Cabinet Committee on Privatization has directed to appoint financial advisor for the best use of the Roosevelt Hotel New York owned by PIA-Investment Limited.

The decision to this effect was taken at a CCoP meeting held in Islamabad on Thursday with Prime Minister's Advisor on Finance Dr Abdul Hafeez Shaikh in the chair.

The CCoP also directed Privatization Commission to hire a Financial Adviser to start the process for the transaction in light of the report of Ms Deloitte from July last year.

The report recommended "that the highest and best use of the Roosevelt Hotel Property is to redevelop the site into a mixed use, through Joint Venture.

It was also directed that Ms Deloitte would update its study on the Hotel transaction in the next four weeks and the same shall be shared with the CCoP.