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Business & Finance

PIA Roosevelt Hotel included in the privatization list

  • On October 10, it was announced that Pakistani government-owned Roosevelt Hotel has announced that "it is closing its doors permanently.
16 Oct 2020

A list of 19 companies included in the privatization list has been tabled in the Senate. The privatization list presented to the Senate also includes the PIA-owned Roosevelt Hotel in New York.

According to the list, Balloki Power Plant, Haveli Bahadur Shah Plant, SME Bank, First Women Bank, Services International Hotel, Jinnah Convention Center and Mari Petroleum have also been included in the privatization list.

Besides, Pakistan Steel Mills, Pakistan Engineering Company, Sindh Engineering Limited, House Building Finance Corporation, OGDCL, Pakistan Petroleum Limited, Guddu Power Plant, Nandipur Power Plant and State Life Insurance Corporation have also been included in the privatization list.

When the privatization list was presented in the Senate, the opposition chanted slogans in the House.

Senator Mushtaq said that the government used to say that Roosevelt Hotel is not included in the privatization list, now it is stated in the list that Roosevelt Hotel is included in the privatization list.

On October 10, it was announced that Pakistani government-owned Roosevelt Hotel has announced that "it is closing its doors permanently.

However, Aviation Minister Ghulam Sarwar Khan rejected reports regarding the sale of Roosevelt hotel, he said that the government had no intention to sell or dispose of the iconic Roosevelt Hotel in New York.

He said the property had more than a thousand rooms and having an area of 43,313 square feet, covering a whole city block centrally located at the heart of Manhattan area of New York. He said the main reason for its downfall was progressive decline of its infrastructure and dilapidated room conditions, further reinforced by the global COVID-19 Pandemic.

The minister said the Hotel was currently operational and had valid contracts till December this year with various other airlines. Multiple options were being considered for its future and all decisions were made collectively by the hotel’s board and the government of Pakistan, he added.

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