BAFL 38.45 Decreased By ▼ -0.16 (-0.41%)
BIPL 17.25 Increased By ▲ 0.46 (2.74%)
BOP 4.07 Increased By ▲ 0.12 (3.04%)
CNERGY 3.08 Decreased By ▼ -0.03 (-0.96%)
DFML 16.55 Increased By ▲ 0.30 (1.85%)
DGKC 43.80 Increased By ▲ 0.05 (0.11%)
FABL 22.30 Increased By ▲ 0.15 (0.68%)
FCCL 11.31 Increased By ▲ 0.36 (3.29%)
FFL 6.37 Increased By ▲ 0.07 (1.11%)
GGL 9.49 Decreased By ▼ -0.09 (-0.94%)
HBL 90.50 Decreased By ▼ -2.00 (-2.16%)
HUBC 87.70 No Change ▼ 0.00 (0%)
HUMNL 5.49 Decreased By ▼ -0.01 (-0.18%)
KEL 2.01 Increased By ▲ 0.06 (3.08%)
LOTCHEM 28.50 Increased By ▲ 0.24 (0.85%)
MLCF 30.20 Increased By ▲ 0.74 (2.51%)
OGDC 98.20 Increased By ▲ 2.13 (2.22%)
PAEL 9.99 Decreased By ▼ -0.06 (-0.6%)
PIBTL 3.89 Decreased By ▼ -0.01 (-0.26%)
PIOC 85.25 Increased By ▲ 0.50 (0.59%)
PPL 74.60 Increased By ▲ 1.70 (2.33%)
PRL 15.32 Decreased By ▼ -0.08 (-0.52%)
SILK 0.97 Increased By ▲ 0.03 (3.19%)
SNGP 46.80 Increased By ▲ 0.37 (0.8%)
SSGC 9.36 Increased By ▲ 0.23 (2.52%)
TELE 6.96 Increased By ▲ 0.04 (0.58%)
TPLP 12.33 Increased By ▲ 0.01 (0.08%)
TRG 90.15 Increased By ▲ 1.11 (1.25%)
UNITY 25.39 Decreased By ▼ -0.10 (-0.39%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,656 Increased By 12.1 (0.26%)
BR30 16,663 Increased By 117.9 (0.71%)
KSE100 46,365 Increased By 87.4 (0.19%)
KSE30 16,172 Increased By 20.7 (0.13%)

LAHORE: Minister for Aviation and Railways Khawaja Saad Rafique said on Sunday that a contract had been signed with the New York City government to operate the renowned Roosevelt Hotel of the Pakistan International Airlines (PIA) situated in New York (USA) for three years.

In a press conference held at Allama Iqbal International Airport here, he said that revenue of US$220 million would come to the country as a result of the agreement.

Giving details of the agreement, he said that 1025 rooms of the hotel would be handed over to the City government for three years and the initial earnings from the hotel had started pouring in.

Roosevelt Hotel: ECC approves execution of settlement agreement

He said that under the agreement, one-year business was guaranteed; however, he expressed his hope that the hotel business would continue for all three years. He said that there were several issues involved in the Roosevelt case, like the hotel was at risk of being declared a landmark after which the building would be unable to be altered.

However, now the danger had subsided for at least three years, he added. The minister said that earlier the hotel had been closed since the COVID-19 period, and an amount of $25 million were being spent on the closed building and $20 million were pending as the liability.

Comments

Comments are closed.

Abdullah Jun 05, 2023 07:35am
Lets wait for pakistanis to comment that bech diya mulk ho on the basis if there political.party support.Finally some action which will benfefit pakistan by pdm.
thumb_up Recommended (0)
Tulukan Mairandi Jun 05, 2023 09:00am
Hear what Kathy Hochul said in NY State Assembly. "We must wrest the iconic Roosevelt from Pakistan, a soon-to-default state firmly under Chinese suzerainty, for as little money as we can. This agreement is the first step in the process".
thumb_up Recommended (0)
Tulukan Mairandi Jun 05, 2023 09:01am
This is part of a larger scheme with Gov Kathy Hochul to rezone properties belonging to Dar, Shariffs, Bhuttos amd Establishment people for free.
thumb_up Recommended (0)
Awami Jun 05, 2023 09:25am
This is good plan. It gives 3 years to plan better use of property and keep in PIA assets.
thumb_up Recommended (0)
Pakistani1 Jun 05, 2023 11:59am
Finally the property will generate some revenue. Hopefully it will be renovated to be either sold at market price after 3 years or reopened as hotel to generate recurring income.
thumb_up Recommended (0)
John Jun 05, 2023 02:13pm
Where is transparency of the leasing process...its the tip of the iceberg of corruption...a property that could earn billions per year... has been leased for $220 million...crooks and corrupt Inc raking in big money!
thumb_up Recommended (0)

Roosevelt Hotel given to NYC govt for 3 years: govt

Intra-day update: rupee’s winning run against US dollar continues

Open-market: rupee appreciates further against US dollar

Pakistan seeks Chinese assistance in EV technology

Pakistan seeks two LNG cargoes for winter

At least 8 dead, 5 injured in rocket launcher shell explosion in Sindh’s Kandhkot

Indus Motor Company announces another plant shutdown

Oil prices climb as markets focus on supply tightness

EPCL extends gas supply deal with SSGC till October 15

After IB, Pemra also withdraws review petition against Faizabad sit-in case verdict

India would look into any ‘specific’ info on Sikh separatist killing in Canada