PIA’s Roosevelt Hotel in New York City will not be sold: Minister Ghulam Sarwar Khan, Lahore Herald

PIA’s Roosevelt Hotel in New York City will not be sold: Minister Ghulam Sarwar Khan

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ISLAMABAD: Aviation Minister Ghulam Sarwar Khan on Monday refuted reports circulating in some neighborhoods about the sale of PIA’s Roosevelt Hotel in New York City.

“There is no agenda or program pending to sell the iconic Roosevelt Hotel New York,” said Aviation Secretary Ghulam Sarwar Khan, calling the reports circulating in some areas as “speculation” and nothing more than “points.” The politicians “

He explained the history of PIA’s Roosevelt Hotel, a prominent building in the heart of Manhattan, the world’s financial center, and said that PIA acquired this 19-story building on its own in 1979 through the partnership. profit and as part of PIA’s diversification strategy.

“Immediately after taking over the entire hotel, PIA undertook the renovation of the hotel and it immediately became profitable, which continued until 2018.”

However, as of 2019, Roosevelt Hotel’s financial situation has been in the red, despite being managed by the world’s leading hotel management company, he said in a statement.

The minister explained the main reason for the hotel’s demise: “The demise is the gradual deterioration of infrastructure and the depletion of room conditions, exacerbated by the global COVID-19 pandemic.

When the Roosevelt Hotel closed, he said the hotel was currently operational and had contracts with several other airlines until December this year.

Multiple options for the future are being considered and all decisions are made jointly by the hotel’s board of directors and the government of Pakistan, he added.

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Last week, Pakistan International Airlines (PIA), owned by the Roosevelt Hotel in New York, announced the permanent closure of its doors following financial losses from the COVID-19 pandemic.

In a post on its website, the Roosevelt Hotel announced that due to the current economic shocks, after 100 years of welcoming its guests to the “Grand Lady of New York”, it is sadly closing its doors forever. until October 31, 2020.

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