, PIA is considering multiple proposals for the site. One option under review is to demolish the existing structure and construct a large commercial plaza in its place. Another proposal suggests retaining the hotel and operating it for commercial purposes through a joint venture to generate profit.
However, the government has yet to appoint a financial adviser for the project. Earlier, a US-based firm that had been engaged by the Privatisation Commission withdrew from providing advisory services for the Roosevelt Hotel’s future plan.
Last month, the government issued a new tender for hiring a financial adviser. Officials are also reportedly considering reviving or privatising the property through state-owned enterprises with significant financial investment.