KARACHI: The Roosevelt Hotel in New York City, owned by Pakistan’s national carrier, announced on Thursday it would shut down on October 31, citing “economic impacts.”
The hotel opened on September 23, 1924 and was leased by Pakistan International Airlines (PIA) in 1979, with an option to purchase the building after 20 years, which it did in 1999.
“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,” an announcement posted on the hotel’s website said.
Government officials said the hotel would not be sold off but its share might be floated.
“No decision has been made as the financial advisor is hired,” Muhammad Bashir Khan, parliamentary secretary for privatization, told Arab News. “Will give shares but the ownership will remain with the government. Renovation work is being done and it will be reopened.”
Khurram Shahzad, a members of the Standing Committee of the National Assembly on Privatization, said a meeting would be held on Monday to “decide about the future plan for the hotel.”
On July 2, 2020, the Cabinet Committee on Privatization held a meeting on the privatization of Roosevelt Hotel, directing the privatization commission to hire a financial adviser to start the privatization process in the light of a report by Ms Deloitte which recommended, “that the highest and best use of the Roosevelt Hotel Property is to redevelop the site into a mixed use (through Joint Venture) of primarily office tower over retail and condominium.”
PIA officials say the Roosevelt hotel has remained profitable throughout its history and suffered a loss of $1.5 million last year.
In September this year, the government had approved up to $142 million to meet the hotel’s financial challenges.
After 100 years, PIA’s Roosevelt Hotel in New York to shut on Oct 31
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After 100 years, PIA’s Roosevelt Hotel in New York to shut on Oct 31
- The hotel opened in 1924 and was leased by Pakistan International Airlines in 1979 and bought by the company in 1999
- Meeting to be held on Monday to “decide future plan for the hotel” which PIA does not plan to sell, officials say
UAE President arrives in Pakistan on first official visit, receives 21-gun salute
- Shehbaz Sharif receives the UAE president at Nur Khan Airbase as Islamabad was decorated with Emirati flags
- Talks are set to focus on strengthening bilateral cooperation in trade, investment, energy and regional affairs
ISLAMABAD: Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, arrived in Pakistan on Friday on his first official visit since assuming office, receiving a 21-gun salute as Islamabad and Abu Dhabi seek to deepen cooperation in trade, investment, energy and regional affairs.
The UAE president landed at Nur Khan Airbase in Rawalpindi, where he was welcomed by Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff Field Marshal Asim Munir and members of the federal cabinet, according to a statement issued by the Prime Minister’s Office.
The national anthems of Pakistan and the UAE were played, and a guard of honor was presented by contingents of the Pakistani armed forces. State-run broadcasters and private television channels aired video footage of the UAE president’s arrival and ceremonial reception.
“During his visit, the President of the United Arab Emirates will meet the Prime Minister of Pakistan, during which bilateral relations as well as regional and international issues will be discussed,” an official statement circulated after Al Nahyan’s arrival said.
Earlier, the foreign office said the visit would provide an important opportunity to further strengthen the longstanding relations between the two countries.
It added the discussions between the two sides would explore ways to deepen cooperation in trade, investment, energy and development.
Islamabad was decorated with Pakistani and Emirati flags and large billboards carrying images of the visiting UAE president alongside President Asif Ali Zardari and Prime Minister Sharif ahead of the visit.
The Islamabad administration declared a public holiday in the capital, while traffic police announced an extensive plan to manage vehicular movement during the visit.
Pakistan considers the UAE one of its closest regional and economic partners. The Gulf state is Islamabad’s third-largest trading partner after China and the United States and remains a major source of foreign investment.
Over the past two decades, Emirati investment in Pakistan has exceeded $10 billion, according to the UAE’s foreign ministry.
Pakistani policymakers also view the UAE as an important export destination due to its geographical proximity, which reduces transportation and freight costs.
