It is owned by PIA
The Roosevelt Hotel in New York City is not going to be sold, says Pakistan International Airlines CEO Air Marshal Arshad Malik. The hotel is owned by PIA.
Built in 1924, the hotel is located in one of the most expensive places in New York City–Manhattan.
It was built by a US businessman and leased by PIA in 1979 through PIA Investments Ltd. A Saudi prince was one of the investors in the 1979 deal.
PIA bought the hotel in 1999 for $36.5 million and in 2005 bought the Saudi prince’s share.
The PIA has approached the privatisation commission through the federal government, which will hire a financial consultant via an international tendering process to devise the future course of action, considering all the available options,”
Malik was briefing the Senate Standing Committee on Aviation on Wednesday.
He said the 100-storey hotel building will be renovated.
Operations will end on October 31 and the last bookings are being accepted till October 10.
The hotel is making alternative arrangements for guests who have booked past this date.
“Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel, is regretfully closing its doors permanently as of Oct 31, 2020,” the announcement read.
The hotel has 1,025 guest rooms, including 33 suites. It has also been featured in a number of Hollywood movies, including The Boiler Room, Wall Street, Quiz Show, Presumed Innocent, Malcolm X, Monday Night Mayhem, The French Connection, Hanky Panky, Men in Black 3, The Dictator, Man on a Ledge, Maid in Manhattan, The Hoax and 1408.
In July, the Islamabad High Court heard a petition challenging the privatization of the hotel. The government denied that the hotel was being privatized and denied claims that Zulfi Bukhari, the PM’s special assistant on overseas Pakistanis, was buying the hotel at a low cost. The petition was disposed of after the government denied the claims.