NEW YORK: Pakistan International Airlines (PIA) owned Roosevelt Hotel in New York has announced to permanently close its doors from 31st October.
“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,” said a message by the hotel on its website.
The hotel lauded the staff and guests who remained part of their nine-decade-old journey. It further announced to arrange alternative accommodations for the guests who already have made a reservation in the hotel.
“We have been honoured 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,” the hotel said. “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.”
The Roosevelt Hotel, established in 1924, is among the historic hotels in the United States and is situated in the luxurious downtown area of Manhattan. US President Donald Trump had also made an offer to buy the hotel’s building.
The PIA-acquired the hotel on lease in 1969 and in 2005 acquired its ownership rights. Currently, the hotel is worth over US$1 billion. On 2nd September, the Economic Coordination Committee (ECC) of the federal cabinet approved US$142 million funds for paying off debt on Roosevelt Hotel.
The approval to allocate the funds for Roosevelt Hotel was given in the meeting chaired by Adviser to the Prime Minister on Finance and Revenue Abdul Hafiz Shaikh. The amount of $142 million was approved for the monetary needs and maintenance of the hotel owned by the PIA in Manhattan in order to take care of the loans, interests incurred and other payables of the hotel.
