Federal Government Wednesday decided to shut down Roosevelt Hotel in New York owned by the national airlines PIA and use it as an office tower, apartments and for retail, reported 24NewsHD TV channel.

The Federal cabinet approved the redevelopment of the building for commercial usage. The cabinet also approved the appointment of the financial advisor pending for two years.

The leasing of the Roosevelt hotel was put to a stop in 2021 because of the Reko Diq case and now, using the lease method, the building will be redeveloped by joint venture partners. The aviation division expressed reservations and demanded an early decision from the Privatization Commission. The Federal cabinet demanded an implementation report from the Privatization Commission within three months’ time.

The National Accountability Bureau (NAB), in 2020 started an inquiry against the privatization of Roosevelt Hotel at throw-away prices.