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
India favorites as T20 World Cup to begin after Pakistan, Bangladesh controversies
- Bangladesh were replaced by the ICC in this World Cup and Pakistan has refused to face India in group stage clash
- The top two teams from each of the four groups of five teams will advance to the Super Eight stage of the World Cup
NEW DELHI: Cricket’s T20 World Cup begins Saturday after an acrimonious buildup overshadowed by political turmoil, with Bangladesh kicked out and Pakistan refusing to face arch-rivals and co-hosts India.
When the first ball is finally bowled after a chaotic lead-in, Pakistan will open the tournament against the Netherlands in Colombo.
Defending champions and tournament favorites India will make their tournament bow in the night match on day one against the United States in Mumbai, carrying the hopes of a billion-plus home cricket supporters.
Led by Suryakumar Yadav, India will start as firm tournament favorites and are expected to ease into the Super Eight stage from Group A.
But they will be wary of the United States, who are looking to take down another cricketing powerhouse, having shocked Pakistan to make the Super Eights in 2024.
Former champions Australia and England are also strong contenders to lift the trophy and deny holders India the title for a record second straight time.
The 2021 winners Australia have been hit hard by the absence of pace spearhead Pat Cummins, who was ruled out with a lower back injury.
Pace bowler Josh Hazlewood will miss the early stages as he recovers from hamstring and Achilles injuries.
Led by Mitchell Marsh, the Australians should still ease into the next round from Group B against Ireland, who they play first on Wednesday, plus co-hosts Sri Lanka Oman and Zimbabwe.
Harry Brook’s England, full of confidence after a 3-0 T20 series win in Sri Lanka this week, are expected to make the Super Eights from a Group C that also features two-time winners West Indies, debutants Italy, Nepal and Scotland.
Brook, under intense scrutiny after having to apologize for an incident with a night club bouncer in New Zealand last year, takes charge at a global tournament for the first time since he replaced Jos Buttler as white ball captain.
England, who start with a match against Nepal on Sunday in Mumbai, won the tournament in 2010 and 2022.
Scotland, after their 11th-hour call-up to replace Bangladesh, will take guard on the opening day when they face the West Indies in Kolkata.
Football powerhouse Italy will make an appearance at a cricket World Cup for the first time, and will kick off against the Scots in Kolkata on Monday.
South Africa, the runners-up in 2024, have never won a white ball World Cup, but are buoyed by winning the World Test Championship last year.
They will be a threat but must first emerge from a tough-looking Group D that contains dangerous opponents in New Zealand and Afghanistan.
They begin against Canada on Monday in Ahmedabad, with the UAE the other team in that group.
The top two teams from each of the four groups of five teams will advance to the Super Eights, with the top four making the semifinals.
POLITICS, PULLOUTS
There will be relief at the weekend when the action gets under way finally after weeks of political posturing that has dominated the build-up to 10th edition of the showpiece tournament.
Bangladesh refused to play in India, citing security concerns, as relations between the two countries soured and were kicked out by the International Cricket Council (ICC) from England’s Group C.
The ICC is led by Jay Shah, the former Indian cricket board secretary and son of the powerful Indian home minister Amit Shah.
Pakistan, who had backed Bangladesh’s plea to have their games moved to Sri Lanka, were cleared to play by the Islamabad government but they ordered the team not to play the marquee group clash against fierce rivals India on February 15.
According to media reports, the ICC is still waiting formal communication from the Pakistan Cricket Board on the boycott, leaving the door slightly ajar for a last-minute deal to get the game on.
If India are awarded a walkover, Pakistan will lose two points and take a big hit to their net run rate.
If any of their other three Group A games are lost to the weather then it could make it almost impossible for Pakistan to qualify.
Pakistan’s pullout will result in a loss of millions of dollars in revenue for broadcasters, and will be a huge letdown for fans on both sides.
The crisis was triggered last month when India’s cricket board ordered the IPL’s Kolkata Knight Riders to drop Bangladesh fast bowler Mustafizur Rahman, a move that deepened political strains between the neighbors.
The tournament will conclude with the final on March 8 in Ahmedabad or Colombo, depending on whether Pakistan go that far.
