PIA-owned Roosevelt Hotel closes its doors
- The iconic “Roosevelt Hotel”, a luxury hotel considered to be historic in Manhattan, is permanently closing its doors by the end of this month.
NEW YORK CITY: The iconic “Roosevelt Hotel”, a luxury hotel considered to be historic in Manhattan, is permanently closing its doors by the end of this month. While the hotel originally opened in 1924, it was leased by the Pakistan International Airlines through its investment arm PIA Investments Ltd. (PIA) in 1979, with an option to buy after two decades.
In July 2007, after a major series of renovations costing up to $65 million, PIA announced that it would be putting the hotel up for sale, which eventually fell through. However, considering PIA’s lacklustre financial management and corporate sustainability, in July 2020 Pakistan’s Cabinet Committee on Privatisation considered running the hotel through a joint venture, and after this announcement it can be asserted that the hotel has finally been put up for sale.
As the government decides about the fate of the Roosevelt Hotel, it was revealed earlier this year that President Donald Trump, a notable real estate mogul especially in New York, would be interested in purchasing the hotel, as according to the PIA Investment Ltd. Managing Director Najeeb Sami in July, the American President “is still showing interest in Roosevelt”.
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