The Roosevelt Hotel, an iconic Pakistan International Airlines (PIA) property in the heart of Manhattan, New York, will close on Oct. 31 due to volatile economic conditions.
The hotel management announced the news on its website on Thursday.
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 hotel, named after former President of the United States Theodore Roosevelt, opened in 1924 and has been owned by the PIA since 1999.
A spokesman for the hotel also confirmed the news.
The hotel’s website says alternative arrangements are underway for guests booking after the closing date.
We have been honored to serve alongside our wonderful staff and to be a part of our many guests’ and clients’ lives and celebrations, who have graced us over these past nine decades. We have enjoyed being as much a part of our guests’ stories as we have been an integral part of the history of Midtown Manhattan since 1924.
In the United States, the Pakistani Embassy says it is not aware of the development and has referred all questions about the hotel to PIA.
However, diplomatic sources confirmed that the hotel was not yet full during the privatization negotiations.
The hotel has been closed like other hotels in the area because the coronavirus pandemic has almost killed the hotel industry.
The source revealed that the building was still valued at over $ 1 billion and said Pakistan should sell or convert it into a condominium like other Manhattan hotels affected by COVID-19.
Roosevelt has long been involved in the government’s privatization plans. To decide this, the Cabinet Committee on Privatization (CCoP) met in July 2020 with Finance Minister Abdul Hafeez Sheikh as chairman. However, the CCoP decided not to privatize the hotel and run it through a joint venture in light of a report by accounting firm Deloitte in July last year.