Overview

• Privatisation adviser Muhammad Ali says options include demolishing the building to construct a skyscraper or retaining the hotel if it proves economically viable.
• Officials are pursuing a joint-venture structure in which Pakistan contributes the land and a private partner provides the equity.
• Bids from seven adviser groups, including Citigroup, CBRE and Savills, are under review, with a new adviser expected later in October and clearer direction anticipated in the coming months after market sounding.
• The Midtown Manhattan property, held by Pakistan International Airlines, closed during the pandemic and briefly served as a migrant shelter before remaining shuttered.
• Ali says the government aims to sell PIA by November and estimates about $500 million would be needed to turn the airline around.